Agenda Packets - 1995/06/05 - Laserfiche WebLink

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3.2. If title is marketable or is corrected within the 60 day period and Buyer defaults in any of the agreements herein, Seller may, as its sole and exclusive remedy, terminate this Agreement , time being of the essence hereof . The termination period for a Notice of Cancellation of this Agreement shall be 30 days as permitted by Section 559.21, Subd. 4. 4. Conditions to Closing. The closing of the transaction contemplated by this Agreement and the obligation of the Seller to sell the Property and of the Buyer to purchase the Property shall be subject to the following conditions: 4.1. Buyer shall have determined on or before the Closing Date that it is satisfied, in its sole discretion, based upon the results of and matters disclosed by any environmental or soil investigations or testing of the Property, that there are no environmental or soil conditions that would interfere with Buyer's proposed use_of the Property as a golf course.- 4 .2. Buyer shall have reviewed and approved title to the Property pursuant to Section 3 herein. 4.3. Buyer shall have received proceeds from the Revenue Bond sale that is being used to fund the acquisition of the Property by Buyer. 4.4. Recording of the final plat for North Star Industrial Park 2nd Addition. The above contingencies are for the sole benefit of Buyer, and Buyer shall have the right to waive those contingencies by giving written notice to Seller. If the contingencies set forth in this Section have not been satisfied by the Closing Date, Buyer or Seller may terminate this Agreement by giving written notice to the other on or before the Closing Date. 5. Environmental and Soil Investigation. 'Upon the request of Seller, Buyer shall permit Seller to review all environmental reports and files, if any, relating to the Property which Buyer obtains All environmental information pertaining to the Property shall be treated in strictest confidence by Buyer, and shall not be disclosed to any third party without Seller's written consent, except as required by applicable law. Seller shall have no obligation to correct any contamination of environmental defects found or alleged to be found by Buyer upon the Property, it being understood that Buyer's sole remedy in the event it is not satisfied with the environmental condition of the Property is to terminate the contract in accordance with Article 4 hereof . Notwithstanding anything herein to the contrary, Buyer shall undertake no further Phase II investigation with respect to the Property (inclutiing, without limitation, soil borings and/or monitoring wells), without first having obtained the prior written consent of Seller. 6. Real Estate Taxes. On or before the Closing Date, Seller will pay all delinquent real estate taxes, penalties and interest, if any. Real estate taxes payable in the year of closing will be prorated between Buyer and Seller as of the closing date. Seller warrants that real estate taxes payable in 1994 are non - homestead. 7. Special Assessments. On or before the Closing Date, Seller will pay all installments of special assessments certified for payment with real estate taxes payable in the year of closing. Seller will pay on the Closing Date all other special .7=59371 MU125-21 2