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OCT 01 '93 09:25 HOLMES & GRAVEN P.4 <br /> such investigations and testing and shall hold Seller harmless from all damages and <br /> liabilities arising out of Buyer's activities. Upon request of Buyer, Seller shall also <br /> permit Buyer to review all environmental reports and files, if any, relating to the <br /> Property and in Seller's possession. Seller is responsible for all costs and expenses <br /> necessary to correct any contamination or environmental defects found on the <br /> Property. <br /> 6. Real Estate Taxes. On or before the Closing Date, Seller will pay all <br /> delinquent real estate taxes, penalties and interest, if any. Real estate taxes <br /> payable in the year of closing will be prorated between Buyer and Seller as of the <br /> closing date. Seller warrants that real estate taxes payable in 1994 are non- <br /> homestead. <br /> 7. Special Assessments. On or before the Closing Date, Seller will pay all <br /> installments of special assessments certified for payment with real estate taxes <br /> payable in the year of closing. Seiler will pay on the Closing Date all other special <br /> assessments levied as of the date of this agreement. Seller represents that it has not <br /> received a notice of a pending public improvement project from any assessing <br /> authority. If a special assessment becomes pending after the date of this Agreement <br /> and before the date of closing, Buyer may at its option: (a) assume payment of the <br /> pending special assessment without adjustment to the Purchase Price; or (b) declare <br /> this Agreement null and void by notice to Seller, and all Earnest Money paid under <br /> this Agreement shall be returned to Buyer. <br /> 8. Closing. <br /> , (( ' <br /> 8.1. The closingshall take place at City Hall in the City of Mounds <br /> View on or before November 1, 1993 or at such other time and place as may be <br /> agreed to by the parties in writing ("Closing Date"). <br /> 8.2. On the Closing Date, Buyer shall deliver to Seller the Purchase <br /> Price and Seller shall deliver to Buyer possession of the Property, and shall <br /> execute and l or deliver to Buyer: <br /> a) A duly executed general warranty deed, conveying <br /> marketable title to the Property to Buyer, subject only to: (i) building <br /> and zoning laws, ordinances, state and federal regulations; (ii) utility <br /> and drainage easements which do not interfere with Buyer's intended <br /> use of the Property as a golf course; (iii) restrictions which do not <br /> interfere with Buyer's intended use of the Property as a golf course. <br /> b) A duly executed affidavit regarding partnership. <br /> c) A receipt evidencing payment of real estate taxes for which <br /> payment was due prior to the Closing Date. <br /> 8.3. Seller shall pay at closing: (a) state deed tax applicable to the <br /> transfer of the Property to Buyer; (b) conservation fee; (c) all recording <br /> fees and charges relating to the filing of any instruments required to make <br /> title marketable; (A) title insurance fees, other than insurance policy <br /> premiums; and (e) letter stating that Victor Brenk, Jeff Brenk and <br /> Brenk shall each receive a lifetime pass for one round of golf per day on the 7 <br /> golf course that is constructed on the Property. The passes are not ! <br /> transferable to any other party and shall automatically terminate on death. <br /> I t <br /> lks <br /> .1!x59371 <br /> , D117125-11. 3 <br /> 1 <br />