CC PACKET 01082002 - Laserfiche WebLink

Home Browse Search

18 4. Closing. The closing of the purchase and sale contemplated by this Agreement(the "Closing") shall occur on February 5,2002 (the"Closing Date"). The Closing shall take place at 9:00 a.m. local time at the offices of Buyer's counsel,Dorsey& Whitney LLP. Seller agrees to deliver possession of the Property to Buyer on the Closing Date. 4.1 Seller's Closing Documents. On the Closing Date, Seller shall execute and deliver to Buyer the following(collectively,"Seller's Closing Documents"), all in form and content reasonably satisfactory to Buyer: 4.1.1 Deed. A Warranty Deed conveying the Property to Buyer, free and clear of all encumbrances, except the Permitted Encumbrances hereafter defined. 4.1.2 Original Documents. Original copies of the plans and specifications for the Property in Seller's possession. 4.1.3 FIRPTA Affidavit. A non-foreign affidavit,properly executed, containing such information as is required by Internal Revenue Code Section 1445(b)(2) and its regulations. 4.1.4 IRS Forms. A Designation Agreement designating the"reporting person" for purposes of completing Internal Revenue Form 1099 and, if applicable, Internal Revenue Form 8594. 4.1.5 Well Certificate. A Certificate signed by Seller warranting that there are no"Wells"on the Property within the meaning of Minn. Stat. § 103I or if there are "Wells", a Well Certificate in the form required by law. • 4.1.6 Storage Tanks. If the Property contains or contained a storage tank, an affidavit with respect thereto, as required by Minn. Stat. § 116.48. 4.1.7 Other Documents. All other documents reasonably determined by Buyer or Title to be necessary to transfer the Property to Buyer free and clear of all encumbrances. 4.1.8 ACM Materials. Copies of all records required to be kept concerning the presence, location and quantity of asbestos containing materials and presumed asbestos containing materials in the Property. 4.2 Buyer's Closing Documents. On the Closing Date, Buyer will execute and deliver to Seller the following(collectively,"Buyer's Closing Documents"): 4.2.1 Purchase Price. Funds representing the Purchase Price;by wire. transfer. 4.2.2 Title Documents. Any documents required by the title company for issuance of the owner's Title Policy, as hereinafter described. 5. Prorations. Seller and Buyer agree to the following pro-rations and allocation of costs regarding this Agreement: 5.1 Title Insurance and Closing Fee. Seller will pay all costs for any escrow required regarding Buyer's Objections. Buyer will pay for the costs of the Title Evidence and • the premium for the owner's Title Policy. Buyer will pay any closing fee or charge imposed by 2