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2006.04.17 EDA Packet
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2006.04.17 EDA Packet
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8/24/2017 1:21:06 PM
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Commissions
Meeting Date
4/17/2006
Document Type
Agenda/Packets
Commission Name
EDA
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3.4 Access and Inspection. Seller shall have allowed Buyer, and Buyer's agents, <br /> access to the Real Property without charge and at all reasonable times for the <br /> purpose of Buyer's investigation and testing the same. Buyer shall pay all costs <br /> and expenses of such investigation and testing, shall restore the Real Property, <br /> and shall hold Seller and the Real Property harmless from all costs and liabilities <br /> relating to Buyer's activities. Buyer shall have been satisfied with the results of <br /> all such tests and investigations performed by it or on its behalf on or before the <br /> Closing Date(as hereinafter defined). <br /> This Agreement shall automatically terminate on the Closing Date (as hereinafter defined), <br /> unless Buyer has given Seller notice on or before the Closing Date (as hereinafter defined) that <br /> the contingencies described in this Section required to be satisfied by the Closing Date (as <br /> hereinafter defined) are either satisfied or waived by Buyer. If this Agreement terminates <br /> pursuant to this Section, then the Earnest Money shall be returned promptly to Buyer, and Buyer <br /> will execute and deliver to Seller a cancellation of purchase agreement, and Seller and Buyer <br /> shall have no further liability or obligations with respect to this Agreement or the Property. If <br /> Buyer gives Seller notice on or before the Closing Date (as hereinafter defined) that the <br /> contingencies described in this Section required to be satisfied by the Closing Date (as <br /> hereinafter defined) are either satisfied or waived by Buyer, then the parties will proceed to close <br /> the transaction contemplated hereby and, except as specifically set forth herein, the Earnest <br /> Money will be non-refundable to Buyer but applicable to the Purchase Price. <br /> 4. Closing. The closing of the purchase and sale contemplated by this <br /> Agreement (the"Closing") shall occur on (the"Closing Date"), but Buyer may close <br /> on any business day prior to the Closing Date by giving Seller at least five days' notice of such <br /> earlier date for the Closing. The Closing shall take place at the office of Attorney's Title of <br /> Stillwater("Title Company") in Stillwater, Minnesota. Seller agrees to deliver possession of the <br /> Property to Buyer on the Closing Date, except as provided in Section 13 of this Agreement. Any <br /> party hereto may close via an escrow arrangement with the Title Company. <br /> 4.1 Seller's Closing Documents. On the Closing Date, Seller shall execute and <br /> deliver to Buyer the following(collectively, "Seller's Closing Documents"), all in <br /> form and content reasonably satisfactory to Buyer: I <br /> 4.1.1 Deed. A Warranty Deed conveying the Real Property to Buyer, free and <br /> clear of all encumbrances, except the Permitted Encumbrances (as <br /> hereafter defined). <br /> 4.1.2 IRS Forms. A Designation Agreement designating the "reporting person" <br /> for purposes of completing Internal Revenue Form 1099 and, if applicable, <br /> Internal Revenue Form 8594. <br /> 4.1.3 Well Certificate. A Certificate signed by Seller warranting that there are <br /> no "Wells" on the Property within the meaning of Minn. Stat. § 1031 or, if <br /> there are"Wells", a Well Certificate in the form required by law. <br /> I <br /> -2- <br />
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