2006.07.17 EDA Packet - Laserfiche WebLink

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07/05/2006 07:50 FAX 6516381994 LAND TITLE NEW BRIGHTON li�004/011 UU/L8/LUUU '1'HU 16:03 FAX 191004/011 4.1.2 IRS Forms. A Designation Agreement designating the"reporting person" for purposes of completing Internal Rovenue Form 1099 and,if applicable, Internal Revalue Form 8594. 4.1.3 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. 4.1.4 Stom a Tanks. If the Property contains or contained a storage tank, nn affidavit with respect thereto, as required by Mirui. Stat. § 116.48. 4.1.5 Other Document9. All other documents reasonably determined by Buyer or the Title Company to be necessary to transfer the Property to Buyer free and clear of all encumbrances,except the retmitted Encumbrances. 4.2 Buyer's Closing Doeument_4. On the Closing Date, Buyer will execute and deliver to Seller the following(collectively,"Buyer's Closing Documents"): 4.2.1xr�h�h� c Priec. Funds representing the Purchase Price,by cash or by wire transfer of immediately available funds. 4.2.2 IRS FRMI. A Designation Agreement designating the `reporting person" for purposes of completing Internal Revenue Form 1099 and,if applicable, Internal Revenue Form 8594. 5. Prorations. Seller and Buyer agree to the following pro-rations and allocation of costs regarding this Agrecmcnt: 5.1 Title Insurance and Closing, Fee. Seller will pay all costs of the Title Evidence_ Seller will pay the preniwn required for the issuance of the Titic Policy, if an updated abstract of title is not provided. if Seller provides Buyer an updated abstract of title, Buyer shall pay the premium for issuance of the Title Policy. Seller and Buyer will each pay ono-half of any closing fee or charge imposed by the Title Company. 5.2 Deed Tax, Seller shall pay all State Deed Tax payable in connection with this transfection. 5.3 Real Estate Taxes and Sl!eaial Assessments. Real Estate Taxes payable in the year in which Closing occurs shall be pro-rated based upon tbo Closing Date. On or before the Closing Date, Seller will pay all special assessments levied or pending against the Property. 5.4 Other Costs. All other operating costs of the Property shall bo allocated between Seller and Buyer as or this Closing Date, so that Seller pays that part of operating costs payable before the Closing Date, and Buyer pays that part of operating costs payable froin and after the Closing Date. A-1