2010.06.14 EDA Packet - Laserfiche WebLink

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5.l 9.10 Draft 5.l.3 IRS Forms. A Designation Agreement designating the "reporting person" for purposes of completing Internal Revenue Form 1099 and, if applicable, Internal Revenue Form 8594. 5.1.4 Well Certificate. A Certificate signed by Seller warranting that there are no "Wells" on the Land within the meaning of Minn. Stat. § 1031 or, if there are "Wells", a Well Certificate in the form required by law. 5.1.5 Other Documents. All other documents reasonably determined by Buyer or the Title Company to be necessary to transfer the vendee's interest in the Property to Buyer. 5.2 Buyer's Closing Documents. On the Closing Date, Buyer will execute and deliver to Seller the following (collectively, `Buyer's Closing Documents"): 5.2.1 Payment. $769,700.00, by cash or by wire transfer of immediately available fiends. 5.2.2 Development Agreement. A development agreement according to the terms and in the form required by Seller. 5.2.3 Other Documents. All other documents reasonably determined by Seller or the Title Company to be necessary to transfer the vendee's interest in the Property to Buyer. 6. Prorations. Seller and Buyer agree to the following pro-rations and allocation of costs regarding this Agreement: 6.1 Title Insurance and Closing Fee. Seller will pay all costs of the Title Evidence. Buyer will pay the premium required for the issuance of the Title Policy. Seller and Buyer will each pay one-half of any closing fee or charge imposed by the Title Company. 6.2 Deed Tax. Seller shall pay all State Deed Tax payable in connection with this transaction. 6.3 Real Estate Taxes and Special Assessments. Real Estate Taxes and installments of Special Assessments payable in the year in which Closing occurs shall be pro- rated based upon the Closing Date. 6.4 Other Costs. All other operating costs of the Property shall be allocated between Seller and Buyer as of the 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 from and after the Closing Date. 6.5 Attorneys' Fees. Each of the parties will pay its own attorneys' fees, except that a party defaulting under this Agreement or any Closing Document will pay the reasonable attorneys' fees and court costs incurred by the nondefaulting party to enforce its rights hereunder. -3-