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2012.05.14 EDA Packet
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2012.05.14 EDA Packet
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Commissions
Meeting Date
5/14/2012
Document Type
Agenda/Packets
Commission Name
EDA
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9.4 Proceedings. There is no action, litigation, investigation, condemnation or <br />proceeding of any kind pending or threatened against Seller or any portion of the <br />Property. <br />9.5 Wells. The Seller certifies and warrants that the Seller does not know of any <br />"Wells" on the Land within the meaning of Minn. Stat. § 103I. This <br />representation is intended to satisfy the requirements of that statute. <br />9.6 Sewage Treatment System Disclosure. For the purposes of satisfying any <br />applicable requirements of Minn. Stat. § 115.55, Seller discloses and certifies <br />that: <br />a) Seller has no knowledge of the existence of an abandoned individual <br />sewage treatment system on the Land. <br />Except as herein expressly stated, Buyer is purchasing the Property based upon its own <br />investigation and inquiry and is not relying on any representation of Seller or other person and is <br />agreeing to accept and purchase the Property "as is, where is" subject to the conditions of <br />examination herein set forth and the express warranties herein contained. <br />10. Casualty; Condemnation. If all or any part of the Real Property is <br />substantially damaged by fire, casualty, the elements or any other cause, Seller shall immediately <br />give notice to Buyer, and Buyer shall have the right to terminate this Agreement by giving notice <br />within 30 days after Seller's notice. If Buyer shall fail to give the notice, then the parties shall <br />proceed to Closing, and Seller shall assign to Buyer all rights to insurance proceeds, up to the <br />Purchase Price, resulting from such event and shall pay to Buyer the amount of any deductible or <br />co-insurance. If eminent domain proceedings are threatened or commenced against all or any <br />part of the Real Property, Seller shall immediately give notice to Buyer, and Buyer shall have the <br />right to terminate this Agreement by giving notice within 30 days after Seller's notice. If Buyer <br />shall fail to give the notice, then the parties shall proceed to Closing, and Seller shall assign to <br />Buyer all rights to appear in and receive any award from such proceedings. <br />11. Broker's Commission. Seller and Buyer represent to each other that they <br />have dealt with no other brokers, finders or the like in connection with this transaction, and agree <br />to indemnify and hold each other harmless from all claims, damages, costs or expenses of or for <br />any other such fees or commissions resulting from their actions or agreements regarding the <br />execution or performance of this Agreement, and will pay all costs of defending any action or <br />lawsuit brought to recover any such fees or commissions incurred by the other party, including <br />reasonable attorneys' fees. <br />12. Assignment. Seller may assign its rights under this Agreement before or <br />after the Closing. Buyer may only assign its rights under this Agreement upon written consent <br />from Seller, which consent may be withheld in Seller's sole and absolute discretion. Any such <br />assignment will not relieve such assigning party of its obligations under this Agreement. <br />13. Survival. All of the terms of this Agreement and warranties and <br />representations herein contained shall survive and be enforceable after the Closing. <br />14. Notices. Any notice required or permitted hereunder shall be in writing <br />and given by personal delivery upon an authorized representative of a party hereto; or if mailed <br />-5- <br />
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