2018.09.17 CC Packet - Laserfiche WebLink

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4. Seller's Contingencies. The obligations of the Seller under this Agreement are contingent upon the Seller and Buyer entering into a development agreement relating to the Real Property according to terms acceptable to Buyer and Seller on or before the Closing Date. 5. Closing. The closing of the purchase and sale contemplated by this Agreement (the "Closing") shall occur on (_insert date ), (the "Closing Date"), but Buyer may close on any business day after the Effective Date by giving Seller at least five days' notice of such earlier date for the Closing. The Closing shall take place at 10:00 a.m. Central Time at Seller's office and conducted by a title company to be selected by Seller and licensed to do business in the State of Minnesota ("Title Company"). Seller agrees to deliver possession of the Property to Buyer on the Closing Date. Any party hereto may close via an escrow arrangement with the Title Company. 5.1 Seller's Closin,,, _ 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: 5.1.1 Deed. A Limited Warranty Deed conveying to Buyer a vendee's interest in the Property in the form attached hereto as Exhibit C. 5.1.2 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. 5.1.3 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. § 103I 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 Bu% er's Closim Documents. On the Closing Date, Buyer will execute and deliver to Seller the following (collectively, "Buyer's Closing Documents"): 5.2.1 Pa=ent. $1,319,000.00 (less $500.00 Earnest Money) by cash or by wire transfer of immediately available funds. 5.2.2 Development Ag reement. An executed 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. -3-