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<br />. <br /> <br />. <br /> <br />. <br /> <br />,l <br /> <br />M. <br /> <br />N. <br /> <br />Closing, except special assessments caused or created by Buyer's <br />development of the Property related to any development agreement <br />or contract for private development required by the City of Elk <br />River. On or before the date on which installments thereof are <br />due, provided that all special assessments payable by Seller <br />pursuant to this paragraph with respect to any New Tax Parcel shall <br />be paid in full no later than the date of closing of the sale of <br />a New Tax Parcel by Buyer to any third party. Buyer as a <br />development cost shall pay. all special. assessments levied and/or <br />pending after the Date of Closing or incurred as a result of the <br />development of the Property. <br /> <br />Attorneys and Consulting Fees. <br /> <br />i. Attorneys and consulting fees incurred by Seller or Buyer <br />to negotiate this Agreement shall not be development costs <br />and shall be the responsibility of the party incurring such <br />costs. <br /> <br />ii. Attorneys and consulting fees as well ~s all costs associated <br />with the sale of the Property, or any portion thereof, shall <br />be considered as Development Costs. <br /> <br />The parties agree that the Buyer may have incurred or expended <br />funds that were neither necessary or incidental to the development <br />of the subject premises undertaken by the Buyer pursuant to the <br />provisions of this Agreement, and that such expenses, if any, will <br />not be included as Development Costs for the purposes of this <br />Agreement. <br /> <br />4. Payment Terms. Buver shall pay Seller. for the property pursuant <br />to the following terms and conditions: <br /> <br />(a) <br /> <br />(b) <br /> <br />Twenty-five Thousand Dollars ($25,000.00) as earnest money ("Earnest <br />Money") . <br /> <br />Two Hundred Twenty-five Thousand Dollars ($225,000.00) cash at <br />closing. <br /> <br />(c) <br /> <br />At closing, the Buver shall execute a Promissory Note payable to <br />the order of the Sellers in an amount as determined by subparagraph <br />2(a) above less the earnest money and cash or cash equivalent <br />of Section 1031 exchange property paid at closing pursuant to this <br />paragraph of the Agreement. Which Note. shall bear interest at <br />the rate of ten percent (10%) per annum, and be secured by a non- <br />recourse first Mortgage in favor of the Sellers on the lands and <br />premises described in Exhibit A. <br /> <br />(d) <br /> <br />The Mortgage and Note shall include terms for the payment for and <br />release of portions of the Property, upon the sale of the Property <br />or any portion thereof, (e.g., upon the sale of a New Tax Parcel): <br /> <br />-4- <br />