4.7. SR 07-01-2019 - Laserfiche WebLink

Home Browse Search

Page 2 of 11 ____________ ____________ ____________ ____________ Initials Initials Initials Initials 6. DEED/MARKETABLE TITLE. Upon performance by Buyer, Seller shall execute and deliver a Warranty Deed, joined in by spouse, if any, conveying marketable title, subject to: (A) Building and zoning laws, ordinances, state and federal regulations; (B) Restrictions relating to use or improvement of the property without effective forfeiture provisions; (C) Reservation of any mineral rights by the State of Minnesota; (D) Utility and drainage easements which do not interfere with existing improvements; (E) Exceptions to title which constitute encumbrances, restrictions, or easements which have been disclosed to Buyer and accepted by Buyer in this Purchase Agreement; (Must be specified in writing.) 7. REAL ESTATE TAXES AND SPECIAL ASSESSMENTS. Real estate taxes due and payable in and for the year of closing shall be prorated between Seller and Buyer on a calendar year basis to the actual date of closing, unless otherwise provided in this Agreement. • [Underline one] BUYER AND SELLER SHALL PRORATE AS OF THE DATE OF CLOSING/SELLER SHALL PAY on Date of Closing all installments of special assessments certified for payment with the real estate taxes due and payable in the year of closing. • [Underline one] BUYER SHALL ASSUME/SELLER SHALL PAY ON DATE OF CLOSING all other special assessments levied as of the date of this Agreement. • [Underline one] BUYER SHALL ASSUME/SELLER SHALL PROVIDE FOR PAYMENT OF special assessments pending as of the date of this agreement for improvements that have been ordered by the City Council or other governmental assessing authorities. (Seller’s provision for payment shall be by payment into escrow of 1½ times the estimated amount of the assessments.) As of the date of this Agreement, Seller represents that Seller has not re ceived a Notice of Hearing of a new public improvement project from any governmental assessing authority, the costs of which project may be assessed against the property. If a special assessment becomes pending after the date of this Agreement and before the date of closing, Buyer may, at Buyer’s option: A. Assume payment of the pending special assessment without adjustment to the purchase agreement price of the property; or, B. Require Seller to pay the pending special assessment (or escrow for payment of same as provided above) and Buyer shall pay a commensurate increase in the purchase price of the property, which increase shall be the same as the estimated amount of the assessment; or,