RES 19-26 - Laserfiche WebLink

Home Browse Search

may declare this Agreement void by notice, neither party shall be liable for damages hereunder to the other. (f) If either party does not give notice of intention to make title marketable, or if notice is given but the 60 day period expires without title being made marketable due to the other party's failure to proceed in good faith, the exclusive remedy is rescission of this Agreement by notice as provided herein. (g) If title is marketable, or is made marketable as provided herein, and either party defaults in any of the agreements herein, the other parry's exclusive remedy is to cancel this Agreement as provided by statute. 7. CLOSING. The closing of these transactions will be simultaneous and shall occur on a date mutually agreed to by the parties but not later than July 5, 2019. Each transaction is contingent upon the successful closing of the other transaction. The Closing will take place at the office of the Title Company, or at such other place as may be agreed to by the parties and may be completed through escrow of closing documents and funds with the Title Company. Each party will deliver possession of the respective properties to the other on the Date of the Closing. 8. CITY CLOSING DOCUMENTS. On the Date of the Closing, City will execute and/or deliver to the District, or their successors and assigns, the following (collectively, "City's Closing Documents"), all in form and content reasonably satisfactory to the District: (a) Deed. A limited warranty deed conveying the City Exchange Parcel to the District, free and clear of all encumbrances, except the Permitted Encumbrances as hereinafter defined, and stating there are no wells on the City Exchange Parcel. (b) Title Commitment. A Title Commitment initialed by the Title Company obligating the Title Company to issue the Title Policy to the District, in the form required by this Agreement. (c) Seller's Affidavit. A Minnesota Uniform Conveyancing Blank Form No. 117-M Affidavit of Seller. (d) Non -Foreign Certificate. A non -foreign certificate, properly executed, containing such information as is required by Internal Revenue Code Section 1445(b)(2) and its regulations. (e) IRS Form. A Designation Agreement designating the Title Company as the "reporting person" for purposes of completing Internal Revenue Form 1099 and, if applicable, Internal Revenue Form 8594. (f) Other Documents. All other documents reasonably determined by the District or the Title Company to be necessary to transfer the City Exchange Parcel to the District. 201970A 4