7.4. HRSR 04-06-2020 - Laserfiche WebLink

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completed by the Sellers at closing, the Buyer may require that funds be retained from the purchase price for the Property as an escrow for payment of the estimated cost of debris and personal property removal and disposal charges. The Buyer may also require that funds be retained from the purchase price for payment of utility charges. The retained amount(s), less deductions provided for this in paragraph 8, will be delivered to the Sellers no later than 60 days following the Closing Date or delivery of possession, whichever is later. Said funds shall be held by Kennedy & Graven, Chartered, as Escrow Agent, pursuant to the terms of the Escrow Agreement attached here as Exhibit B. The provisions of this paragraph shall not merge with the deed and shall survive closing on the Property. (e) Amounts Due. The Buyer's ability to deduct amounts due under this paragraph from the retained escrow is not exclusive but is in addition to the Buyer's rights at law and equity to collect such amounts from the Sellers. The Sellers are responsible for the amounts due under this paragraph even if: (i) the Buyer neglects to deduct the amount from escrow; or (ii) the escrowed amount is insufficient to pay all amounts due under this paragraph 8. 9. Sellers' Warranties. The Sellers hereby represent and warrant to the Buyer as of the Closing Date that: (a) Title. The Sellers have good, indefeasible and marketable fee simple title to the Property. (b) Condemnation. There is no pending or, to the actual knowledge of the Sellers, threatened condemnation or similar proceeding affecting the Property or any portion thereof, and the Sellers have no actual knowledge that any such action is contemplated. (c) Defects. The Sellers are not aware of any latent or patent defects in the Property, such as sinkholes, weak soils, or unrecorded easements and restrictions. (d) Legal Compliance. The Sellers have complied with all applicable laws, ordinances, regulations, statutes, rules, and restrictions pertaining to and affecting the Property and the Sellers shall continue to comply with such laws, ordinances, regulations, statutes, rules, and restrictions. (e) Legal Capacity. The Sellers have the legal capacity to enter into this Agreement. The Sellers have not filed, voluntarily or involuntarily, for bankruptcy relief within the last year under the United States Bankruptcy Code, nor has any petition for bankruptcy or receivership been filed against the Seller within the last year. (f) Sewer and Water. The Sellers warrant that the Property is connected to City sewer and City water. (g) Mechanics' Liens. The Sellers warrant that, prior to the closing, the Sellers shall pay in full all amounts due for labor, materials, machinery, fixtures, or tools furnished within the 120 days immediately preceding the closing in connection with construction, alteration, or repair of any structure upon or improvement to the Property.