6.1 EDSR 04-15-2024 - Laserfiche WebLink

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v.2 (Java) EL185\76\937850.v4 4 year from the date of the Deed, or the Property will be subject to a reversionary interest in favor of the EDA pursuant to Minnesota Statutes Section 469.105, subdivisions 5 and 6. The Buyer may also construct a fast food restaurant on the Property subject to the consent of the EDA, which approval shall not be unreasonably withheld, and receiving any necessary land use approvals. The Deed shall contain provisions for the EDA to execute and record a Certificate of Completion evidencing that the required improvements have been completed. 6.1.2. Seller’s Affidavit. An Affidavit of Title by the EDA stating that on the Closing Date there are no outstanding, unsatisfied judgments, tax liens or bankruptcies against or involving the EDA or the Property; that there has been no skill, labor or material furnished to the Property for which payment has not been made or for which mechanics’ liens could be filed; and that there are no other unrecorded instruments affecting the Property, together with whatever standard owner’s affidavit (ALTA form) which may be required by the Title Company to issue an Owner’s Policy of Title Insurance with the standard exceptions waived. 6.1.3. Original Documents. Original copies of any surveys, plans and records in the EDA’s possession. 6.1.4. FIRPTA Affidavit. A non-foreign affidavit, properly executed, containing such information as is required by the Internal Revenue Code Section 1445(b)(2) and its regulations. 6.1.5 Closing Certificate. The Closing Certificate. 6.1.6 Seller’s Settlement Statement. A Seller’s Settlement statement reflecting the Purchase Price and the proration of costs and expenses in the manner required by this Agreement. 6.1.7. Other Documents. Any other documents reasonably required or reasonably requested by the Title Company in order to complete the transaction contemplated by this Agreement. 6.2. Buyer’s Closing Documents. On the Closing Date, the Buyer shall execute, as appropriate, and deliver to the EDA the following (collectively, “Buyer’s Closing Documents”): 6.2.1. Purchase Price. The Purchase Price in collected funds (certified or cashier’s check or wire transfer) deposited with the Title Company on the Closing Date. 6.2.2 Buyer’s Settlement Statement. A Buyer’s settlement statement reflecting the Purchase Price and the proration of costs and expenses in the manner required by this Agreement. Page 20 of 41