6. HRSR 10-02-2006 - Laserfiche WebLink

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shall be referred to as a permitted encumbrance in Section 2 and Se ion 3 of the Contrac for Deed and the Parties must fully perform their obligations under t i~~e~r1F. ~' If Buyer does not notify Seller of Buyer's election to terminate this Agreem subsection (a) above or waive Buyer's Objection pursuant to subsection (b) above before the Date of Closing, this Agreement automatically terminates, and Buyer must deliver an executed and recordable quit claim deed to the Property to Seller to evidence the termination of this Agreement. 11. Real Estate Taxes and Special Assessments. The Parties must pay the real estate taxes (which term, as used in this Agreement, must include service charges assessed against real property on an annual basis pursuant to Minnesota Statutes 429.101) and special assessments as follows: a. On or before the Date of Closing, Seller must pay all real estate taxes, all special assessments and any penalties and interest thereon that are due and payable with respect to the Property; b. On or before the Date of Closing, Seller must pay or provide for the payment of all special assessments levied or pending against the Property as of the date of this Agreement, including special assessments certified for payment with the current year's real estate taxes; c. Subject to Section 7, Buyer and Seller must pro rate the real estate taxes that are due and payable in the year of closing on a per-diem basis using a calendar year, to the Date of Closing. The Parties must pro-rate the real estate taxes using current year real estate tax information, if available, and, if current year tax information is not available, using the amount of the real estate taxes due and payable in the year immediately preceding the year of closing. Any such pro-ration is final and no subsequent adjustments, refunds or additional payments must be made. d. Buyer must pay all real estate taxes that are due and payable in the years following the year of closing and all special assessments other than special assessments Seller is obligated to pay pursuant to Section 11(b). 12. Seller's Representations and Warranties. Seller makes the following representations and warranties to Buyer: a. The individuals executing this Agreement on behalf of Seller represent to Buyer that they have the legal and corporate authority to execute this Agreement on behalf of Seller and to bind Seller. Seller represents and warrants to Buyer that Seller has the legal and corporate authority to enter into this Agreement and to sell the Property. b. Seller represents and warrants that there has been no labor or materials furnished to the Property for which payment has not been paid. 1941727v5