6. HRSR 12-04-2006 - Laserfiche WebLink

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shall be referred to as a permitted encumbrance in Section 2 and Section 3 of the Contract for Deed and the Parties must fully perform their obligations under this Agreement. If Buyer does not notify Seller of Buyer's election to terminate this Agreement pursuant to 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 the installments of real estate taxes due and payable with respect to the Property in 2006 and all prior years; all installments of special assessments due and payable therewith; and any penalties or interests due as a result of the late payment thereof; b. If the transaction contemplated by this Agreement closes in December of 2006, Seller and Buyer will not prorate the real estate taxes due and payable in 2006 or the installments of special assessments due and payable therewith. If the closing is delayed and the transaction does not close unti12007, Seller and Buyer must prorate the installments of real estate taxes due and payable in 2007 and the installments of special assessments due and payable therewith on a per diem basis using a calendar year to the actual closing date. The parties must prorate the real estate taxes and special assessment installments using current real estate tax information, if available, and, if current real estate tax information is not available, using the amount of the real estate taxes due and payable in the year due and payable in 2006. Any such pro-ration is final and no subsequent adjustments, refunds or additional payments must be made; c. Subject to subsection b. above, Buyer will assume the obligation to pay all installments of real estate taxes due and payable in 2007 and future years and all installments of special assessments due and payable therewith. 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. 1941727v7