05-13-2002 Council Packet - Laserfiche WebLink

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(a) $25,000.00 earnest money, the receipt of which is acknowledged. (b) $62,000.00 within thirty (30) days of the receipt of all necessary governmental approvals for the development of the Property. (c) $348,000.00 at closing. 5. Conveyance Terms. Upon Buyer's full performance of Buyer's obligations under this Agreement, Seller shall deliver a Quit Claim Deed (the ‘‘Deed”) to Buyer conveying fee title to the property to Buyer subject only to: (a) Building, zoning and subdivision statutes, laws, ordinances and regulations; (b) Reservations of minerals or of mineral rights in favor of the State of Minnesota, if any; (c) The lien of real estate taxes not yet due and payable; (d) Restrictions, reservations, and easements which do not impair Buyer's anticipated development of the Property. (hereinafter, collectively, the "Permitted Encumbrances"). 6. Possession. Upon Buyer's full performance of Buyer's obligations under this Agreement, but no earlier than the Closing (defined below). Seller shall deliver possession of the Property to Buyer. 7. Closing . The Parties shall meet at Hinshaw & Culbertson, 3100 Piper Jaffray Tower, 222 South Ninth Street, Minneapolis, Minnesota, or at such place agreed upon by the Parties on______________, 2002 or such later date (the "Closing Date") as may be established pursuant to the provisions of Sections 9 and 16 below (the "Closing"). If the Closing does not occur on this date or such other d.tte to which the parties may agree, this agreement shall be null and void and neither oartv shall ha\ e anv further rights or obligations hereunder. At Closing: (a) Seller shall: HC’6DSi 4715/2672 ’ll vl(RtD) r4-:002