11-26-2001 Council Packet - Laserfiche WebLink

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ronn No xowyitNCUU f* PURCHASE AGREEMENT / PAGE 2 7. REAL ESTATE TAXES AND SPECIAL ASSESSMENTS. Real estate taxes due and payable in and for the year of dosing shall be prorated between Seller and Buyer on a calendar year basis to the actual dale of closing, unless otherwise provided in this Agreement If tax statements for such taxes are not available on the date of closing, the amount to be prorated shall be 100% of the prior year's taxes, and such estimated prorabon shall be FULL AND FINAL BETVVEEN SELLER AND BUYER. SELLER SHALL PAY on Date of Closing all installments of special assessments certified for payment with the real estate taxes due and payable in the year of closing SELLER SHALL PAY ON DATE OF CLOSING all other installments of special assessments levied as of the date of this agreement and not yet certified for payment with the real estate taxes SELLER SHALL PROVIDE FOR PAYMENT OF special assessments pending ns of the dale of this agreement for Improvements that have been ordered by the City Council or other goxernmental assessing authorities (Seller's provision for payment shall be by pay nrenl into esaow of 1: times the estimated amount of the assessments ) As of the date of this Agreement. Seller represents that Seller has not received a Notice of Hearing of a new public improvement project from any governmental assessing authonty, the costs of which project may be assessed against the property If a special assessment becomes pending after the date of this Agreement and before the date of closing. Buyer may. at Buyer's option A Assume payment of the pending special assessment without adjustment to the purchase agreement pnce of the property, or. B Require Seller to pay the pending special assessment (or escrow for payment of same as provided above) and Buyer shall pay a commensurate increase in the purchase pnce of the property, which increase shall be the same as the estimated amount of the assessment, or. C Declare this Agreement null and void by notice to Seller, and earnest money shall be refunded to Buyer SELLER SHALL PAY ON DATE OF CLOSING any deferred real estate taxes or special assessments payment of which IS required as a result of the closing of this sale Buyer shall pay real estate taxes due and payable in the year following closing and thereafter and any unpaid special assr- isments payable therewith and thereafter, the payment of which is not otherwise provided herein Seller makes no representation concerning the amount of future real estate taxes or of future special assessments B. DAMAGES TO REAL PROPERTY AND CONDEMNATION. If. prior to the Closing Date, all or any part of the Property IS substantially damaged by me. casualty the elements or any other cause. Seller shall immediately give notice to Buyer of such fact and at Buyer's option (to be exerosed within 30 days after Seller's notice), this Agreement shall terminate, in which event neither party will have any further obligations under this Agreement and the Earnest Money, together with any accrued interest, shall be refunded to Buyer If Buyer fails to elect to terminate despite such damages, or if the Property is damaged but not substantially. Seller shall promptly corTvnence to repair such damage or destruction and return the property to its condition prior to such damage If such damage shall be completely repaired prior to the Closing Date then there shall be no reduction in the Purchase Price and Seller shall retain the proceeds of all insurance related to such damage If such damage shall not be completely repaired prior to the Closing Date but Seller is diligently proceeding to repair, then Seller shall complete the repair after the Closing Date and shall be entitled to receive the proceeds of all insurance 'elated to such dairrage after repair is completed, provided. hc>vcver. Buyer shall have the nght to delay the Closing Date until repair is completed If Seller shall fail to diligently proceed to repair such damage then Buyer shall have the right to require a closing to occur and the Purchase Price (and specifically the cash portion payable at the Closing Date) shall be reduced by the cost of such repair, or at Buyer's opton. the Seller shall assign to Buyer all nght to receive the proceeds of all insurance related to such damage and the Purchase Price shall remain the same For purposes of this Section, the words '‘substantially damaged” mean damag'} that would cost $5,000 00 or more to repair If. prior to the Closing Date, eminent domain proceedings are commenced against all or any part of the Property. Seller shall immediately give notice to Buyer of such fact and at Buyer's option (to be exercised within 30 days after the date of Seller's notice). I « Agreement shall terminate, in which event neither party will have further obligations under this Agreement and the earnest Money, together with any accrued interest, shall be refunded to Buyer If Buyer shall fail to give such notice then there shall be no reduction in the Purchase Pnce. and Seller shall assign to Buyer at the Closing Date all of Seller's nghL title and interest in and to any award made or to be made in the cornfemnation proceedings Pnor to the Closing Date. Seller shall not designate counsel, appear in. or otherwise act with respect to the condemnation proceedings without Buyer's prior written consent 9. SELLER'S BOUNDARY UNE. ACCESS. RESTRICTIONS AND LIEN WARRANTIES. Seler warrants that buildings, if any. are entirely within the boundary lines of the property Seller warrants that there is a right of access to the real property from a public right of way Seller warrants that there has been no labor or material furnished to the property for