11-26-2001 Council Packet - Laserfiche WebLink

Home Browse Search

r»«Na XOWMNCUU r*Purchase A greement / PAGE 7 (c) Accept this circumstance as a failed contingency and reimburse Buyer for all expenses incurred by Buyer pursuant to this Purchase Agreement, including but not limited to all expenses incurred in attempting to satisfy any of Buyer's conbngencies (d) Signage Buyer shall have determined on or before the ConUngency Date that signage, and the cost thereof, acceptable to Buyer in its sole discretion, irom and will be permitted and available (e) Design Constraints On or before the Contingency Date, Seller, any authority, owner's association, or architeclurai review committee that has the right to approve the design of Buyer's improvements to be constructed on the Property, shall have done so (0 Economic Viability Buyer shall have determined, on or before the Contingency Date, in its sole and absolute disaetion. that the market conditions present in the area of the Property will siipport the economic feasibility of Buyer's proposed use (2) SURVEY. Buyer's obligation to close under this Purchase Agreement is contingent upon Buyer obtaining, at Buyer's expense, within 45 days after setters acceptance of this contract a sunrey of the property certified to Buyer as of a current date (no earlier than the date of this Purchase Agreement) evidenong conditions satisfactory to Buyer and containing certifications meeting the following minimum standards (a) Prepared, dated and signed by a Minnesota Registered Land Sun/eyor with his or her seal affixed (b) Includes legal descnption properly identifying the properly described in this Purchase Agreement (c) Locates all platted and unplatted property lines and lot lines (d) Locates all streets adjacent to the property (e) Locates all curb cuts, driveways and fences (f) Locates all easements described in the plat, if any. and in the record title of the property (g) Locates all visible ubiity lines that senrice the property and improvements (sewer, water, gas. electric and telephone) (h) Locates any building setback lines. (i) Locates all encroachments or ntakes a positive statement that there are no encroachments (j) Locates all improvements on the property (k) Shows all descriptions, angles, and other calls contained in the legal description Buyer shall promptly retain a sunreyor If the survey reveals boundary or title problems. Buyer shall promptly deliver a copy of the survey to Se ier If the survey has been delivered to Buyer after Buyer^s date for stating bUe objections. Buyer shall have an additional ten (10) days from the date of receiving the survey in which to state additional title objections If the boundary or title problems prevent this transaction from dosing. Seller shall reimburse Buyer for all expenses of survey and Eiuyer shall assign all rights in and to the survey to Seller (3) ENVIRONMENTAL CONCERNS. Seller hereby warrants and represents to Buyer that there have been no acts or occurrences upon the subject property that have caused or could cause impurities m the subsoil or ground water of the subject property or other property in the area Seller hereby represents and warrants to Buyer that the property is free of hazardous substances and is not subject to any '‘superfund" type liens or claims by governnrental regulatory agencies or other third parties arising from the release or threatened release of hazardous substances m. on or about the property Seller agrees to indemnify and hold harmless Buyer from any and all claims, causes of action, damages, losses, or costs (including reasonable attorneys' fees) relating to impunties in the subsoil or ground water of the subject property or other property in the area of which arise from or are caused by acts or occurrences upon the subject property prior to Buyer taking possession of the same These warranties and inoemnifications shall sunrive the dosing of this transaction (a) UNDERGROUND TANKS. Seller hereby represents and warrants to Buyer that all of the underground tanks on the subject property have been disclosed to Buyer on the attached drawing or map Seller agrees to provide at closing the affidavits required by Minn SrAT " 11SB16. Subd 2.116 47(1). and 116 48* if apphcable to the subject property and to record an affidavit attesting to the location of any underground tanks which are used for the storage of petroleum products (b) ENVIRONMENTAL ASSESSMENT. This Purchase Agreement is conUngent upon Buyer obtaining, at Buyer's expense, a Phase I Environmental Assessment of the property waived unless a condition of final approval of buyer, plans, and specifications, sufficient to meet the diligence requirements of federal and state law, certified to Buyer as of a cunent date (no earlier than the date of this Purchase ^reement) evidencing conditions satisfactory to Buyer. Buyer shafl prornptty retain a qualified environmental scientist to conduct the environmental assessment If the