01-11-2016 Council Packet - Laserfiche WebLink

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184949v1 4 (b) A customary affidavit that there are no unsatisfied judgments of record, no actions pending in any state or federal courts, no tax liens, and no bankruptcy proceeding filed against the Barkleys, and no labor or materials have been furnished to the Remnant Parcel for which payment has not been made, and that to the best of the Barkleys’ knowledge there are no unrecorded interests relating to the Remnant Parcel. (c) Such other documents required under Section 12(a). (d) Such other documents as may be reasonably required by the Title Company. 8. CITY’S CLOSING OBLIGATIONS. On the Closing Date, the City shall execute and deliver to the Barkleys: (a) The duly executed limited warranty deed to the City Land conveying title to the Barkleys free and clear of all liens and encumbrances except the following items (allowable encumbrances): (i) Building and zoning laws, ordinances, state and federal statutes or other governmental regulations; (ii) Real estate taxes for which the Barkleys are responsible; (iii) Those items approved by the Barkleys pursuant to Section 5; and (iv) Reservation of any minerals or mineral rights in the State of Minnesota. (b) A customary affidavit that there are no unsatisfied judgments of record, no actions pending in any state or federal courts, no tax liens, and no bankruptcy proceeding filed against City, and no labor or materials have been furnished to the City Land for which payment has not been made, and that to the best of City's knowledge there are no unrecorded interests relating to the City Land. (c) Such other documents as may be reasonably required by the Title Company. 9. PRORATIONS. The City and the Barkleys agree to the following prorations and allocation of costs regarding this Agreement: (a) Title Commitment. Each party will be responsible for the costs associated with providing a title commitment for the parcel that the party is conveying. If a party desires a title policy for the parcel the party is acquiring, that cost shall be assigned to the party acquiring the property. (b) Deed Tax. Each party shall be responsible for payment of the deed tax for the property that the party is conveying.