2006-02-22 CC Packet - Laserfiche WebLink

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6.03 In the event that Seller satisfies all requirements of this Agreement by and Closing does not occur by , or as otherwise extended by this Agreement, this Agreement shall be null and void at option of Seller; and neither party shall be liable for damages hereunder to the other. In such event, Buyer and Seller agree to sign a Cancellation of Land Sale and Purchase Agreement, and Buyer shall be refunded its down payment plus interest accrued. 6.04 Closing shall be conducted by a Title Company or other real estate or legal professional that Seller and Buyer mutually agree upon. Seller shall pay the costs of said professional closing service, which shall be deducted from Seller's proceeds at Closing. 6.05 Closing shall be held at the office of said Title Company, or such other location mutually agreed upon by Seller and Buyer. SECTION 7 - POSSESSION 7.01 Possession of the Property shall be given to Buyer on the date of Closing. 7.02 Access to Property prior to Closing. Prior to Closing, Seller shall afford Buyer or Buyer's designees reasonable access to the Property during reasonable hours of the day for the purpose of examining the Property, conducting soil tests and engineering feasibility studies, environmental audits and investigations and planning the proposed development of the Property, provided such activities do not interfere with the activities of Seller on the Property. SECTION 8 - PROPERTY DEED AND OTHER DOCUMENTS Subject to performance of Buyer, Seller agrees to execute and deliver the following at Closing: a. Property Deed. A quitclaim deed in a form reasonably satisfactory to Buyer, which shall quit all interests Seller has in the Property in favor of Buyer. b. CRV. A Certificate of Real Estate Value in the form required by Minn. Stat. ~272.115. c. Well Certification. A well certification to the extent required by Minnesota law. d. Other Documents. All other documents reasonably required of Seller by this Agreement to transfer the Property to Buyer in accordance with this Agreement. e. Easements. Any and all easements and other rights specified in this Agreement shall be conveyed, transferred and assigned to Buyer by appropriate recordable documents and Seller shall execute and deliver with the Property Deed such other documents as may be reasonably required by any governmental entity or by the Title Insurance Company as a condition to the issuance of its policy of title insurance in accordance with Section 9 herein. f. Government transfer taxed and fees. All local, municipal, county, state and federal transfer and conveyance taxes shall be paid by Seller at Closing. Buyer shall pay all H:\Property Purchase-Disposal\Park Property\Purchase and Sale of vacant lot_ParceI2-vl.doc 3/ '/