2021-08-11 CC Packet - Laserfiche WebLink

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(iii) Additional Documents. Such other documents as Seller may reasonably request to carry out the transactions contemplated under this Agreement. 8. PRORATIONS. Seller and Buyer agree to the following prorations and allocations of costs regarding this Agreement: A. Real Estate Taxes and Special Assessments. The real estate taxes due and payable in all years prior to the year of Closing and all deferred, levied or pending special assessments as of the Closing Date will be paid in full by the Seller. The Seller is also responsible for paying any interest and penalties due thereon. The real estate taxes due and payable in the year of Closing, will be prorated as of the Closing Date, based on the calendar year. Special assessments levied after the Closing Date (other than those pending as of the Closing Date, which are to be paid by Seller) will be the responsibility of the Buyer. Seller represents that the Property will be non-homestead classification. Seller will pay any and all Green Acre Recapture at Closing. If the real estate taxes and special assessment are estimated due to the subdivision of the Real Property a larger parcel(s), the real estate taxes and special assessments will be estimated on per square foot basis as reasonably agreed to between the Buyer and the Seller. B. State Deed Tax. Seller will pay any State Deed Tax necessary to record the Warranty Deed. C. Recording Costs. Buyer will pay the cost of recording the Warranty Deed, and Seller will pay the cost of recording all additional documents necessary to place record title in the condition warranted by Seller in this Agreement. The Buyer will pay the costs of recording all other documents. D. Other Costs. All operating costs of the Real Property will be allocated between Seller and Buyer as of the Closing Date, so that Seller pays that part of such operating costs payable before the Closing Date, and the Buyer pays that part of such operating costs payable from and after the Closing Date. Any closing costs not expressly allocated herein shall be allocated between Buyer and Seller in accordance with custom and practice in similar commercial real estate transactions in Anoka County, Minnesota. E. Closing Fee. Buyer will pay any closing fee charged by the Title Company at Closing. 9. OPERATION PRIOR TO CLOSING. During the period from the date of Seller's acceptance of this Agreement to the Closing Date (the "Executory Period"), Seller will operate and maintain the Real Property in the ordinary course of business in accordance with prudent, reasonable business standards, including the maintenance of adequate liability insurance Seller will execute no contracts, leases or other agreements regarding the Real Property during the Executory Period that are not terminable on or before the Closing Date, without the prior written consent of Buyer, which consent may be withheld by Buyer in its sole discretion. 10. DAMAGE. If, prior to the Closing Date, all or any part of the Real Property is substantially damaged by fire or other casualty, the elements or any other cause, the Seller will immediately give notice to Buyer of such fact and at Buyer's option (to be exercised within twenty (20) days after Seller's notice), this Agreement will terminate, in which event neither party will 11