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2022-09-14 City Council Packet
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2022-09-14 City Council Packet
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Centerville Schifsky PA version 09092022-2 for Council Packet <br />Closing.Iftherealestatetaxesandspecial assessment are estimated due to the <br />subdivision of the Real Property a larger parcel(s), the real estate taxes and special <br />assessments will be estimated on per square foot basis as reasonably agreed to <br />between the Buyer and the Seller. <br />B. State Deed Tax. Seller will pay any State Deed Tax necessary to record <br />the Warranty Deed. <br />C. Recording Costs. Buyer will pay the cost of recording the Warranty <br />Deed, and Seller will pay the cost of recording all additional documents necessary to <br />place record title in the condition warranted by Seller in this Agreement. The Buyer will <br />pay the costs of recording all other documents. <br />D. Other Costs. All operating costs of the Real Property will be allocated <br />between Seller and Buyer as of the Closing Date, so that Seller pays that part of such <br />operating costs payable before the Closing Date, and the Buyer pays that part of such <br />operating costs payable from and after the Closing Date. Any closing costs not <br />expressly allocated herein shall be allocated between Buyer and Seller in accordance <br />with custom and practice in similar commercial real estate transactions in Anoka <br />County, Minnesota. <br />E. Closing Fee. Buyer will pay any closing fee charged by the Title <br />Company at Closing. <br />9. OPERATION PRIOR TO CLOSING. During the period from the date of Seller's <br />acceptance of this Agreement to the Closing Date (the "Executory Period"), Seller will operate <br />and maintain the Real Property in the ordinary course of business in accordance with prudent, <br />reasonable business standards, including the maintenance of adequate liability insurance <br />Seller will execute no contracts, leases or other agreements regarding the Real Property during <br />the Executory Period that are not terminable on or before the Closing Date, without the prior <br />written consent of Buyer, which consent may be withheld by Buyer in its sole discretion. <br />10. DAMAGE. If, prior to the Closing Date, all or any part of the Real Property is <br />substantially damaged by fire or other casualty, the elements or any other cause, the Seller <br />will immediately give notice to Buyer of such fact and at Buyer's option (to be exercised within <br />twenty <br />(20) days after Seller's notice), this Agreement will terminate, in which event neither party will <br />have any further obligations under this Agreement and the Earnest Money will be refunded to <br />Buyer or Buyer may elect to Close, in which case Seller shall assign to Buyer all unused <br />proceeds related to such damage. <br />11. NOTICES. All notices and demands given or required to be given by any party <br />hereto to any other party shall be deemed to have been properly given if and when delivered <br />in person, the next business day after being sent by reputable overnight commercial courier <br />(e.g. U.P.S. or Federal Express), sent by facsimile (with verification of receipt) or three (3) <br />business days after having been deposited in any U.S. Postal Service and sent by registered <br />or certified mail, postage prepaid, addressed as follows (or sent to such other address as any <br />party shall specify to the other party pursuant to the provisions of this Section): <br /> <br />12 <br /> <br />
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