2001-09-26 CC - Laserfiche WebLink

Home Browse Search

prep~)'Il'ICnt..shall not postpone the due date :of the installments to be paid pursuant to this contract or change c amount of such insraJJmenlS. 6. REAL ESTATE TAXES AND ASSESSMENTS. Purchaser shall pay, before penalty accrues, all real esratetaxes and installments nfspecial assessments assessed against the Property which are due and payable in the year 1999 and in all subsequent years. Real estate taxes and installments of-special assessments which are due and payable in the year in which this contract is dated shall be prorated between the Seller and the Purchaser. Seller agrees to pay on the date of closing all special assessments levied and pending. Seller sballpay alIGnen Acres tax recapture. The SeDer shall also install sewer"1lIld water to the property One on or before September I, 1998 at Seller's expense. City assessments for this cost to be paid by Seller as due with balance to be paid off at the time Buyer pays offihis-Contract for Deed. Seller warrants that the real estate taxes and inslalImentsof special-assessments which were due and payable in the years preceding the year in which this contract is dated are paid in full. 7. PROPERTY INSURANCE. Not Applicable (Vacant Land). (a) INSUREDRJSKS AND AMOUNT. Purchaser shalLkeep all buildings, improvements. and fIXtures now or later located on or -a part of the Property insured against loss by fire, extendedclWerage.perils, vandalism, malicious mischief, and, if applicable. _steam boiler explosion for at least the amount of (vacant land), If any of the buildings. improvements, or fixtures are located in a federally designated flood prone area, and if flood insurance is available for that area, Purchaser shall procure and maintain flood insurance in amounts reasonably satisfactory to Seller . (b) OTHER TERMS. The insurance policy shall contain a los.s payable clause in favor of Seller which prcwides that Seller's right to recover under the insurance shall not.be impaired ~y any acts or omissions of Purchaser or Seller, and that Sellershall otherwise be afforded all rights and priviJegescustomsrily provided a mortgagee under the so-called standard mortgage clause. (c) NOTICE OF DAMAGE. In the event of damage to tire Property by fire or other casualty, PurChaser shall promptly give notice of such damage to Seller and the insurance company. 8. DAMAGE TO THE PROPERTY. (a) APPUCATlON OF INSURANCE PROCEEDS. If the Property is damaged by fire or other casualty, the insurance proceeds paid on account of such damage shall be applied to -payment of the amounts payable by Purchaser under this contract, even if such amounts are not then due to bcpaid. unless Purchaser makes aj>ermitted election described in the next paragraph. Such amounts shall be fust applied to ul!Paid accrued interest and next to the installments 10 be -paid as provided in this contract in the inverse order 01 their maturity. Such payment 3