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2000-03-08 Packet
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2000-03-08 Packet
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Mar. 3. 2000 9:22AM No 9645 P IC <br /> (g) Seller's Defaults. Seller is not in default concerning any of its obligations or <br /> liabilities regarding the Property. <br /> (14 META. Seller is not a "foreign person ", "foreign partnership ", "foreign trust" or <br /> "foreign estate" as those terms are defined in Section 1445 of the Internal <br /> Revenue Code. <br /> (i) Use of Real Property. [the Real Property is usable for its current uses without <br /> violating any federal, state, local or other governmental building, zoning, health, <br /> safety, platting, subdivision or other law, ordinance or regulation, or any <br /> applicable private restriction, and such use is a legal conforming use. <br /> 0) Proceedings. There is no action, litigation, investigation. condemnation or <br /> proceeding of any kind pending or threatened against Seller or any portion of the <br /> Property. <br /> (k) Agents and Employees. No management agents or other personnel employed in <br /> connection with the operation of the Property have the right to continue such <br /> employment after the Closing Date. There are no claims for brokerage <br /> commission or other payments with respect to the existing Property, including <br /> leases which will survive and remain unpaid after the Date of Closing. <br /> (1) Condition. The buildings, structures and improvements included within the <br /> Property are structurally sound and in good repair and all mechanical, electrical, <br /> heating, air conditioning, drainage, sewer, water and plumbing systems are in <br /> proper worldng order. Please also refer to Exhibit E. <br /> (m) Wells. No "wells" or "sewage treatment systems" (within the meaning of Minn. <br /> Stat. § 1031.005, Subd. 21 as to wells and Minn. Stat. § 115.55, Subd. 6 as to sewage <br /> treatment systems) are on the Property. except for that certain well located under the <br /> building which Buyer agrees to cap, at its sole cost and expense. This representation <br /> is intended to satisfy the requirements of Minn. Stat. § 1O3I,235, Subd. 1(a) and <br /> Minn. Stat. § 115.55, Subd. 6. <br /> Seller will indemnify Buyer, its successors and assigns, against, and will hold Buyer, its <br /> successors and assigns, harmless from, any expenses or damages, including reasonable attorneys' <br /> fees, that Buyer incurs because of the willful breach of any of the above representations and <br /> warranties, whether such breach is discovered before or after closing. Each of the <br /> representations and warranties herein contained shall survive the Closing and shall not be affected <br /> by any investigation, verification or approval by any party thereto or by anyone on behalf of' any <br /> party hereto and shall not merge into Seller's deed being delivered at Closing. <br /> 10. Damage. If, prior to the Closing Date, all or any part of the Property is <br /> substantially damaged by fire casualty, the elements or any other cause, Seller shall immediately <br /> give notice to Buyer of such fact and at Buyer's option (to be exercised within thirty days after <br /> Seller's notice), this Agreement shall terminate, in which event neither party will have any <br /> 9 <br />
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