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2017 06-06 PC PACKET
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2017 06-06 PC PACKET
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calculating each party's. prorata share of the real estate taxes for the year of <br />closing, the parties agree that the.amount of additional real estate taxes as a result. <br />of loss of:Green Acres classification that may added to the current. real estate <br />taxes due and payable in the year of closing shall be the lesser of (i) the actual <br />amount. of increased real estate taxes or (ii) the sum of $15,000.00. Any <br />additional real estate taxes due to the loss of Green Acres Classification in excess <br />of $15,Q00:0 shall be Seller's responsibility. <br />(e) Recording Costs. Seller will pay the cost of recording all documents necessary to <br />establish marketable title in Seller. Buyer will pay the cost of. recording all other <br />documents including Seller's Warranty Deed. <br />(f) Rental Incozne:froni Farm Lease. All rental income under the Farm Lease :shall <br />be retained by Seller for the 2417 growing. season.. <br />7. Title Examination. Title Examinationwill be conducted as follows: <br />(a) Seller's Title Evidence. Seller shall, furnish the following (collectively "Title <br />Evidence") to Buyer: <br />(1:) Abstract of Title or Title Commitment: Seller shall, at its sole.expense, <br />furnish. to Buyer. within Twenty (20) days following the date hereof, a <br />commitment. ("Title Commitment") from the Title Company on. an ALTA. <br />Form:B 1987-1990 Owner's Policy of.Title Insurance insuring title to the <br />Property, deleting' standard exceptions other than a survey.and including <br />affirmative insurance regarding zoning, contiguity, appurtenant easements <br />and such other matters as maybe reasonably identified by Buyer, in the <br />amount of the Purchase Price. and subject only to matters waived by Buyer <br />or permitted encumbrances as hereinafter. defined ("Permitted <br />Encumbrances"). Title Company sba11 also deliver to.:the. Buyer copies of <br />all documents listed on Schedule B-2 of the title comiitment. <br />(2) Survev.. Buyer acknowledges that Seiler has furnished a photo copy of a <br />survey for the.Property that includes the adjacent property also being. <br />purchased by Buyer. The survey is dated November 13; 2015, and was <br />prepared for Landmark Development of MN by Sathre-Berquist, Inc. with <br />offices in Wayzata, Minnesota (the "Survey"). A copy of the Survey is <br />attached as Exhibit "D.." It shall be Buyer's obligation to determine if <br />the Title Company will issue survey coverage as part of the Title policy <br />based on the Survey in the Title Company and Buyer's possession. If not, <br />Buyer; at Buyer's cast, shall furnish -Title Company such additional <br />documentation or a new ALTA Survey, Buyer agrees to complete said <br />survey within Forty -Five (45) days of execution of this Agreement. If <br />Buyer fails to timely complete said survey, Buyer shall be deemed to have <br />waived any items subsequently disclosed on the new survey and shall <br />accept the Property subject to all 'of the items disclosed on the Survey and <br />the new survey obtained by Buyer; Buyer shall within Ten (10) days of <br />completion of a new.survey furnish to Seller and the Title Company a. <br />copy of the new survey: The Survey reflects an encroachment by.a. fence <br />on the northern line of the Property and Buyer agrees to not object to said <br />encroachment, <br />(3) B.uyer understands that the Property is currently enrolled in Green Acres <br />and accordingly has reduced. real estate taxes under this program.. Buyer <br />-5. <br />
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