I-4 - Resolution 2022-070 - A Resolution to Authorize the Mayor and City Clerk to Sign the Real Estate

5. SPECIAL ASSESSMENT. This acquisition shall not relieve the Seller of Seller's liability for payment of any special assessments against the property, which are a lien or become a lien on the parcel described on Exhibit A. 6. ABSTRACT. Buyer will obtain a title report at no cost to Seller which shall show good and merchantable title in Seller in accordance with Iowa Title Standards subject only to liens which will be satisfied on or before closing. 7. [Intentionally Deleted] 8. POSSESSION. The Buyer shall have immediate full and complete access to the real estate subject to the easement agreements upon payment of the agreed purchase price. 9. PURCHASE PRICE. Buyer agrees to pay and Seller agrees to grant the easements and execute the easement agreements attached on payment of the below total lump sum purchase price. Buyer may include mortgagees, lienholders, encumbrancers and taxing authorities on the check/warrant issued in payment of the purchase price. <table> <tr> <th>Payment Amount</th> <th>Agreed Performance</th> </tr> <tr> <td>$ 40,000.00</td> <td>on delivery of easement agreements<br>TOTAL LUMP SUM</td> </tr> </table> 10. DELIVERY OF EASEMENT AGREEMENTS. Once the Buyer, City of Tiffin, Iowa, has a Title Opinion or Lien Report showing that Seller has good and marketable title, the Buyer will pay William J. Rogers, unmarried, the agreed purchase price, less whatever is necessary to have any liens, encumbrances or mortgages released, and William J. Rogers will execute and deliver easement agreements furnished by Buyer and appropriate Affidavits for the easements being acquired by the Buyer. 11. WARRANTY. Seller warrants that there are no tenants on the premises holding under the lease. 12. BINDING ON SUCCESSORS. This Agreement shall apply to and bind the legal successors in interest of the Seller and Seller agrees to pay all liens and assessments against the premises, including all taxes and special assessments payable until surrender of possession as required by the Code of Iowa, and agrees to warrant good and sufficient title. Names and addresses of lienholders are: None. 13. ABSTRACT AND COSTS. Buyer may include mortgages, lienholders, encumbrancers and taxing authorities as payees on warrants issued in payment of this Agreement. In addition to the Total Lump Sum, Buyer agrees to pay for the cost of adding easement documents required by this transaction to Seller's abstract of title. Seller will deliver to the Buyer an abstract of title to the premises if requested. Buyer agrees to pay the cost of abstract continuation. Seller agrees to provide such documentation as may be required by Iowa Land Title Standards to convey the easements to Buyer. Seller also agrees to obtain Court approval of this Agreement, if requested by Buyer, in the event title to the premises becomes an asset of any estate, trust, conservatorship or guardianship. Buyer agrees to pay Court approval costs and all other costs necessary to transfer the premises to Buyer, but not attorney fees. Claims for such transfer costs shall be paid in amounts supported by paid receipts or signed bills. After closing, the abstract shall be returned to Seller.