2006 017 Ordinance - Laserfiche WebLink

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3. POSSESSION. Buyer shall be entitled to take title of said premises as of the date set for the closing of this matter. However, Seller may remain in possession of the property for three (3) years from the date set for the transfer of title. The first year shall be rent free to the Seller. The second and third years shall be at a rate of $500.00 per month. During the three years, the Seller shall remain responsible for the maintenance, upkeep and repair of the premises. Seller shall be entitled to take possession of the said premises at the end of three (3) years from the date of transfer of title. Seller agrees to enter into a written Lease Agreement, prior to the date of transfer of title, with the Village in accordance with the terms outlined herein in a form similar to that attached hereto as Exhibit "A". Buyer and Seller shall cooperate to have any and all utilities transferred as of the date Seller is no longer in possession and Seller shall order final meter readings as of said date. 4. TAXES. Seller shall pay all delinquent taxes, including penalties and interest, and all other real estate taxes which are a lien on the closing date, prorated to that date and computed, if underdetermined, on the basis of the last certified tax rate and valuation. Seller shall also pay all assessments pro-rate to the date of closing which exist on the property as of the date of closing. Buyer agrees to pay before delinquency all taxes and assessments that may thereafter become due on said premises. 5. HAZARDS. Buyer assumes all risk of damage to or destruction of any improvements now on said land or hereafter to be placed thereon from the date of transfer of possession. However, if any building on the premises or any part thereof shall be substantially damaged or destroyed by fire or other cause prior to the date of transfer of possession, Seller shall immediately notify Buyer thereof and furnish to -2-