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COMMERCIAL PURCHASE AGREEMENT <br /> This form approved by the Minnesota Association of REALTORS° <br /> and the Minnesota Commercial Association of REALTORS°,which <br /> disclaims any liability arising out of use or misuse of this form. <br /> ©2014 Minnesota Association of REALTORS®, Edina, MN <br /> 1. Date 10/06/14 <br /> 2. Page 1 of pages <br /> 3. BUYER (S): Alex J. Shuda <br /> 4. <br /> 5. Buyer's earnest money in the amount of six Thousand Five Hundred <br /> 6. Six Thousand, Five Hundred and 00/100ths DOLLARS <br /> 7. ($ 6,500.00 ) shall be delivered no later than two (2) Business Days after <br /> 8. Final Acceptance Date of this Purchase Agreement to be deposited in the trust account of (check one): <br /> 9. ❑listing broker; or <br /> 10, © TBD <br /> (Name of Title Company) <br /> 11. within three (3) Business Days of receipt of the earnest money or Final Acceptance Date of this Purchase <br /> 12. Agreement,whichever is later. <br /> 13. Said earnest money is part payment for the purchase of property at <br /> 14. 7087 20th Avenue South located in the <br /> 15. City/Township of Centerville County of Anoka <br /> 16. State of Minnesota, PID # (s) That portion of PID 23.31.22.14.0004 remaining after <br /> 17, subdivsion of the property. <br /> 18. and legally described as follows to be determined following subdivision of parcel providing approxi- <br /> 19. mately 1.5 acres (65,340 SF) and one 6,030 SF building to buyer <br /> 20. (collectively the"Property") <br /> 21. together with the personal property as described in the attached Addendum to Commercial Purchase Agreement: <br /> 22. Personal Property, if any, all of which property the undersigned has this day sold to Buyer for the sum of: <br /> 23. Three Hundred Twenty-Five Thousand <br /> 24, Three Hundred, Twenty Five Thousand and 00/100ths <br /> 25. ($ 325,000.00 ) DOLLARS, which Buyer agrees to pay in the following manner: <br /> 26. 1. CASH of 2 percent (%) of the sale price, or more in Buyer's sole discretion, which includes the earnest <br /> 27. money; PLUS <br /> 28. 2. FINANCING of 98 percent (%) of the sale price. Buyer shall, at Buyer's sole expense, apply for any <br /> 29. financing as required by this Purchase Agreement. <br /> 30. Such financing shall be (check one): © a first mortgage; ❑ a contract for deed; or ❑ a first <br /> 31. mortgage with subordinate financing,as described in the attached Addendum to Commercial Purchase Agreement: <br /> 32. ❑ Conventional/SBA/Other ❑ Contract for Deed. <br /> (Check one.)------------------------------------------------- <br /> 33. This Purchase Agreement W] IS ❑ IS NOT subject to a due diligence contingency. (If answer is IS, see attached <br /> ------.(Check one.)------- <br /> 34. see attached Addendum to Commercial Purchase Agreement:Due Diligence.) <br /> 35. CLOSING:The date of closing shall be January 24th 20 14 <br /> 36. DEED/MARKETABLE TITLE: Subject to performance by Buyer, Seller agrees to execute and deliver a (check one): <br /> 37. ❑ Warranty Deed, 0 Limited Warranty Deed , ❑ Contract for Deed , <br /> 38. or ❑Other: Deed conveying marketable title, subject to: <br /> 39. (a) building and zoning laws, ordinances, and state and federal regulations; <br /> 40. (b) restrictions relating to use or improvement of the Property without effective forfeiture provisions; <br /> 41. (c) reservation of any mineral rights by the State of Minnesota or other government entity; <br /> 42. (d) utility and drainage easements which do not interfere with existing improvements;and <br /> 43. (e) others (must be specified in writing): subdivision of the current parcel (PID 23.31.22.14.004) to <br /> 44. provide approximately 1 1/2 acres to Buyer <br /> MNC:PA-1 (8/14) <br /> lnstanr�t <br />