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COMMERCIAL PURCHASE AGREEMENT
<br /> 90. Page 3 Date 10/06/14
<br /> 91. Property located at 7087 20th Avenue South Centerville
<br /> 92. EXAMINATION OF TITLE: Seller shall, at its expense, within thirty (30) days after Final
<br /> 93. Acceptance of this Purchase Agreement,furnish to Buyer, or licensee representing or assisting Buyer, a commitment
<br /> 94. for an owner's policy of title insurance from TBD including levied
<br /> (Name of Title Company)
<br /> 95. and pending special assessments. Buyer shall be allowed ten (10) days ("Objection Period") after receipt of the
<br /> 96. commitment for title insurance to provide Seller, or licensee representing or assisting Seller, with written objections.
<br /> 97. Buyer shall be deemed to have waived any title objections not made within the Objection Period provided for immediately
<br /> 98. above and any matters with respect to which title objection is so waived may be excepted from the warranties in the
<br /> 99. Deed as specified herein to be delivered pursuant to this Agreement.
<br /> 100. TITLE CORRECTIONS AND REMEDIES:Seller shall have 30 days("Cure Period")from receipt of Buyer's written title
<br /> 101. objections to cure any title objections but shall not be obligated to do so. Upon receipt of Buyer's title objections,
<br /> 102. Seller shall, within ten (10) days, notify Buyer, or licensee representing or assisting Buyer, in writing whether or not
<br /> 103. Seller will endeavor to cure such objections within the Cure Period. Liens or encumbrances for liquidated amounts
<br /> 104. created by instruments executed by Seller and which can be released by payment proceeds of closing shall not delay
<br /> 105. the closing.
<br /> 106. If Seller's notice states that Seller will not endeavor to cure one or more specified objections within the Cure Period,
<br /> 107. Buyer may, as its sole remedy, within ten (10) days of the sending of such notice by Seller declare this Purchase
<br /> 108. Agreement canceled by written notice to Seller,or licensee representing or assisting Seller, in which case this Purchase
<br /> 109. Agreement is canceled.If Buyer declares this Purchase Agreement canceled, Buyer and Seller shall immediately sign
<br /> 110. a written cancellation confirming said cancellation and directing all earnest money paid hereunder to be refunded to
<br /> 111. Buyer. If Buyer does not declare this Purchase Agreement canceled as provided immediately above, Buyer shall be
<br /> 112. bound to proceed with the closing and to purchase the Property subject to the objections Seller has declined to cure
<br /> 113. without reduction in the Purchase Price.
<br /> 114. If Seller's notice states that Seller will endeavor to cure all of the specified objections, or if Seller's notice states that
<br /> 115. Seller will endeavor to cure some, but not all, of the specified objections and Buyer does not declare this Purchase
<br /> 116. Agreement canceled as above provided,Seller shall use commercially reasonable efforts to cure the specified objections
<br /> 117. or those Seller has agreed to endeavor to cure and, pending correction of title, all payment required herein and the
<br /> 118. closing shall be postponed.
<br /> 119. If Seller,within the Cure Period above provided, corrects the specified objections Seller's notice indicated Seller would
<br /> 120. endeavor to cure, then upon presentation to Buyer, or licensee representing or assisting Buyer, of documentation
<br /> 121. establishing that such objections have been cured,the closing shall take place within ten(10)days or on the scheduled
<br /> 122. closing date, whichever is later.
<br /> 123. If Seller, within the Cure Period above provided, does not cure the specified objections which Seller's notice indicated
<br /> 124. Seller would endeavor to cure, Buyer may, as its sole remedy, declare this Purchase Agreement canceled by written
<br /> 125. notice to Seller, or licensee representing or assisting Seller, given within five (5)days after the end of the Cure Period,
<br /> 126. in which case this Purchase Agreement is canceled. Buyer and Seller shall immediately sign a written cancellation
<br /> 127. confirming said cancellation and directing all earnest money paid hereunder to be refunded to Buyer. Neither party
<br /> 128. shall be liable for damages hereunder to the other. In the alternative, Buyer may elect to waive such objections by
<br /> 129. providing written notice to Seller,or licensee representing or assisting Seller,within such five(5)-day period and accept
<br /> 130. title subject to such uncured objections in which event Buyer shall be bound to proceed with the closing and to purchase
<br /> 131. the Property subject to the objections Seller has not cured without reduction in the purchase price. If neither notice is
<br /> 132. given by Buyer within such five (5)-day period, Buyer shall be deemed to have elected to waive the objections and to
<br /> 133. proceed to closing as provided in the immediately preceding sentence.
<br /> 134. If title is marketable, or is made marketable as provided herein, and Buyer defaults in any of the agreements herein,
<br /> 135. Seller,in addition to any other right or remedy available to Seller hereunder,at law or in equity may cancel this Purchase
<br /> 136. Agreement as provided by either MN Statute 559.21 or MN Statute 559.217, whichever is applicable, and retain all
<br /> 137. earnest money paid hereunder as liquidated damages.
<br /> 138. If title is marketable, or is made marketable as provided herein, and Seller defaults in any of the agreements herein,
<br /> 139. Buyer may, in addition to any other right or remedy available to Buyer hereunder, seek specific performance within six
<br /> 140. (6) months after such right of action arises.
<br /> MNC:PA-3(8/14)
<br /> /nstan�at
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