2014-10-08 CC Handouts at Meeting

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ADDENDUM TO COMMERCIAL PURCHASE AGREEMENT: DUE DILIGENCE This form approved by the Minnesota Association of REALTORS°, which disclaims any liability arising out of use or misuse of this form. ©2014 Minnesota Association of REALTORS®,Edina,MN 1. Date 10/06/14 2. Page 9 3. Addendum to Purchase Agreement between parties, dated October 6th 20 14 4. pertaining to the purchase and sale of the Property at 7087 20th Avenue south 5. Centerville, Minnesota 6. In the event of a conflict between this Addendum and any other provision of the Purchase Agreement the language in 7. this Addendum shall govern. 8. This Purchase Agreement is contingent upon Buyer's reasonable approval of due diligence matters as agreed to in 9. this Addendum. 10. Title and examination and title corrections and remedies are excluded from this Addendum and shall be handled in 11. accordance with terms specified in the Examination ofTitle and Title Corrections and Remedies section of this Purchase 12. Agreement. 13. Buyer shall satisfy himself/herself/itself with respect to the physical condition of the Property and the feasibility and 14. suitability of the Property for Buyer's intended purpose within the respective time period(s) specified herein. Buyer 15. acknowledges that any information provided by Seller,a third party,or broker representing or assisting Seller regarding 16. dimensions, square footage, or acreage of land or improvements is approximate. Buyer shall verify the accuracy of 17. information to Buyer's satisfaction, at Buyer's sole cost and expense. 18. Buyer may declare this Purchase Agreement canceled by providing written notice to Seller, or licensee representing 19. or assisting Seller, within the respective time period(s) specified herein, in which case this Purchase Agreement is 20. canceled. Buyer and Seller shall immediately sign a written cancellation confirming said cancellation and directing all 21. earnest money paid hereunder to be refunded to Buyer, unless provided otherwise in this Purchase Agreement. 22. Buyer's failure to give written notice of cancellation of this Purchase Agreement, within the respective time period(s) 23. specified herein shall conclusively be deemed Buyer's election to proceed with the transaction without correction of any 24. disapproved items that Seller has not agreed in writing to correct or remedy. 25. Buyer's Responsibility Regarding Due Diligence: Buyer shall keep the Property free and clear of all liens, shall 26. indemnify, defend, and hold Seller harmless from all liability, claims, demands, damages, costs or expenses, incurred 27. by Seller by reason of any physical damage to the Property or injury to persons caused by Buyer or its agents or 28. contractors in exercising its rights under this Addendum, and shall return the Property to the same condition it was in 29. prior to Buyer's testing. Buyer shall not disturb any tenants, employees or occupants of the Property. 30. Seller's Responsibility Regarding Due Diligence: Seller agrees to allow reasonable access to the Property for 31. performance of any surveys, due diligence or inspections agreed to herein. Seller understands that the inspections 32. may require that all utilities be on and the Seller is responsible for providing same at Seller's expense. If the Property 33. is occupied by someone other than Owner,Owner shall comply with Minnesota law and existing Owner's lease, if any, 34. to provide tenant with proper notice in advance of any Property showing. 35. A. ENVIRONMENTAL ASSESSMENTS/INSPECTIONS: 36. (i) Phase I: This Purchase Agreement ❑X IS ❑ IS NOT contingent upon X❑ BUYER ❑ SELLER ----------(Check one.)---------- ---------------(Check one.)---------------- 37. obtaining a Phase I environmental site assessment of the Property at❑X BUYER'S❑SELLER'S expense -----------------(Check one.}-------------- 38. within sixty (60) days of Final Acceptance Date of this Purchase Agreement. 39. Buyer shall provide reasonable approval of the Phase I environmental site assessment within 40. fifteen (15) days of either: 41. (a) Final Acceptance Date of this Purchase Agreement if the Phase I environmental site assessment is 42. obligated to be obtained by Buyer;or 43. (b) receipt of the Phase I environmental site assessment if Seller is obligated to obtain. MN-ACPA:DD-1 (8/14) orms