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PURCHASE AGREEMENT:
<br /> VACANT LAND (RESIDIAL)
<br /> 123. Page 4 Date 4-117
<br /> 124. Property located at 7212 Mill Road Centerville NN 55038
<br /> 125. TITLE AND EXAMINATION:Within a reasonable time period after Final Acceptance Date of this Purchase Agreement,
<br /> 126. Seller shall provide one of the following title evidence options,at Seller's selection,which shall include proper searches
<br /> 127. covering bankruptcies, state and federal judgments and liens, and levied and pending special assessments to Buyer
<br /> 128. or Buyer's designated title service provider:
<br /> 129. (1) A commitment for an owner's policy of title insurance on a current ALTA form issued by an Insurer licensed to write
<br /> 130. title insurance in Minnesota as selected by Buyer.Seller shall be responsible for the title search and exam costs
<br /> 131. related to the commitment.Buyer shall be responsible for all additional costs related to the issuance of the title
<br /> 132. insurance policy(ies), including but not limited to the premium(s), Buyer's name search and plat drawing, if any.
<br /> 133. Seller shall surrender a copy of any owner's title insurance policy and Abstract of Title, if in Seller's possession or
<br /> 134. control,for this Property to Buyer or Buyer's designated title service provider.
<br /> 135. (2) An Abstract of Title certified to date if Abstract Property or a Registered Property Abstract(RPA)certified to date
<br /> 136. if Registered(Torrens)Property.Seller shall pay for the abstracting or RPA costs and surrender any abstract for
<br /> 137, this Property in Seller's possession or control to Buyer or Buyer's designated title service provider.If Property is
<br /> 138. Abstract and Seller does not have an Abstract of Title,Option(1)will automatically apply.
<br /> 139. Seller shall use Seller's best efforts to provide marketable title by the date of dosing.In the event that Seller has not
<br /> 140, provided marketable title by the date of dosing,Seller shall have an additional 30 days to make title marketable or,in
<br /> 141. the alternative, Buyer may waive title defects by written notice to Seller. In addition to the 30-day extension, Buyer
<br /> 142. and Seller may by mutual agreement further extend the closing date.Lacking such extension,either party may declare
<br /> 143. this Purchase Agreement canceled by written notice to the other party,or licensee representing or assisting the other
<br /> 144. party,in which case this Purchase Agreement is canceled.If either party declares this Purchase Agreement canceled,
<br /> 145. Buyer and Seller shall immediately sign a Cancellation of Purchase Agreement confirming said cancellation and
<br /> 146. directing all earnest money paid hereunder to be refunded to Buyer.
<br /> 147. SUBDIVISION OF LAND, BOUNDARIES,AND ACCESS: If this sale constitutes or requires a subdivision of land
<br /> 148. owned by Seller, Seller shall pay all subdivision expenses and obtain all necessary governmental approvals.This
<br /> 149. provision deals with the necessity of subdividing land to complete the sale of the Property described herein in contrast
<br /> 150. to the subdivision provision of lines 55-56 which deals with the future development plans of Buyer.Seller warrants the
<br /> 151. legal description of the real Property to be conveyed has been or shall be approved for recording as of the date of
<br /> 152. closing.Seller warrants that there is a right of access to the Property from a public right of way.
<br /> 153. MECHANIC'S LIENS: Seller warrants that prior to the closing, payment in full will have been made for all labor,
<br /> 154. materials,machinery,fixtures or tools furnished within the 120 days immediately preceding the dosing_
<br /> 155. NOTICES:Seller warrants that Seller has not received any notice from any governmental authority as to condemnation
<br /> 156. proceedings or violation of any law, ordinance or regulation.if the Property is subject to restrictive covenants,Seller
<br /> 157. warrants that Seller has not received any notice from any person or authority as to a breach of the covenants.Any
<br /> 158. such notices received by Seller shall be provided to Buyer immediately.
<br /> 159. DIMENSIONS:Buyer acknowiedges any dimensions,square footage or acreage of land or improvements provided
<br /> 160. by Seller, third parry, or broker representing or assisting Seller are approximate. Buyer shall verity the accuracy of
<br /> 161. information to Buyer's satisfaction,if material,at Buyer's sole cost and expense.
<br /> 162. ACCESS AGREEMENT: Seller agrees to allow Buyer reasonable access to the Property for performance of any
<br /> 163. surveys, inspections or tests or for water, sewer, gas or electrical service hookup as agreed to herein. Buyer shall
<br /> 164. restore the premises to the same condition it was in prior to the surveys,inspections or tests and pay for any restoration
<br /> 165. costs relative thereto.
<br /> 166. RISK OF LOSS: If there is any loss or damage to the Property between the date hereof and the date of dosing for
<br /> 167. any reason,including fire,vandalism,flood,earthquake or act of God,the risk of loss shall be on Seller.If the Property
<br /> 168. is destroyed or substantially damaged before the closing date, this Purchase Agreement is canceled, at Buyer's
<br /> 169. option,by written notice to Seller or licensee representing or assisting Seller.If Buyer cancels this Purchase Agreement,
<br /> 170. Buyer and Seller shall immediately sign a Cancellation of Purchase Agreement confirming said cancellation and
<br /> 171. directing all earnest money paid hereunder to be refunded to Buyer.
<br /> 172. TIME OF ESSENCE:Time is of the essence in this Purchase Agreement.
<br /> 173. CALCULATION OF DAYS:Any calculation of days begins on the first day (calendar or Business Days as specified)
<br /> 174. following the occurrence of the event specified and includes subsequent days(calendar or Business Days as specified)
<br /> 175. ending at 11:59 P.M.on the last day.
<br /> MN:PA:VL-4(8114)
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