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PURCHASE AGREEMENT. VACANT LAND(RESIDENTIAL) 176. Page 5 Date 177. Property located at 7212 Kill Road Centerville lei 55038 178. BUSINESS DAYS:"Business Days"are days which are not Saturdays, Sundays or state or federal holidays unless 179. stated elsewhere by the parties in writing. 180. RELEASE OF EARNEST MONEY:Buyer and Seller agree that the listing broker shall release earnest money from 181. the listing broker's trust account:l)at or upon the successful closing of the Property;2)pursuant to written agreement 182. between the parties, which may be reflected in a Cancellation of Purchase Agreement executed by both Buyer and 183. Seller;3)upon receipt of an affidavit of a cancellation under MN Statute 559.217;or 4)upon receipt of a court order. 184. DEFAULT: If Buyer defaults in any of the agreements herein, Seller may cancel this Purchase Agreement,and any 185. payments made hereunder, including earnest money, shall be retained by Seller as liquidated damages and Buyer 186. and Seller shall affirm the same by a written cancellation agreement. 187. If Buyer defaults in any of the agreements hereunder, Seller may terminate this Purchase Agreement under the 188. provisions of either MN Statute 559.21 or MN Statute 559.217,whichever is applicable.If either Buyer or Seller defaults 189. in any of the agreements hereunder or there exists an unfulfilled condition after the date specified for fulfillment, 190. either party may cancel this Purchase Agreement under MN Statute 559.217,Subd.3.Whenever it is provided herein 191. that this Purchase Agreement is canceled, said language shall be deemed a provision authorizing a Declaratory 192. Cancellation under MN Statute 559.217,Subd.4. 193. If this Purchase Agreement is not canceled or terminated as provided hereunder, Buyer or Seller may seek actual 194. damages for breach of this Purchase Agreement or specific performance of this Purchase Agreement; and, as to 195. specific performance,such action must be commenced within six(6) months after such right of action arises. 196. NOTICE REGARDING AIRPORT ZONING REGULATIONS:The Property may be in or near an airport safety zone 197. with zoning regulations adopted by the governing body that may affect the Property. Such zoning regulations are 198. filed with the county recorder in each county where the zoned area is located,If you would like to determine if such 199. zoning regulations affect the Property,you should contact the county recorder where the zoned area is located. 200. NOTICE REGARDING PREDATORY OFFENDER INFORMATION:Information regarding the predatory offender 201. registry and persons registered with the predatory offender registry under MN Statute 243.166 may be 202_ obtained by contacting the local law enforcement offices in the community where the Property is located 203. or the Minnesota Department of Corrections at(651)361-7200,or from the Department of Corrections web 204. site at www.corr.state.mmus. 205. SPECIAL DISCLOSURES: Seller discloses, to the best of Seller's knowledge, that the Property described in this 206. Purchase Agreement consists of approximately 16000 []ACRES g SQUARE FEET and is currently zoned {Check one} 207. 208. Seller discloses, to the best of Seller's knowledge, that the PropertyF]IS Q IS NOT in a designated flood plain 209. area. --.(cr+er k O1�")--- 210. Seller discloses, to the best of Seller's knowledge, that the Property ❑ DOES Q DOES NOT currently receive 211. preferential tax treatment(e.g.Green Acres). 212. BUYER HAS THE RIGHT TO A WALK-THROUGH REVIEW OF THE PROPERTY PRIOR TO CLOSING TO 213. ESTABLISH THAT THE PROPERTY IS IN SUBSTANTIALLY THE SAME CONDITION AS OF THE DATE OF THIS 214. PURCHASE AGREEMENT. 215. BUYER HAS RECEIVED A (check any that applyr ❑ DISCLOSURE STATEMENT.- VACANT LAND OR A 216. ❑DISCLOSURE STATEMENT.-SELLER'S DISCLOSURE ALTERNATIVES FORM. 217. DESCRIPTION OF PROPERTY CONDITION: See Disclosure Statement: Vacant Land or Disclosure Statement: 218. Seller's Disclosure Alternatives for description of disclosure responsibilities and limitations,if any. 219. BUYER HAS RECEIVED THE INSPECTION REPORTS,IF REQUIRED BY MUNICIPALITY. 220. BUYER IS NOT RELYING ON ANY ORAL REPRESENTATIONS REGARDING THE CONDITION OFTHE PROPERTY. MN:PA:VL-5(8/14) X11 14