|
PURCHASE AGREEMENT:
<br /> VACANT LAND(RESIDE N IAQ
<br /> 123. Page 4 mate 4-14-1
<br /> 124. Property located at 7212 Mill Road Centerville M 55038
<br /> 125. TITLE AND EXAMINATION:Withlr)a reasonable time period after Final Acceptance Date of this Purchase Agreement,
<br /> 126. Seller shall provide one of thefollowing title evidence options,at Setter'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 We service provider:
<br /> 129. (1) A commitment for an owner's policy of We 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 responsibleforthe title search and exam costs
<br /> 131. related to 1he commitment.Buyer Shall be responsible for all additional gosts related to the issuance of the title
<br /> 132. insurance poltcy(ies), including but not limited to the premium(s),Buyees name search acid plat drawing,.it any.
<br /> 133. Seller shall surrender a copy of any owner's title insurance policy and Aristract of Title,If in Sel er's possession or
<br /> 134. control,for this Property-to$uyeror 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 ITorrens)Property.Seller shall pay for the abstracting or RPA costs and surrender•any abstract for
<br /> 137. this Propertyin Seller's possession or control to Buyer or Buyers designated title service provider.If Property is
<br /> 138. Abstract and Seller does not have an Abstract of Title,Option(1)will automatically epply.
<br /> 139. Seller shall use Seller's best efforts to provide marketable title by the date of closing.In the event that Seller has not
<br /> 140. provided marketable title by the date of closing,Seller shall have an additional 30 days to make title marketable or,In
<br /> 141., the alternafhre, Buyer may waive title defects by written notice to Seller.In addition)to the 30-day extension, Buyer
<br /> 142. and Sellermay by mutual agreement further extend the dosing 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 Agreementis-caneeted.11 Either parry 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; ff this sale constitutes or requires a subdivision of land
<br /> 148. owned by Seller, $eller shall pay all-subdivision expenses and obtaln 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 prWsion 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 bate 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 dosing, payment in full will have been made for all labor.
<br /> 154. materials,maphinery,fixtures or to6lt furnished within the 120 days immediately preceding the closing.
<br /> 155, NOTICES:Seller waitants that Seller has not received any notice from any governmental authority as to condemnation
<br /> 156. probeedings or violation Of any law,ordinance or regulation.if the Property is subject to restrictive•covenants,Sager
<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 acknowledges any dimensions,square footage or acreage of land or improvements provided
<br /> 160. by Seger, third parry, or broker representing or assisting Seller are approximate. Buyer shall verify 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 conditiorrit was In prior to the surveys,inspections ortests 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 /> 1 r>7. any reason,Including fire,vandalism,flood,earthquake or act of God,the risk of loss shall be an Seller.if the Property
<br /> 168. Is destroyed or substantially damaged before the closing date, this Purchase Agreement is canceled,at Buyers
<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 I
<br /> 171. directing all earnest money paid hereunder to be refunded to Buyer.
<br /> 4
<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) j
<br /> 174. following the occurrencQ 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 /> AEN-PA:UL-4(1114)
<br /> logo i
<br /> I
<br />
|