2015-06-10 Set Agenda Handouts - Laserfiche WebLink

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VACANT LAND PURCHASE AGREEMENT 164. Page 5 165. TITLE AND EXAMINATION:Within a reasonable time period after Final Acceptance of this Purchase Agreement, 166. Seger shad provide one of the following title evidence options,at Seller's selection,which shall include proper searches 167. covering bankruptdes,state and federal judgments and liens,and levied and pending special assessments to Buyer 168. or Buyer's designated title service provider: 169. (1) A commitment for an owner's policy of title insurance on a current ALTA form issued by an insurer licensed to write 170. lige insurance in Minnesota as selected by Buyer.Seder shall be responsible for the title search and exam costs 171. related to the commitment.Buyer shall be responsible for all additional costs related to the issuance of the title 172. insurance pdicy(les),including but not limited to the premium(s),Buyer's name search and plat drawing, 0 any. 173. Seller shag surrender a copy of any owner's tide insurance policy and Abstract of Title,If in Seller's possession or 174. control,for this property to Buyer or Buyer's designated title service provider. 175. (2) An Abstract of Title certified to date If Abstract Property or a Registered Property Abstract(RPA)certified to date 176. if Registered(Torrens)property.Seller shag pay for the abstracting or RPA costs and surrender any abstract for 177. this property in Seller's possession or control to Buyer or Buyer's designated tide service provider.If property is 178. Abstract and Seller does not have an Abstract of Tide,Option(1)wig automatically apply. 179. Seger stud use Seller's best efforts to provide marketable tide by the date of dosing.in the event that Seder has not 180. provided marketable tide by the date of dosing,Seder shag have an additional 30 days to make tide marketable or,in 181. the alternative, Buyer may waive tide defects by written notice to Seder.In addition to the 30-day extension, Buyer 182. and Seller may by mutual agreement further extend the dosing date.Ladling such extension,either party may declare 183. this Purchase Agreement canceled by written notice to the other party,or gee representing or assisting the other 184. party,in which case this Purchase Agreement is canceled.if either party declares this Purchase Agreement canceled. 185. Buyer and Seger shall immediately sign a Cancelladw of Purchase Agreement confirming said cancellation and 186. directing all earnest money paid hereunder to be refunded to Buyer. 187. SUBDIVISION OF LAND:If this sale constitutes or requires a subdivision of land owned by Seger,Seller shad pay all 188. subdivision expenses and obtain all necessary governmental approvals.This provision deals with the necessity of 189. subdividing land to complete the sale of the property described herein in contrast to the subdivision provision of lines 190. 5455 which deals with the future development plans of Buyer.Seller warrants the legal description of the real property 191. to be conveyed has been or shall be approved for recording as of the date of dosing.Seller warrants that there is a 192. right of access to the property from a public right of way.These warranties shall survive the delivery of the deed or 193. contract for deed. 194. Seller warrants that prior to the dosing,payment in full will have been made for all labor,materials,machinery,fixtures 195. or tools furnished within the 120 days immediately preceding the dosing.Seller warrants that Seger has not received 196. any notice from any governmental authority as to condemnation proceedings or violation of any law, ordinance or 197. regulation.If the property is subject to restrictive covenants, Seller warrants that Seller has not received any notice 198. from any person or authority as to a breach of the covenants.Any such notices received by Seller shag be provided to 199. Buyer immediately. 200. Seger agrees to allow Buyer reasonable access to the property for performance of any surveys,inspections or tests 201. or for water,sewer,gas or electrical service hookup as agreed to herein.Buyer scrag restore the premises to the same 202. condition it was in prior to the surveys,inspections or tests and pay for any restoration costs relative thereto. 203. RISK OF LOSS:If there is any loss or damage to the property between the date hereof and the date of dosing for 204. any reason,including fire,vandalism,flood,earthquake or act of God,the risk of loss shag be on Seder.If fie property 205. Is destroyed or substandally damaged before the dosing date, this Purchase Agreement is canceled, at Buyer's 206. option,by written notice to Seger or licensee representing or assisting Seder.0 Buyer cancels No Purchase Agreement, 207. Buyer and Seller shall immediately sign a Qvwelladon of Purchase Agreement confirming said cancellation and 208. directing all earnest money paid hereunder to be refunded to Buyer. 209. TIME OF ESSENCE:Time is of the essence in this Purchm Agreement 210. ENTIRE AGREEMENT.This Purchase Agreement,any attached exhibits and any addenda or amendments signed 211. by the parties shag constitute the entire agreement between Buyer and Seger and supersedes any other written or 212. oral agreements between Buyer and Seger.This Purchase Agreement can be modified or canceled only in writing 213. signed by Buyer and Seder or by operation of law.AN monetary sums are deemed to be United States currency for 214. purposes of this Purchase Agreement.Buyer or Seller may be required to pay owtain dosing costs,which may 215. effeedv+ey increase the cash outlay at dossing or reduce the proceeds from the sale. MN:VLPA5(8ft)