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. 2.. TITLE. Seller warrants that title to the Property is, on the date j)f this contract, subject only to 'Ile f'~lIowinu exception\;: (a) (b) (e) (d) Covenants. conditions, restrictions. declarations, and easements of record, if any; Reservations of minerals or mineral rights by the State of Minnesota, if any; Building, zoning, and subdivision laws and regulations; The lien of real estate taxes and installments of special.assessments which are payable by Purchaserpur.suanno paragraph 6 of this contract; and The following liens or encumbmnces: except easements, restrictions and reservations of record. . (e) 3. DEUVERY OF DEED AND EVIDENCE OF TITLE. Upon Purchaser's prompt and fun performance of-this contract, Seller.shall: (a) Execute, acknowledge, and deliver to Purchaser a Warranty Deed, in recordable form. conveying marketable title to the Property to Purchaser, subject only.to the following exceptions: (i) Those exceptions referred to in paragraph 2(a), (b), (c), and (d) of this contract; (ii) Liens, encumbrances, adverse claims, or orner matters which Purchaser has created, suffered, or permitted to accrue after the date of rnis contract; and (iii) The~following liens or encumbrances: see 2(e) above. (b) Deliver to Purchaser the abstract of title to the Propeny or, if the title is registered, the owner's duplicate certificate ohille. 4. PURCHASE PRlCE. Purchaser shall pay to Seller, at such place as Seller shall "designate in writing, the sum of One Hundred Twenty Thousand and no/lOO ($120,OOD.OO) Dollars, as and for the purchase price for the Property, payable as follows: $20,000.00 in cash on the execution hereof, the receipt of which is hereby acknowledged, and the balance of $100,000.00 in the following manner: $1,21-3.28 or more on or before the 15th day of September, 1998, and $1,213.28 or more on or beforelhe J5th day of each month thereafter until the 15lh day of August, 2003 at which time all :SWJlS then due hereunder shall be paid in. full. The amount uf the balloon payment is computed to be $59,836.52 assuming all payments are made when due. From each monthlY'payment there shall first be deducted interest at the rate of 8 % per annum and the balance applied to principal. Interest shall run from -the date hereof. 5. PREPAYMENT. Unless otherwise provided in this contract, Purcha1ier shall have the right to fully or partially prepay this l;ontract at any time without penalty. Any partial prepayment shall be applied first to payment of amounts then due under this contract, including unpaid accrued .interest, and the balance shall be applied to the principal installments to be paid in the inverse order of their mamrity. Partial 2