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2.. TITLE. Seller warrants that title to the Property is. on the date.of this contract, subject only to ..' e f'::lIowing exception~: (a) (b) (c) (d) (e) Covenants. conditions, restrictions. declaratiQns, and easements of record, if any; Reservations of minerals or mineral rights by tbe 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 Purcbaser _pur.suanno paragraph 6 of this contract; and The following liens or encumbrances; except easements, restrictions and reservations of ~~.' 3. DEUVERY OF DEED AND EVIDENCE OF TITLE. Upon Purcbaser'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 10 the following exceptions: (i) Those exceptions referred to in paragraph 2(a), (b), (e), and (d) of this contract; (ii) Liens, encumbrances, adverse claims, or other matters which Purchaser has created, suffered, or permitted to accrue after the date of this contract; and (iii) The'following liens or encumbrances: see 2{e) above. (b) Deliver to Purchaser the abstract of title to the Property or, if the title is registered. the owner's duplicate certificate of title. 4. PURCHASE PRICE. Purchaser shall-pay to Seller, at such place as Seller shall "designate in writing, the sum of One Hundred Twenty Thousand and 001100 ($120,000.00) Dollars, as and for the purchase price far 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 marmer: $l,2B.28 or more on or before the 15th day of September, 1998, and $1,213.28 or more on or before1he J5th day of each month thereafter until the 151h day of August, 2003 at which time all sums then due hereunder shall be paid in full. The amount 'Of the balloon payment is computed to be $59,836.52 assuming all payments are made when due. From each monthly jlayment 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,.Purcha-ser shall have the right to fully or partially prepay this -contract at any time without penalty. Any partial pre-payment sball 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 in1he inverse order of their maturity. Partial 2