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2001-09-26 CC
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2001-09-26 CC
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<br />10. INSURANCE, GENERALLY. The insurance which Purchaser is required to_procure and <br />maiptain pursuant to paragraphs 7 and 9 of this contract shall be issued by an insurance company or <br />ompanics licensed to do busiucss in the State of Minnesota and acceptable to Seller. The insurance shall <br />e maintained by Purchaser at all times while any amount remains unpaid under this contract. The <br />insurance policies shall provide for not less than ten days wrinen notice to Seller before cancellation, non- <br />renewal, termination, or change in coverage, and Purchaser shall deliver to Seller a duplicate original or <br />certificate of such insurance policy or policies. <br /> <br />11. CONDEMNATION. If all or any part of the Property is taken in condemnation proceedings <br />instituted under pQwer of eminent domain or is conv~yed in lieu thereof under threat of condemnation, the <br />money paid pursuant to such condemnation or conveyance in lieu thereof shall be applied to payment of the <br />amounts payable by Purchaser under this contract, even if such amounts are not then due to be paid. Such <br />amounts sball be applied first to unpaid accrued interest and next to the installments to be -paid as provided <br />in this L.'Ontract in the inverse order of their maturity. Such payment shall not postpone the due date of the <br />installments to be paid 'pursuant to this contract or change the amount of such installments. The balance, - if <br />any, shall be the property of Purchaser. <br /> <br />12. WASTE, REPAIR, AND DENS. Purchaser shall not remove or demolish any buildings, <br />improvements, or fIXtures now or later located on or a part of the Property, nor -shall Purchaser commit or <br />allow waste of the Property. Purchaser shall maintain the Property in good condition and repair. <br />Purchaser ..shall not -create or permit to accrue liens or adverse claims against the Property which constitute <br />a lien or claim against Seller's interest in the Property. Purchaser shall pay to Seller all amounts, costs, <br />and expenses, including reasonable attorneys' fees, incurred by Seller to remove any such liens or adverse <br />claims. <br /> <br />13. DEED TAXES. Seller shall, upon Purchaser'.slull performance of this contract, pay the deed <br />tax due upon the recording ar::filing of the deed to be delivered by Seller to Purchaser. <br /> <br />14. NOTICE OF ASSIGNMENT. If either Seller or Purchaser assigns their interest in the <br />Property, atopy of such assignment shall promptly be furnished to the non-assigning party . <br /> <br />15. PROTECTION OF INTERESTS. If Purchaser fails to pay any sum of money required under <br />the terms of-tllis contract or fails toperfonn any of Purchaser's obligations as set forth in this contract, <br />Seller may, at Seller's option, pay the same or cause tbesame to be performed, or both, and the amounts <br />so paid by Seller and the cost of such performance shall be payable at once, with interest at the rate stated <br />in paragraph 4 of this contract, as an additional amount due Seller under this contract. <br /> <br />If there now exists, or if Seller hereafter creates, suffers, or permits to accrue, any mortgage, <br />contract for deed, lien, or encumbrance against the Property which is not herein expressly -assumed by <br />Purchaser, and provided Purchaser is not in default under this contract, Seller shall timely pay all amounts <br />due thereon, and if Seller fails to do so, Purchaser may, at Purchaser's option, pay any such delinquent <br />amounts and deduct the amounts paid from the installment(s) next coming due under this contract. <br /> <br />16. DEFAULTS. The time of performance by Purchaser of the terms of this contract is an <br />essential part of1his contract. Should Purchaser fail to timely perform any of the terms of this contract, <br /> <br />5 <br />
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