2005-10-05 P&R Packet - Laserfiche WebLink

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". PURCHASE AGREEMENT ,~~~t~f~~iSii'~lfl~~~ilrei!;~~;!i~~~S~~~~tf~&~Jf5:!' WHEREAS, the Seller is the owner of vacant land located at 1601 La Motte Road, Centerville, Minnesota, legally described on Exhibit A attached hereto, including all real property between the northwesterly extensions of the southwest and northeast lines of the property described on Parcels 1 and 2 of Exhibit A and Centerville Lake (pIN 22-31-22-41- 0002) (the "Real Property" and/or "Premises"); and WHEREAS, the Buyer desires to buy, and,.the Seller desires to sell the Real Property pursuant to the terms and conditions set forth in this Agreement. NOW, THEREFORE, in consideration of the premises and the mutual covenants, agreements, representations and warranties contained herein, the parties hereto do hereby agree as follows: . ARTICLE I REAL PROPERTY ACQUISITION 1.1 Sale of Real Property by Seller. Subject to the terms and co.:editlons set forth in this Agreement, at the Closing, the Buyer shall purchas~ tire interest of Seller in the Real Property, together with all easements, hereditament.ana appurtenances thereunto belonging or in any way appertaining. 1.2 Title Examination. Within fifteen (15) days after the date of this Agreement, Seller, at its sole cost and expense, shall deliver to Buyer for Buyer's approval (a) a Commitment for the issuance of an ALTAowner's policy of title insurance issued by First American Title Insurance Company (the "Title Company"), certified to date and to include proper certifications for searches covering bankruptcies, state and federal tax liens, judgments, unpaid taxes, assessments. and pending assessments; or (b) an abstract of title or registered property'abstract certified by Title Company to date and to include proper certifications for searches covering bankruptcies, state and federal tax liens, judgments, unpaid taxes, assessments and pending assessments. Buyer shall be allowed fifteen (15) days after receipt of such title insurance commitment, Abstract of Title or Registered Property Abstract for examination and the making of any objections to the marketability of the title, such objections to be made in writing or deemed waived. If any objections are so made, Sellers shall be allowed sixty (60) days from receipt of notice of such objections to make title marketable. If such defects are cured within said sixty (60) day period, Buyer shall be notified in writing of the curing of the defects, in which case the Closing shall be the later of the Closing specified in Article III or ten (10) days after the notice of cure to the Buyer. If such title is not marketable and is not made so within sixty (60) days from the date of Seller's receipt of the mitten objections, Buyer will have the option to do any oithe following: