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<br />(a) ExeouIe. aoIaIowledso and deliver to Parchasor a WlII'I'lIIIt.y Deed. in reoordable foJm. conveying marketab10 1it1o <br />to the Pmpwty to Purobaser.IIUbject ouIy to tho foIJowias ~; <br />(i) Thoso oxceptioDs refarred to ill pat88I8ph 2(a). (b). (0). (cl).1IIId (0) of this Comrad; <br />(Il) Lieu. ~ adwrse claims or other matteIB whioh &~ hu oreated. sutfenld or pcl1'lDitW to <br />aoorue eftertho date of this CcmI:mct; mI <br />(lit) Tho foJfowiDs Iieas or 0JlCIIIIIImmces: <br />None. <br /> <br />(b) DoJiwrto Purohaser the 8bstr8ct of. to the Pftlpetty. witIaout.fiuthot~ <br />4. PURCHASE PRICE. Purohasor shaI1 pay to SoJIor. at 6975 2ffb Avenue &mth. Uno Labs. Mi~ 5S038-8743. <br />the lJlDQ of Cae MiDion Four HIIa4alcl Thousaad mI NoIloo ($IAOO,OOO.oo), 88 mI for 1110 purohsso price (tr. <br />"Punlbaso Pricoj for tho Property. pa)'8b1o 88 follows: <br /> <br />See aUIIcIbl4 -W;f-Io.'8li <br /> <br />s. PREPAYMENT. Unless othorwiso provided in this Caatmct, Pun:hasor shall haw tho right to fb1ly or partiaDy prepay <br />t1Us Comraot at any time without pesaI1y. Arty pattiat prepaytIlOJIlsbaU be appIiod first to paym8lIt of IlaI0111ds tIleD due <br />1IIldor this ContnId, iDoludiDs UDpaid accmecI iDt.orost. and tho baIa.uco sbaI1 be appliod to the principal ~ to be <br />paid in tho inverse order of1hoir mabuity. PattiaI prepaymeIIt .. BOt postpoBe tho due date of tho iDstaIInlen1s to be <br />paid purswmt to this Ccmtraot or ohange tho lIDlOlIIlt of IIlIClh iDstalfment,a <br />6. REAL ESTATE TAXES AND ASSESSMENTS. Real estate... and iosta1lrneDts ofspocialaum..... which llN <br />due and payable in tho year in which this Ccmtraot is dated sball be paid as foI1ows: <br /> <br />See ..-d..ed ,1\ tW .... <br /> <br />Pun:hasor shaD pay. before ponaIty IIOOR108, all reel ostam taxes ami iDstaIImmds of specialassc.&lMl11s assessod against <br />the Pnlperty wllidlllN duo 8Dd payable in all subsocplout years. SeI10r 'W8mIIIts tkat tho Rl81 estate taxes llDd <br />iDsta11moDts of spcoiaI88S ........ wbioh woro due and payable in tho years precedine tho year in whioh this Contract is <br />datect am paid ill tho. <br />7. ....TY~ <br />(a) INSURED RISKS AND AMOUNTS. PoftJbasor sbaIl keep all buildiDgs. impm'VOlllODtll mI fixtures now or later <br />located OIl or a part oftbo Property 1asured apiDst loss by th.1ighf:aing mI_ other t*iJs 8S en iBcIudcd in a <br />standard "all risk" ondorsemcmt, and against loss or damaso by all other risks 8Dd hazasds oovored by a standard <br />~ COYOnIp inBunatclo policy. i1loIDdi1Ig without Ii~. ~t., malicious _bief. blusJary. theft <br />and, if appliClable. steam boi1er explosion. Suoh iDsunmoo shaD be in 8D 8ID.OlUIt DO less dum tho fbJl RlpJaooment <br />cost of the buiIdinp. improvomeats ... fix.tlues. withoat dedacI.ioD for physical depIeciation. If aD)' of tho <br />buiIdiDp. improvomonts or fixmres am located in a fedora11y dosisnafed flood pmno area, and if flood iusu.ranoo <br />is availablo for that ares. Purobaset sbaD proause ad maia1ain flood iDsu:nmclo in amouats l'OlI8ODItbly ~~ <br />to SuJIer. <br />(b) OTHER TERMS. Tho imIuanco policy shaD contain a loss payable clause in finror of SeIIor wbioh pnMdes that <br />SoIlor's right to recover undor tho iDsal'JllOllO shall_ be i1IIpairod by 8Sl)' 8cI8 or omissious ofParohaser or SoBor, <br />and that So11or sbaU otheJwiso be atTorded aU risldB ad privi10sas customarily pnwidod a IDOJ'tS8SOO under tho <br />so..w stBadard JIIOCtBa8o cfause. <br />(0) NOTICE OF DAMAGE. In tho event of damago to tho Property by 8m or other 0IISIIIIlty. Plud1ase! sball <br />promptly give ao&e ofllllClhdamap to SetJeraad tflo ~compaay. <br />8. DAMAGE TO TIlE PROPERTY. <br /><a) APPLICATION OF JNSURANCB PkOCEEDS. If tIto Property is .....,.... by 8m or odIcr Q8IIlI8fty. tho <br />;""",...1.".0 prooeeds paid on 8CClOlI1d of 8lIOb cJamaso shaD be appJiecI to payment of the 8IIlO1IId8 payable by <br />PGrcItaser umfer this ~ 0ViIIl if such IIDIOIIIIIS lItO DOt tIleD cfue to be paid. ualoss ~ mako a <br />JIOIubih.d e1oation ~ in tho next parapph. SudI 8IDOIDlts shaI1 be first applied to uupaid uomed in1Imlst <br />81Ill1lOXl to the ibstaIImeJds 10 be paid IS pI'O\'icW iD this Ccmtmct io tho itmaBo Older of their matarity. S1Iob <br />payment shaD DOt poslpOJID tho duo _ of tho installments to be paid puI'IllIIIId to this Ccmbaot or cJumgo the <br />8IllOlJIJt of8llOll ~ Tho baIlmceof ....~ prooeeds. if8RY. ahafI be thv pmpmy of'Punmaser. <br />(b) PURCHASER'S ELECTION TO REBUILD. IfPunlbascr is DOt in dofimlt UDder this Contraat. orrdlor ourins <br />aay SIIOh dof8uIt. ami if tho IIlOrtp&caI in say pior ~ aad seIklra in my prior ocmInIcts for deed do IIOt <br />require othorwiso. Pun:base.r may oJect1D havo that pD'lion of suoh imAmmoo pmceeds JI8il lY to repair. mpJaoo <br />or NSt.oIO tho ~ Property (tU "Repaim") cIopcleited in ~ with a bank Dr . iasuraaeo GODlJIlIAY <br />qua6fied to do business in tho Stato ofMhmeso1a, Dr suoh other paIty as may be mu1uaI1y apeeab10 to SeJIer and <br />PuRlheaer. Tho oleQ1ion may oaly be ... by wriueII. D01ioe to Soller withia _. ~ tho.... CKlOUlS. <br />