2007-12-26 Set Agenda & Handouts

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PURCHASE AGREEMENT Seller: Property: Erick David Marshall and Lynae Marie Marshall City of Centerville 1688 Sorel Centerville, Minnesota 55102 PID 23-31-22-23-0001 Legal lots 8 & 13, block 7; Centerville $225,500.00 Buyer: Address: Price: 1 Agreement, Seller represents that Seller HAS NOT received a notice of hearing for a new public improvement 2 project from any governmental assessing authority, the costs of which may be assessed against the property. 3 If a notice of pending special assessment is issued after the date of this Agreement and on or before the date 4 of closing, Buyer shall assume payment of NONE of any such special assessments, and Seller shall provide 5 for payment on date of closing ALL of any such special assessments. If such special assessments or escrow 6 amounts for said special assessments as required by Buyers' lender shall exceed $00.00, then either party 7 may agree in writing on or before the date of closing to assume, pay, or provide for the payment of such 8 excess. In the absence of such agreement, either party may declare this Purchase Agreement null and void; 9 the parties shall immediately sign a cancellation of Purchase Agreement and all earnest money paid 10 hereunder shall be refunded to Buyer. 11 DEED/MARKETABLE TITLE: Upon performance by Buyer, Seller shall deliver a Warranty Deed joined in by 12 spouse, if any, conveying marketable title. 13 TITLE & EXAM INA TIO N: Seller shall, at Seller's option, within a reasonable time after acceptance of this 14 Agreement, provide evidence of title in the form of either (1) a commitment for an owner's policy of title 15 insurance in the amount of the purchase price on a current AL T A form issued by an insurer licensed to write 16 title insurance in Minnesota; or (2) an abstract of title or a registered property abstract certified to date. 17 Evidence of title shall include proper searches covering bankruptcies, state and federal judgements and liens, 18 and levied and pending Special Assessments. Seller shall (1) pay the entire prem ium for such title insurance 19 policy if no lender's policy is obtained, and only the additional cost of obtaining a sim ultaneously issued 20 owner's policy if a lender's policy is obtained; or (2) pay all costs of providing the abstract. If Seller provides 21 a com m itment for an owner's policy of title insurance, Seller shall surrender any abstract in Seller's possession 22 or control to Buyer at closing. 23 Seller shall use Seller's best efforts to provide marketable title by the date of closing. In the event Seller has 24 not provided marketable title by the date of closing, Seller shall have an additional 30 days to make title 25 marketable or, in the alternative, Buyer may waive title defects by written notice to the Seller. In addition to 26 the 30 day extension, Buyer and Seller may by mutual agreement further extend the closing date. Lacking 27 such extension, either party may declare this Purchase Agreement null and void; neither party shall be liable 28 for damages hereunder to the other and earnest money shall be refunded to Buyer; Buyer and Seller shall 29 immediately sign a cancellation of Purchase Agreement. 30 SUBM ISSION OF LAND: If this sale constitutes or requires a subdivision of land owned by Seller, Seller shall 31 pay all subdivision expenses and obtain all necessary governmental approvals. Seller warrants the legal 32 description of the real property to be conveyed has been or will be approved for recording as of the date of 33 closing. 34 Seller warrants that the buildings are or will be constructed entirely within the boundary lines of the property. 35 Seller warrants that there is a right of access to the property from a public right of way. These warranties shall 36 survive the delivery of the deed or contract for deed. Initials: Sellers _ & _; Buyer _, Dated Page 2 of 4 t3/J