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2017 06-06 PC PACKET
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2017 06-06 PC PACKET
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forth a list of all. services, proof of payment or lien waivers for any lienable services, and <br />a quit claim deed. If the. Purchase Agreement is not terminated by Buyer on or before <br />the Contingency Date, thereafter the Earnest.Wney shall be non refundable unless Seller <br />is unable to convey marketable title. Upon termination of this agreement, neither party <br />will have any further -rights or obligations regarding this Agreement or the Property <br />except as to Seller's right to enforce Buyer's obligations under any guarantees and <br />indemnification agreements. All the contingencies set forth in this Agreement are <br />specifically stated and agreed by the parties. If Buyer does -not. terminate the Purchase. <br />Agreement on or before the "Contingency Date" and. fails. to. Close this: transaction, Seller <br />may serve Thirty (30) days.notice and cancel this Agreement and all of the Earnest <br />Money paid shall be retained by Seller as liquidated damages.. <br />4. Seller's Contin encies: The. obligations of Seller to close this. Agreement are contingent <br />upon each of the following: <br />(a) Representations and Warranties. The representations and warranties of Buyer <br />contained in this Agreement.must be true now and on the Closing Date as if made <br />on. the Closing Date. <br />(b) and llati f Purchase A eement with Landmark Gem Lake LLC. Seller's <br />obligation to perform shall be. contingent upon Seller's successful termination of <br />Landmark Gem Lake LLC's purchase agreement dated October 10,2015 as <br />amended on August 22, 2016. <br />(c) Buyer:Closing Simultaneously on the Purchase of the Adjacent 10.85 Acres: <br />Seller's obligation to perfom under this Agreement shall be contingent upon <br />Buyer simultaneously closing on the adjacent 10-85 acres of property also owned <br />by Seller pursuant to the terms of. a. Purchase agreement dated the same date as <br />this Agreement for the purchase of the property described in Exhibit "C" attached <br />hereto. <br />5. Closing Date.. The closing.of the purchase.and sale contemplated by this Agreement (the <br />"Closing") shall. occur on or before August 1, 2017. The. Closing. shall take place.at the <br />office of the Title Company or at such other place as may be agreed to by the parties, <br />Seller agrees to deliver possession of the Property to.Buyer on the Closing.Date subject <br />to the 2017 Farm Lease. <br />(a) 5e11er's Closing Documents. On. the Closing Date; Seller shall, execute and/or. <br />deliver to Buyer the following (collectively, "Seller's Closing Documents"): <br />(1) Deed. A Warranty Deed; in form reasonably satisfactory to. Buyer and/or <br />the. Title Company, conveying the Property to Buyer, fiee.and clear of all <br />encumbrances, except the Permitted Encumbrances hereafter defined. <br />(2) Seller's Affidavit, An Aff davit of Title by Seller (MN Form # 50,1.3) <br />.indicating that on the Closing. Date there are no outstanding, unsatisfied <br />judgments, tax liens or bankruptcies against or involving Seller or the <br />Property; that there has. been no skill, labor or material furbished at <br />Seller's request to the .Property for which payment has not been made and <br />for which mechanics' liens could be Bled, and that there arena other <br />unrecorded interests. in the Property, together with whatever standard <br />owner's affidavit and/or indemnity (ALTA Form) which may be required <br />by the Title Company to issue an Owner's Policy of Title Insurance with <br />the standard exceptions' other than survey waived: <br />
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