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Jan 04 08 09:49a 0 651-739-0963 p.9 � PURCHASE AGREEMEMT 131. Page4 132. SUBDIVISION OF LAND: If this saJe constitutes or requires a subdivision of land owned by Se[ler, Seller shall pay 133_ all su�d�vision expenses and obtain all necessary governmental approvals. Sefler warrants that the legal description 134. of the real property to be con�eyed has been or shall be approved for recarding as of the date of closing. Seller warranis 135. that the buildings are or shaf! be consfructed entirely within ihe boundary lines of the property. 5eller warrants that i36. there is a right of access to the property frorn a public right-oi-way. i'hese warrantfes shall survive ti�e delivery ot the 137. desd or contract for deed. 138. Seller warrants that prior to the ciosing, payrnent in full will have been made for a!f labor, materials, machinery, fixtures 139. or toofs furnished within the 120 days immediately preceding the closing in connection with construction, alteration or 140. repair of any structure on, or improvement to, ihe property. 141. Seller warrants that Seller has not received any notice from any governmental authority as fo condemnafion proceedings, 142. or violation ot any law, ordinance or regutation. If the property is subject to resir9ctive covenants, Seller warrants that 143. Se€!er has noi received any notice from any person or aulhority as to a breach of the covenants. Any such notices 144. recei�ed by Seller shalf be provided to Buyer immediately. 145. Seller agrees to allow reasonable access to the p�operty far pertorrnance of any surveys or inspections agreed to 146. herein. 147. RISK OF LOSS: If there is any loss or damage to the property between the date hereof and the date of cfosing tor any 146. reason, including fire, vaRdalism, flood, earthquake or act o# God, the risk of loss shall be on Seller. It the properiy 149. is destroyed or substantially damaged before [he ciosing date, this Purchase Agreement is canceled, at Buyers aptior�, 150. by written notice to Seiler or licensee representing or assisting Seiler. If Buyer cancels this Purchase Agreement, 151. Buyer and SeAer shall immediately sign a Cancellation of Pur�hase Agreement confirming said cancellation and 152. directing a!I earnest money paid hereunder to be refunded to Buyer. 153. TIME OF ESSENCE: Tirne is af the essence in this Purchase Agreement. 154. ENTiRE QG�tEEMENT: This Purchase Agreement, any attached exhibits and any addenda or amendments signed 155. by 1he parties shall constitute 1he enfire agreernent between Seller and BUyer and supersedes any other written or 156. ora! agreements between Sefler and Buyer. This Purchase Agreement can be modified or canceled only in writing 157. signed by Seller and Buyer or by operation of law. All monetary sums are deemed to be Uniied States currency for i58. purposes of this Purchase Agreement. 8uyer or Seiler may be required to pay certain closing costs, which may effectively 159. increase the cash outlay at elosing or reduce the proceeds from the sale. 16�. ACCEPTANCE: To be binding, this Purchase Agreemen9 must be fully executed by bott� parlies and a copy must be 161. delivered. 162. DEFAULT: If Buyer defaults in any of the agreements hereunder, Seller may terminate this Purchase Agreement 163. under the provisions of MN Statute 559.21. If either Buyer or Seller defauit5 in any of �he agreernents hereuntter or 164. there exists an unfulfilled condEtion after the date specified for fulfillment, eiiher party may cancel this Purchase 165. Agreement under MN Statute 559.2'17, 5ubd, 3. Whenever it is provided herein that this P�rchase Agreerr�ent is 166. canceled, said language shall be deerned a provision aufhorizing a Declaratory Cancellation ur�der MN Statuie 559.217, 167. Subd.4. 168. If this Purchase Agreement is not canceled or terminated as provided hereunder, Buyer or Seller may seek actual 163. damages for breach of this Purchase Agreement or specific per(ormance o! this Purchase Agreement; and, as to 170. specific performance, such action must be commenced within six monihs after such right of ac�on arises_ 171. NOTICE REGARDING PREDATOFtY OFFENDER fNFORMATION: lnfarmation regarding the predatory offender 172. registry artd persons registered with the predatory offencfer registry u nder MN Statute 2�13.166 may be obtained t 73. by contacting the local law enforcernent offices in the community where the properiy is located or the Minnesota 174. Department of Correcelons at (651} 361-7200, or from the Department of Correctfons web site at 175. www.corr.stale.m�.us. ER no-a �o�io�y