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"FROM EDIHR RERLTY 50TH & FRRHCE OFFICE 08,11.1997 11:25 NO. 3 P, 3 . . COMMERCJAI.rINI>USTRIAL PURCHASE AGREI~MI~NT r- Address ::?,'2 I,r (.N~I-c' I";; ,~<D.J.PV/H-' . ./ Polge 2 t:) r .r . ...... 6. EXAMINATION OFTITU~. Wilhin a reasonnble time after acceptance of this Agreement, Seller shall furnish Buyer wilh an Abslract of Tille or a Registered Pro perry Abstract certifif.(I 10 dale including proper searches covering bankmplcies and Stale and Federal judgments, liens, and levied :md pending special assessmenrs. Buyer shall have 10 husinc!is clays after receipl ofrhe Abslract of Title or Registered Property Abstracl eilher 10 have nuyer's attorney c:xnmine Ihe title and provide Seller with wrirten ohjecrions or, al Duyer's own expense, to make an application for a tirle insurnnce policy and noti/}' Seller afrhe application. Buyer shall have 10 business dilYs a n(:r receipt of the commitment for title insurance to provide Sellerwilh a copy orlhecommifmenl and wri"el~ objections. 8uyer shall he deemed 10 have waived any litle oh.iections not made within Ihe :lpplicable 10 day period !tcl forth nhove, except Ih:!1 thiJ: shall not operate as n Waiver of Seller's covenant to dclivcr a Warranty Deed, unlc!;:; a Warranty Deed is not !ipccincd nhove. Jfnny ohjection is so made, Scller shall have 10 husiness days from receipt of Buyer's wrirrcn lide objeclions 10 nCltify nuyer of Seller's inlention 10 make litle marketable wilhin 120 days from Seller's receipt of such written objection. Ifnorice is given, paymenls hereunder required shall be postponed pending correction of title, hulupon corteclion ofritle O1nd within 10 days afterwrilfcn nor ice to Duyer the parties shall perform Ihis Purch:lse Agreement according to its lerms. If no such notice is given or if nolice is given but lit Ie is not corrected within the time provided for, Ihis Purchase Agreement shall bc nu1I and void. at oprion ofnuyer; neither parry shall be liable for dami1ges hereunder to the olher and earnC!;f money shall be refunded 10 Buyer; Auyer ami Seller agree to sign c:lncellafion of Purchase Agreement. Iflille 10 the properly he fi)lInd nmrkelnhle or he so made wilhin said timc, and Duyer shall def.,ull in any offhe agreements and continue in dcfault for a period of 10 daY!i, Ihen and in Ihal case rhe Seller may lerminale Ihis contract and on stich lem~jnation all the paymcnls made IIpon this contract shall be rClained by Seller as liquidated damages, lime being oflhe essence. This provision shall not deprive eilher party oflhc right 10 enforce the specifice performance of this contract provided (his conrract has nOI been terminaled and provided action 10 enforce sllch specific performance Shill! be commenced wilhin six monrhs after such right of a'ttion shnll arise. 1. POSSESSION, Seller shall deliver possession of the properly on the d:lle of closing. 8. REPRESENTATIONS AND ~~RRANTmS. See attached addendum. 9. TIME IS OF THE ESSENCE FOR ALL PROVISIONS OF THIS CONTRACf. 10. WELL DlSCWSURE STATEMENT. Buyer has rece' (he well discloSllrc stalemenl required by Minnesota Slatures Sec. 103J .235. nUYER ANO SELLER INITIAl.: Dlij'cds) SellerCs) II. AnDENDA. AlIsched are (number) ..dde III which !lrc made II pnrl of this Agrcement. 12. MISCEl.T..ANEOUS PROVISIONS. . (a) Survh':11. All oflhe warranlies, represenlarions, i1nd covenant~ orthi5 Agreement sl1<l1l snrvive and he cnrorceahle ..ner rhe closing. (b) Enlin! Agreement; Modificalion. This Agreement conslillltes Ihc complere agreement hetwecn the parlies and supercedcs any priM oml orwritlen agreements hetween the pnrties regarding the properlY. Therc ;'Ire no verhal agreementslh"t change Ihis Agreement and no waiver ()r tiny of its terms will he effecfive unless in a writing executed hy the parrie:;. (C') Successors ",ul A'islgns. Jfthis ^crecmenl is assigned. nil provisions of this Agrccment shnll he hin(ling on SllcceS!lor!i ancl :lssigns. 13. ACCEPTANCE nEADUNE. This offer 10 f1t1rchm;e. unless accepted sooner, shall he null :tnd void at 11:59 P. M. '7 - 9. 9..'2-- ..:lI1cJ in stich event nil c:\l'I1e!lt money ~h:lll he refunded to nuycr. 5&r,,;-t" j~:;;- JfJu1'~ '7l2().~k- JJJ3.h~ c. I NOTICE ~~{~/ 7?.P~>h/-_ -M.t- '.'''.'1....'.,.."..., -0 'A~N-I/../ R(l~ Q_~'./1~di- ~ Ie,...,,,,..,, "'~lttr') Rcprescnts~-Pfi/ Represents of ()YJl.p~ .--- .." "". Dated: :aled: THIS IS A LEGALLY nrNDlNG CONTRACT. IF NOT UNDERS' il!;~~~ r<;{,LER RU,ER . .....,. ,- '.. ~.. , ~ J-'-'7