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.FROM EDINA REALTY 50TH & FRANCE OFFICE gm:m~(~.I. 08.11,1997 11:26 NO.3 p. 4 FINANt;INU AUU~NUUI\l1 CONVENTIONALORPRWATELV INSURED CONVENTIONAL MORTGAGE TJ,j" lolTn approved by th.. Miru,esota Assoclalion 01 ~EAL."OR~ Minn9GOtaAssoCiation of REALTORS- diSClaims any l;;ability ariSing out of use or misuse of this form, 1. Dale 7.~.J'- ~"'7. . 2. Page .,._0. ._ Of~ ".,,-.-., Pages 3. Addendum to Purchase Agreement between parties dated _,_______________.... 19_____ pertaining t9 the purchase 4. and sale of the property at __~..2._J..,.S::::..--..,s~~~~~-.0<_~.L----k-~--/-~B.-L~~~.L--'---4J.L:'r!.----------. :: Buyer will apply for and;~~;-at BUyer;;-;xP~_;:;~~~VENTIQN~RI.YATELYI.NSUR-EDCONV-eN~iioNAL--------------, . _ _ _ (t:lr~1c Go'''~) 7. F;I ~ ",J> 'mortgage in the amount stated in the Purchase Agreement amortized monthly over a 8. period of not more than J <Q:o _ years with an initial mortgage interest rate of no more than ~- percent per annum. ("..d. ....AM. ale.) "/9 /10. 11. 12. \ 13. 14. 15. MORTGAGE APPLICATION: The mortgage application IS TO BE MADE WITHIN FIVE BUSINESS DAYS after the acceptance of this Purchase Agreement. Buyer agrees to use best efforts to secure a commitment for such financing and to execute all documents required to OOOSUrTVnate said financing. In the event Buyer cannot secure a commitment for such mortgage. this agreement shall beCOme null and void,.-,~ _f. .est.. I01AQ~9r J/'I"'" ...~. ttJ_ B_JOc, ,,1...11 be r8fl.l~~,~~ .~ c"j I!.~ 01:...'-, ",..8 Cellsr ~Q'~'" t~ ri!i- iii. C41..:.ollation of Purchase Agreement. PRIVATE MORTGAGE INSURANCE (PMI): PMI may be required by the lending institution. Buyer agrees to pay all subsequent year's mortgage insurance premiums are required by the lending Institution. The said mortgage insurance premium will increase the mortgage amount Unless paid in cash at the closing. 16. 17. 18. 19. 20, 21. 22. 23. DISCOUNT POINTS: Mortgage discount points ("Points") not to exceed ,~the total mortgage amount including MIP. if added to mortgage, shaJI be paid as follows: -e-- paid by Buyer. NOTE: Do not exceed maximum Seller ~ paid by Seller. contribution allowed by lender. If the Points charged by the lender are less than the Poims agreed to on line #16: (initial option 1, .2 or 3) -L 1. The Points shall be charged first to the Seller an e balance to the Buyer. 81.0;0" -=:...,. If the Buyer is not contributing towards the P ts and the Points are less than agreed to on Line #19, then: (Initial option A or B) ~ A. Seller Shall pay to amount agreed to in line #19 and Buyer may use it at their discretion towards Points. b fees. or costs of closing. --L B. sellJJ all pay only Points. ..~ ~w 24, 25. 26. 27. .-L ew. ~..... ~ "'- ...- II be charged first to the Buyer and the balance to the Seller. 28. Ints shall be paid proportionately by both Seller and Buyer as agreed on lines #16-19 above. 29. LOCKINGlFLOATING OF MORTGAGE INTEREST RATe ("RATE") AND POINTS: Sener and Buyer agree the Rate and points~ 30. LOCKE~r~ on the date of application. If the Rate and points are to be floated. it shall be the sole discretion of ~eL~~~ 31. to lock in the Rate and Points. If Seller has soJe discretion to lock Rate and Points, Buyer agrees to sign lender's lock.in documents 32. Immediately upon notification from Seller. 33. LENDER COMMITMENT WORK ORDERS: Nothing in this Purchase Agreement shall be construed as a warranty that the Seller will make 34. repairs required by the Lender commitment. However, the Seller agrees to pay up to $~ to make repairs as 35. requIred by the Lender commitment. If the Lender commitment is subject to any work orders for which the cost of making said repairs shall 36. exceed this amount, the Seller shan have the following options: 37. (A) Making the necessary repairs; or 38. (B) Negotiating the cost of making said repairs with the Buyer; or 39. (C) Declaring the Purchase Agreement null and void and earnest money paid shall be refunded to the Buyer; 40. Buyer and Seller agree to sign a Cancellation of the Purchase Agreement. 41. OTHER: 42. 43. ".~J}G"/. ~ ~ (~I'J (O.:.to) THIS IS A LEGALLY BINDING CONTRACT TWEEN BYERS AND SELLERS. IF YOU DeSIRE LeGAL OR TAX ADVICE, CONSULT AN APPROPRIATE PROFESSIONAL. ~~~ '0' -- .' ~,.) 44. 45. ER 175 (3192)