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<br />(reserved for mortgage
<br />registry tax payment data)
<br />
<br />(reserved for recording data)
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<br />THIS CONTRACT FOR DEED is made on the above date by Dian M. Fasse, a sinqle person,
<br />Seller (whether one or more), and Gail R. Anderson, Purchaser (whether one or more).
<br />
<br />Date:
<br />
<br />;)-~
<br />
<br />t 19~
<br />
<br />1.
<br />
<br />Seller and Purchaser agree to the following terms:
<br />
<br />PROPERTY DESCRIPTION. Seller hereby sells, and Purchaser hereby buys, real property
<br />in Ramsey county, Minnesota, described as follows:
<br />
<br />All of my right, title and interest in and to the West 158 feet of the
<br />North 1/2 of the south 125 feet of the North 15/32 of Northwest 1/4.of
<br />the southeast 1/4 of section 15, Township 29, Range 23, according to
<br />the united States Government survey thereof and situate in Ramsey
<br />county, Minnesota.
<br />
<br />*The seller certifies that the seller does not know of any wells on the described pr~per~~_
<br />
<br />~
<br />
<br />together with all hereditaments and appurtenances belonging thereto (the property).
<br />
<br />2. TITLE. seller warrants that title to the Property is, on the date of this contract,
<br />subject only to the following exceptions:
<br />(a) Covenants, conditions, restrictions, declarations and easements of record, if
<br />any~
<br />(b) Reservations of minerals or mineral rights by the state of Minnesota, if any~
<br />(c) Building, zoning and subdivision laws and regulations~
<br />(d) The lien of real estate taxes and installments of special assessments which are
<br />payable by Purchaser pursuant to paragraph 6 of this contract; and
<br />(e) The following liens or encumbrances:
<br />
<br />Mortgage in favor of Mellon Mortgage company, in the original principal amount
<br />of $61,800.00 of record.
<br />
<br />3. DELIVERY OF DEED AND EVIDENCE OF TITLE. Upon Purchaser's prompt and full performance
<br />of this contract, seller shall:
<br />(a) Execute, acknowledge and deliver to Purchaser a Warranty Deed, in recordable form,
<br />conveying marketable title to the property to Purchaser, subject only to the
<br />following exceptions:
<br />(i) Those exceptions referred to in paragraph 2(a), (b), (C) and (d) of this
<br />contract;
<br />(ii) Liens, encumbrances, adverse claims or other matters which Purchaser has
<br />created, suffered or permitted to accrue after the date of this contract;
<br />and
<br />(iii) The following liens or encumbrances:
<br />
<br />Mortgage in favor of Mellon Mortgage Company, of record, which Purchaser agrees
<br />and assumes to pay; and
<br />
<br />(b) Deliver to Purchaser the abstract of title to the Property or, if the title is'
<br />registered, the owner's duplicate certificate of title.
<br />
<br />4. PURCHASE PRICE. Purchaser shall pay to seller, at such address as seller may desicmate
<br />from time to time in writinq, the sum of Ten Thousand six Hundred Dollars and 00/100
<br />($10.600.00), as and for the purchase price for the property, payable as follows:
<br />
<br />$1,000.00 in principal and all accrued interest commencing on the first day
<br />of June, 1996, and continuing on the first day of June of each year
<br />thereafter until the first day of June, 2000, at which time all then
<br />remaining principal and any accrued interest shall be due and payable in
<br />full. Interest shall commence on the date of this Contract and continue at
<br />the rate of 8% per annum on all unpaid principal from time to time remaining.
<br />
<br />5. PREPAYMENT. Unless otherwise provided in this contract, Purchaser shall have the right
<br />to fully or partially prepay this contract at any time without penalty. Any partial
<br />prepayment shall be applied first to payment of amounts then due under this contract,
<br />including unpaid accrued interest, and the balance shall be applied to the principal
<br />instal~ents to be paid in the inverse order of their maturity. partial prepayment
<br />
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