5.10. SR 10-30-1995 - Laserfiche WebLink

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~ ~ ~ FINANCLNG ADDENDUM ~~~ ~ ~ CONTRACT FOR DEED This form approved by the Minnesota Association of REALTORS®: Minnesota Association of REALTORS® disclaims any liability arising out of use or misuse of this form. 1. Date Oct ,1 ? , :~ `,~ ~ 1 2. Page of Pages 3. Addendum to Purchase Agreement betty en arties dated 1 Q `I 7 , 19 5 pertaining to the 4. purchase and sale of the property at ~ 7 ~6 - 16 5th -Ave . i36.' , El kRi ve r A:h . 5. ; 6. TYPE OF CONTRACT: 7. C~'ontract for Deed ^t^,ontract for Deed with Assumption of Financing (See attached Assumption Addendum) 8. CONTRACT TERMS: 9. Contract for Deed 10. $ 2 4 5.4 7 2. _ 5 nhy Minnesota Uniform Contract for Deed Blank, (a partial copy of standard clauses are on the reverse 11. side) between Seller and Buyer, payable in installments of $ see bela~r month or more at the option of the Buyer, 12. including interest at the rate of per cent per annum computed on unpaid balances. Interest shall begin on 13. .First payment shall be due and payable on ~$ r ch 15th , I ~ 9 6 14. and .subsequent payments shall be due and payable on day of each succeeding month. Payments shall be credited 15. first to interest and remainder to principal. The entire balance of this contract shall be due and payable in full no later than 16. Har chi S t rt ,19 S f The final payment. IS /cIS NOT a balloon payment. 17. Existing Mortgage(s)/CoMract(s) for Deed Not Being Assumed by Buyer and Not Being Paid Off: Qf not applicable, strike line ~7-2a.) 18. It is understood there is now a Mortgage(s) and/or CONTRACT FOR DEED encumbering said property which DOES /DOES NOT 19. have a due on sale clause, with an unpaid balance of approximately NOTE: If answer is DOES, Seek Com patent 20. $ by Mortgage(s) Legal Advice 21. $ by Contract(s) for Deed 22. which Mortgage(s) andbr Contract(s) for Deed Buyer does not assume nor agree to pay but which is to be paid according to its terms 23. by Seller. In the event Seller fails to make the required payments thereunder,. Buyer shall have the right to make said payments •24. and deduct all amounts paid from payments next due under this Contract for Deed. 25. Credit Approval: 26. Buyer shall furnish to Seller, for Seller's approval, a signed financial statement within 5 business days after acceptance of this Purchase 27. Agreement. Buyer authorizes Seller to conduct credit checks at Seller's expense. Buyer further agrees to sign documertts necessary 28. for Seller to obtain the financial information. Seller has days after receipt of the financial statement from Buyer to approve 29. Buyer. In the event Seller does not approve Buyer, Seller shall immediately notify Buyer in writing and this agreement shall be null 30. and void and earnest money shah be returned to Buyer; Buyer and Seller agree to sign cancellation of Purchase Agreement. 31. ADDITIONAL TERMS: 32. The Minnesota Uniform Contract for Deed shall contain the following ao~litional prcxrisions which are preceded by initials 33. of the undersigned Buyer and Seller. 34. Taxes and Insurance (select option(s) a-d); 35. ~ ~ a. Buyer to pay 1/12 taxes and insurance premiums to Seller each month in addition to the principal and 36. B"" &"~` ~°` ~ interest payments. Seller agrees to pay the real estate taxes and insurance premium as they become due. 37. ~~ ~. Buyer shall pay real estate taxes and hazard insurance premiums directly as they become due and furnish 38..-.~ ~ ~` .II ..; Seller with paid receipt of same. 39. ~ ___I~ c. Tax and insurance escrow: If the real estate taxes and hazard insurance premiums are included in the assumed 40. ~ ~` ~` ~` Mortgage payments, the Buyer shall pay said tax and insurance escrows to the Mortgagee. 41. ~ ~ d. Monies paid for non-homestead tax differential shall be held in escrow by until 42. ~` &"" ~` ~` payable to county treasurer. 43. Sale of Contract: 44. This agreement is contingent upon the sale of the Seller's interest in the above proposed Contract for Deed at no more than B~ ~r 45. a % discount on or before . If no written offer to purchase said Contract for Deed at the 46. above discount is received by Seller on or before the above date, Seller may declare this Purchase Agreement null and void 47. by written notice to Buyer and all earnest money shall be refunded to Buyer; Buyer and Seller agree to sign a cancellation 48. of Purchase Agreement. Seller, however, reserves the right to retain Contract for Deed whether or not a bona fide offer to purchase 49. is made and thereafter the closing shall proceed as provided herein. 50. Contract for Desd-Assumable with Seller Approval: 51. B;ayer's interest in the property is not transfer ble without first obtaining the written consent of Seller. Seller shall not unreasonably 52. B"ef ~` withhold consent. In the event Buyer violat~s this .provision, Contract for Deed shall be immediately due and .payable in full 53 tcx!:~th?r ',vitfl ?c~,-ue-1 i;lte~rno+. This nr~tisi r, does net :: ~p!y Po I asas, transiE~ s by d~ i e, del- nt, divorce or by ration of law 54. upon the death ®f a joint tenant. ~ 55. Seller Refinance: 56. ~ Seiler reserves the right to refinance at any time at Salle 's sole expense which shah not y its terms exceed the contl ct 57. ~ s~ balance at any time and Buyer agrees to sign then es ry papers. ~'S8:""""'"'""~ Furnishing of Labor or Materialsc I 59. I uyer shall not during the term of this contract, cause am 60. &"" ~'"°` f the property covered by this contract which exceeds tl 61. ~lnless Buyer-first obtains the written consent of Seller. Buy ` claims for labor and materials or services made against the 63. indemnification including reasonable attorneys' fees. 64. for further terms, use attached addendum. 65. (se«er) THIS IS A LEGALLY BINOtNG £ON7 IF YOU DESIRE LEGAL OR TAX ADVICE, 66. (Seller) (Date) 67. 6f3. MN:FACFD (5/88) BI1R X046 (11-91) ~I to be delivered or labor to be pertormed any of $ _ rr agrees to indemnify and held harmless Sell r again ~ covered by this. contract nd for the costs of nforcinc BETWEEN BUYERS AND SELLER . >ULT AN .APPROPRIATE PR©FESSI ;tiAL. Burnet Red ty Inc. all .