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<br />FOR INFORMATIONAL PURPOSES ONLY THIS IS A~PARTIAL REPRINT OF MINMES
<br />CONTRACT FOR DEED BLANK WFtI H WILL SE USED AT CLOSfNG
<br />UNIFORM
<br />69. 5. PREPAYMENT. Unless otherwise provided in this ~ntrect. Purchasers haft have the right fo fully or partialty pay this cornract at
<br />70. penalty. Any partcal prepaymern shall be applied first to payment of amo nts then due under this contras, i luding unpaid accrue
<br />71, the balance shalt be applied to the principal installments to be paid in he inverse order of their maturity. rtial prepayment shq
<br />:. th+3 due deft: of the instatimRnts to be paid pursuant to this cornract or c ar,g? the gr++.o;.-nt of ssch inf>..II!!me .. i
<br />73. 7. PROPERTY INSURANCE.
<br />74. (a )INSURED RISKS AND AMOUNT. Purchasers shall keep all buildin s, improvements and fixtures now or f ter located on or a p8
<br />75. ty insured against loss by fire, extended coverage perils, vandalism, alicious mischief and. if applicable, steam boiler exptos
<br />76. the amount of . If any of the buildings, imp ovements or fixtures are located in a federally designaf
<br />77. area, and if flood insurance is available for that area, Purchasers shall rocure and maintain flood insuranc in amounts reason
<br />78: to Setter
<br />79. (b) UfHER TERMS. The insurance policy shall contain a loss payable louse in favor of Seller which prpvi s that Seller's right ti
<br />80. the insurance shall not be impaired by any acts or omissions of PurCh secs or Seller, and that Seller shall therwtse be affordei
<br />81. privileges customarily provided a mortgagee under thQ so-called stands mortgage clause.
<br />82. (c) NOTICE OF DAMAGE. In the event of damage to the Property by fi or other casualty, Purchasers shall romptly give notice d
<br />83. to Seller and the insurance company.
<br />84. 8. DAMAGE lU THE PROPERTY.
<br />85. (a )APPLICATION OF INSURANCE PROCEEDS. If the Property is da aged by fire or other casualty, the i surance proceeds qq
<br />86. of such damage shall tie applied to payment of the amounts payable y Purchasers under this contract, n if such. amour-i
<br />87. due to be paid, unless Purchasers make a permitted election describ in the next paragraph. Such amo rtts shall be first ap'
<br />88. accrued interest and next to the installmerns to be paid as provided in this contract in the inverse order of their maturity. Such
<br />89. not postpone the due date of the installments to be paid pursuant. to his contract or change the amount of such installmertt~
<br />90. of insurance proceeds, if any, shall be the property of Purchasers. ;
<br />91. (b) PURCHASERS' ELECf1ON TO REBUILD. It Purohasers are not in efault under this contract, or after curt g any such default,
<br />92. gagees in any prior mortgages and sellers in any prior contracts ford d do not require otherwise, Purcha ers may elect to he
<br />93. of such insurance proceeds necessary to repair, replace or restore the damaged Property (the repair work deposited in esCrq
<br />94. or title insurance company qualified to do business in the State of Min esota, or such other party as may mutually agreeabll
<br />95. Purchasers. The election may only be made by written notice to Seller within sixty days after the damage occurs. Also, the elj
<br />96. be permitted tf the plans and specifications and contracts for the repair rk are approved by Seger, which roust Seller shall rid
<br />97. withhold or delay. If such a permitted election is made by Purchasers, eter and Purchasers shall jointly d posit, when paid,
<br />98. proceeds into such escrow. If such insurance proceeds are insufficien for the repair work, Purchasers s all, before the corm
<br />99. the repair work, deposit into such escrow sufficient additional money :: insure the full payment for there it work. Even if the
<br />100. seeds are unavailable or are insufficient to pay the cost of the repair rk, Purchasers shalt at atI' times responsible to pe
<br />• 101. of the repair work. All escrowed funds shall be disbursed by the escrow in accordance with generally acs pled sound construl
<br />102. merit procedures. The costs incurred or to be incurred on account of s ch escrow shall be deposited by P rchasers into such
<br />103. the commencement of the repair work. Purchasers shall complete the rep 'r work as soon as reasonably possi Is and in a good a ,
<br />104. manner, and in any event the repair work shall be completed by Purchas rs within one year after the damage occurs. if, following i
<br />105. of and payment for the repair work, there remain any undisbursed escr funds, such funds shalt be applied o .payment of the art
<br />106. by Purchasers under this contract in accordance with paragraph e(a) a e.
<br />107. 9. INJURY OR DAMAGE OCCURRING ON THE PROPERTY.
<br />108. (a)LIABILIIY. Seller shall be free from liability and claims fordamages by reason of injuries occurring on or fter the date of this j
<br />109. person or persons or property while on or about the Property. Purcha rs shall defend and indemnify Sell r from all liability, li
<br />110. obligations, including reasonable attorneys' fees, on account of or arisi g out of any such injuries. However Purchasers shall hl
<br />t11. or obligation to Seller for such injuries which are caused by the negligen a or intentional wrongful acts or omi sions of Setter.
<br />112. (b) LIABILITY INSURANCE. Purchasers shall, at their own expense, pr ure and maintain liability insurance a ainst claims for body
<br />113. and property damage occurring on or about the Property in amounts rea nobly satisfactory to Seiler and nom rig Seller as an addl
<br />114: 10. INSURANCE GENERALLY. The insurance which Purchasers are requir d to procure and maintain pursuant i paragraphs 7 and 9
<br />115. shat) be issued by an insurance company or companies licensed to do bu iness in the State of Minnesota and cceptable to SeNer.
<br />116. shall be maintained by Purchasers at all times while any amount remains unpaid under this contract. The insurance policies shall M
<br />117. less than ten days written notice to Seller before cancellation, non-rene al, termination or change in covers e, and Purchasers a
<br />118. Seller a duplicate original or certificate of such insurance policy or policie .
<br />119. 11. CONDEMNATION. If all or any part of the Property is taken in condemn lion proceedings institutedurtderrhe r of eminent doh
<br />120. veyed in lieu thereof under threat of condemnation, the money paid pursu nt to such condemnation or Conveys a in lieu thereof sA
<br />121. to payment of the amounts payable by Purchasers under this contract, n if such amounts are not then d e to be paid. Such
<br />122. be applied first to unpaid accrued interest and next to the installments to a paid as provided in this contract in the inverse order of
<br />123. Such payment shall not postpone the due date of the installments to be id pursuant to this contract or Chang the amount of sus!
<br />124. The balance, if any, shall be the property of Purchasers.
<br />125. 12. WASTE, REPAIR AND LIENS. Purchasers shall not remove or demolish any buildings, improvements for fixtures now or later loca~4~
<br />126. of the Property, nor shall Purchasers commit or allow waste of the Prope y. Purchasers shall maintain the Pro,~erty in good Condit!
<br />127. Purchasers shall not create or permit to accrue liens or adverse claims ago nst the Property which constitute a lien or claim against ~
<br />128. in the Property. Purchasers shall pay to Seller all amounts, costs and expe ses, including reasonable attorneys' fees, incurred by S~
<br />129. any such liens or adverse claims.
<br />130. 13 DEED AND MORTGAGE REGISTRY TAXES. Seller shall, upon Purchase s' full performance of this contract, pay the deed tax due u
<br />131. trig or filing of the deed to be delivered by Seller to Purchasers. The mo gage registry tax due upon the recording or filing of this
<br />132. be paid by the party who records or files this contract; however, this pr ision shall not impair the right of Seller to collect from P
<br />133. amount of such tax actually paid by Seller as provided in the applicable la governing default and service of notice of termination o~
<br />134. 14. NOTICE OF ASSIGNMENT. If either Seller or Purchasers assign their int rest in the Property, a copy of such assignment shat! prom
<br />•135. ed to the non-assigning party.
<br />136. 15. PROTECTION OF INTERESTS. If Purchasers fail to pay any sum of mon y required under the terms of this contract or fail to perto~
<br />137. obligations as set forth in this contract, Setter may, at Seller's option, pay t e same or cause the same tG be performed, or both, an~
<br />138. so paid by Seller and the cost of such performance shall be payable at rice, with interest at the rate stated in paragraph 4 of tt
<br />139. an additional amount due Seller under this contract. If there now exists, o if Seller hereafter creates, suffers or permits to accrue, 8
<br />140. contract for deed, lien or encumbrance against the Property which is not erein expressly assumed by Purchasers, and provided P
<br />141. not in default under this contract, Seller shall timely pay all amounts duet ereon, and if Setter fails to do so, °urshasers may, at the
<br />142. any such delinquent amounts and deduct the arnounfs part from-the •nst I~rte.,t() ne,:t i;~i7lirrg due ender thi ¢ornrac2.
<br />1»3. 16: C7f:FAULT. The time of performance by Purchasers of the terms of this contract is an essential part of this sort ct. Should Purchases
<br />144. perform any of the terms of this contract, Seller may, at Seller's opt on, elect to declare this contract cancetl and terminated by
<br />145. chasers in accordance with applicable law. All right, title and interest acquired under this contract by Purchase shall then cease ~
<br />146. and all improvements made upon the Property and all payments ma ~ by Purchasers pursuant to this contract hall belong to Seller;
<br />1a7. damages for breach of this contract. Neither the extension of th'e ti a for payment of any sum of money to a paid hereunder. n~
<br />148. by Seller of Seller's rights to declare this contract forfeited by reason of any breach shall in any manner affect eller's right to canoe
<br />149. because of defaults subsequently occurring, and no extension of ti a shall be valid unless agreed to in vrriiin .After service of riot
<br />150. and failure to cure such default within the period allowed by law, Pur hasers shall, upon demand, surrendQr ssassion of the Prop
<br />1St.. but Purchasers shat! be entitled io possession of the Property until t e expiration of such period.
<br />152. 17. BINDING EFFEf~T. The terms of this contract shall run wih the la d anti bind the parties hereto and their s ccessors in interest!
<br />153. 18. HEADINGS. headings of the paragraphs of this contrail are for co niencu only and do not define, limit or consi a the contents of suG
<br />154. 19. ASSESSMENTS BY OWNERS' ASSOCIATION. If the Property is s bject to a recorded declaration providing fo assessments to be I
<br />155. the Property by any owners' association, which assessments may b me a lien against the Property it not psi ,then:
<br />156. (a)Purchasers shall promptly pay, when due, all assessments im sed by the owners' association or other overning body as ref
<br />156. provisions of the declaration or other related documents; and
<br />157. (b) So long as the owners' association maintains a master or blan et policy of insurance against fire, extend d coverage perils ctrl
<br />156. hazards and in such' amounts as are required by this contract, then: ' i
<br />159. (i) Purchasers' obligation in this contract to maintain hazard insuranc coverage on the Property is satisfied; an
<br />160. {ii) The provisions in paragraph 8 of this contract regarding applic lion of insurance proceeds shall be sup rceded by the prow
<br />161. declaration or other related documents; and
<br />162. (iii) in the event of a distribution of insurance proceeds in lieu of r storaton or repair following an insured casualty loss to the I
<br />163 such proceeds payable to Purchasers are hereby assigned and shat be paid to Seller for application to the sum secured by this 1
<br />164. the excess, if any, paid to Purchasers.
<br />tY time trout
<br />j irnere ,and
<br />not pone
<br />of the P per-
<br />-n for at least
<br />d flood rove
<br />~ty sari II story
<br />recover under
<br />all rights and
<br />such da~rtage
<br />id on a unt
<br />are not then
<br />fed to u paid
<br />rid if the ort-
<br />that pion
<br />with a ank
<br />to Selle and
<br />:lion will only
<br />3nceme~t of
<br />surance pro-
<br />the full cost
<br />OnlreCi r any
<br />ss, costs and
<br />ve no lia ility
<br />y injury, d ath
<br />tonal ins red.
<br />f this con ract
<br />he inuu rice
<br />rovide fo not
<br />1a11 deli r to
<br />rain or is ov-
<br />al! be ap 6ed
<br />,mounts hall
<br />heir mat rity.
<br />instalim~nts.
<br />ionoral. rt
<br />m and re air.
<br />filer's int rest
<br />ter to re ove
<br />-n the reC rd-
<br />;ontract hall
<br />rchasers the
<br />this cunt il.
<br />ly be fur ish-
<br />n any oft eir
<br />the amo nts
<br />s contra ,as
<br />ty mortg ge,
<br />rchasers are
<br />r option... ay
<br />s fail to timely
<br />totice to Pur-
<br />nd terminate,
<br />as liquidated
<br />it any waiver
<br />this contract
<br />ice of default
<br />srty to Setter,
<br />paragraphs.
<br />pied agains;
<br />sired by the
<br />such other
<br />ions of the
<br />operty, any
<br />~ttrail, with
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