5.10. SR 10-30-1995 - Laserfiche WebLink

Home Browse Search

C 01~Z1VIERCIAIrIlV~DUSTRIAL PURC~'HASE AGREFIVIENT This Iprm aPpo+aC t„ tM Minneaodn Ales ASfOOata7n d REAL70RSa: Minnespde L T ~ R ~ Area As~OCiUOn d REAL7DRS' CiBdLirfS ~ iiadlnY irmnq twf d the a means d Mlt tarn. ElkRiver MN Oct.l7 ~ 95 RECEIVED OF City of ElkRiver the sum Of Ten Th rn~ G a n rl ~, n n f 1 0 0 ($ 10 , 0 0 0 )DOLLARS Check as earnest money and in part payment r"or the purchase of property icnxx. can or nae - sta¢ wrLUti at 9776 165th Ave. NW, ElkRiver, MN. situated in the County of Sherburne ,State of Minnesota, and legally described as follows: 3PID#as follows 75-013-1300 (34Acres) 75-013-4202(6.65 Acres) 75-013-1101 (75acres) total Acrage 115.65 Acres As per attached plot together with following personal property: Land Only all of which property the undersigned has this day sold to the Buyer for the sum of: ThreeHundred&SixThousand ourHundred Seventy(STwo&50/100 )DOLLARS, which the Buyer agrees to pay in the following manner: Earnest money 'r~erein paid Sip , B O..p and ~ S lL.; n n n ,cash, on n P ~ _ ~ ti , 1 ~ 9 5 ,the .date of closing and the balance of S 2 4 6 , 4 7 2. 5 0 by financing as shown on the attached addendum. contract f Deed on March 15th., 1996-"0"-Interest Balloon Payment 1. DEED/ivIARKETABLE TITLE: Subject to performance by the Buyer, the Seller agrees to execute and deliver a Contract f o r .Warranty Deed conveying marketable title to said premises subject only to the following exceptions: (a) Building and zoning laws, ordinances, State and Federal regulations. (b) Restrictions relating to use or improvement of the premises without effective forfeiture provision. (c) Reservation of any minerals or mineral rights to the State of Yiinnesota. (d) Utility and drainage easements which do not interfere with present improvements. (e) Rights of tenants as follows: 2. REAL ESTATE TAXES. Real estate taxes due and payable in the year of closing shall be prorated between Seller and Buyer on a calendar year basis to the actual date of closing unless otherwise provided in this Agreement. Real estate taxes payable in the years prior to closing shall be paid by .Seller. Real estate taxes payable in the years. subsequent to closing shall be paid by Buyer. 3. SPECIAL ASSESS'VIEiVTS. [Strike out one.J ~ / SELLER SHALL PAY on the date of closing all installments of special assessments certified for payment with the real estate taxes due and payable in the ear of closins. [Strike out one. /SELLER SHALL PAY ON DATE OF CLOSING all other special assessments levied as of the date of this Agreement. [Strike out one.J /SELLER SHALL PROVIDE FOR PAYi~1ENT OF special assessments pending as of the date of this Agreement for improvements that have been ordered by the Ciry Council or other governmental assessing authorities. (Seller's provision for payment shall be by payment into escrow of 1'f: times the estimated amount of the assessments,) If a special assessment becomes pending after the date of this Agreement and before the date of closing, Buyer may, at Buyer's option: (a) Assume payment of the pending special assessment without adjustment to the. purchase price; or (b) Require Seller to pay the pending special assessment (or escrow for payment of same a sum equal to lrf~ times the projected pending assessment) and Buyer shall pay a commensurate increase in the purchase price of the property, which increase shall be the same as the estimated amount of the assessment; or (c) Declare this Agreement null and void by notice to Seller, and earnest money shall be refunded to Buyer. ~PRORATIONS. All items customarily prorated and adjusted in connection with the closing of the sale of the property herein including but not limited to rents, operating expenses, interest on any debt assumed by Buyer, .shall be prorated as of the date of closing. It shall be assumed that the Buyer will own the property for the entire date of the closing. 5. DA.~tiL~GES TO REAL PROPERTY. If these is any loss or damage to the property between the date hereof and the date of closing, for any reason, the risk of loss shall be on the Seller. If the property is destroyed or substantially damaged before the closing, this Purchase