5.10. SR 10-30-1995 - Laserfiche WebLink

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. ~I co~lERCrAUnvDUSriuAL e PURCHASE AGREEMENT REALtOR~ • Address___9.7_Z6-165th Ave. NW E1kRive: Page ? 115.65 Acres Agreement shall become null and bid, at Buyer's option. Buyer shall have the right to terminate this Purchase Agreement within 30 days after Seller notifies Buyer of such damage. Upon said termination, the earnest money shall be refunded to Buyer and Buyer and Seller agree to sign a cancellation of purchase agreement. 6. EXAiV1IIVATION OF TITLE. Within a reasonable time after acceptance of this Agreement, Seller shall furnish Buyer with an Abstract of Tide or a Registered Property Abstract certified to date including proper searches covering bankruptcies and State and Federal judgments,. liens, -and levied and pending special assessments. Buyer shall have 10 business days after receipt of the Abstract of Tide or Registered Property Abstract either to have Buyer's attorney examine the title and provide Seller with written objections. or, at Buyer's own expense, to make an application for a title insurance policy and notify Seller of the appliacation. Buyer shall have 10 business days after receipt of the commitment for title insurance to provide Seller with a copy of the commitment and written objections. Buyer shall be deemed to have waived any title objections not made within the applicable 10 day period set forth above, except that this shall not .operate as a waiver of Seller's covenant to deliver a Warranty Deed, unless a Warranty Deed is not specified above. If any objection is so made., Seller shall have 10 business days from receipt of Buyer's written title objections to notify Buyer of Seller's intention to make title marketable within 120 days from Seller's receipt of such written objection. If notice is given, payments hereunder required shall be postponed pending correction of title, but upon correction of title and within 10 days after written notice to Buyer the patties shall perfottn this Purchase Agreement according to its terms. If no such notice is given or if notice is given but title is not corrected within the time provided for, this Purchase Agreement shall be null and void, at option of Buyer; neither pam shall be liable for damages hereunder to the other and earnest money shall be rentnded to Buyer; Buyer and Seller agree to sign cancellation of Purchase Agreement. If title to the property be found rarkeable or be so made within said time, and Buyer shall default in any of the agreements and continue in default for a period of 10 days, then and in that case the Seller may terminate this contract and on such termination all the payments made upon this contract shall be retained by Seller and anent, as their respective interests may appear, as liquidated damages, time being of the essence. This provision shall not deprive either~pany of the right to enforce the specifice performance of this contract provided this contract has not been terminated and provided action to enforce such specifrc performance shaIl be commenced within six months after such right of action shall arise. .POSSESSION. Seller shall deliver possession of the property on the date of closing. 8. REPRESFaV'TATIONS AI~'D WARRANTIES. Sze attached addendum. 9. TINIE IS OF THE ESSENCE FOR ALL PROVISIONS OF THIS CONTRACT. 10. WELL DISCLOSLI2E ST.-~TE:~NT. Buyer has received the well disclosure statement required by Minnesota Statutes Sec. 103I?35. BUYER A:vD SELLER IIVTTIAL: Buyer(s) Seller(s) ll. ADDE~ti'DA. Attached are (number) 2 addenda which are made a part of this Argreement. L. MISCELLANEOUS PROVISIONS. (a) Survival. All of the warranties, representations, and covenants of this Agreement shall survive and be enforceable after the closing. (b) Entire Agreement; Modification. This Agreement constitutes the complete agreement between the parties and supersedes any prior oral or written agreements between the parties regarding the property. There are no verbal agreements that change this Agreement and no waiver of any of iu terms will be effective unless in a writing executed by the parties. (c) Successors and Assigns. If this Agreement is assigned, all provisions of this Agreement shall be binding on successors and assigns. 13. ACCEPTANCE DEADLINE. This offer to purchase. unless accepted sooner, shall be null and void at ll:59 P.M. _. . and in such event all earnest money shall be refunded to Buyer. 14. AGENCY DISCLOSURE. Ca 1 Ladd ' cs<u;~s ,~~~ DISCLOSES HE OR SHE IS REPRESENTING THE ( Dua 1 Aaency ) IN THIS TRPu~1SACTION. THE LISTING AGE~~IT OR BROKER DISCLOSES THAT HE OR SHE IS REPRESENTIi tG THE SELLER IN THIS TRANSACTION. BUYER AND SELLER IlVITL4L: Buyer(s) Seller(s) THIS IS A LEGALLY BL~iDING CONTRACT. IF NOT UNDERSTOOD, SEEK COMPETENT ADVICE, Dated: _ ~LER Dated: BUYER SELLER BUYER SELLING AGENT Cal Ladd Burnet lAi OCR.?10