INFORMATION #6 09-17-2001 - Laserfiche WebLink

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PURCHASE AGREEMENT 60. Page 2 61. then either party may agree in writing on or before the date of closing to assume, pay or provide for the payment of such 62. excess. In the absence of such agreement, either party may declare this Purchase Agreement null and void; the parties shall 63. immediately sign a cancellation of Purchase Agreement and all earnest money paid hereunder shall be refunded to Buyer. 64. TITLE AND EXAMINATION: Seller shall, at Seller's option, within a reasonable time after acceptance of this Agreement, 65. provide evidence of title in the form of either (1) a commitment for an owner's policy of title insurance in the 66. amount of the purchase price on a current ALTA form issued by an insurer licensed to write title insurance in 67. Minnesota; or (2) an abstract of title or a registered property abstract certified to date. Evidence of title shall 68. include proper searches covering bankruptcies, state and federal judgments and liens, and levied and pending Special 69. Assessments. Seller shall (1) pay the entire premium for such title insurance policy if no lender's policy is obtained, 70. and only the additional cost of obtaining a simultaneously issued owner's policy if a lender's policy is obtained 71. (Buyer shall pay the premium for the lender's policy); or (2) pay all costs of providing the abstract. If Seller provides a 72. commitment for an owner's policy of title insurance. Seller shall surrender any abstract in Seller's possession or 73. control to Buyer at closing. 74. Seller shall use Seller's best efforts to provide marketable title by the date of closing. In the event Seller has not provided 75. marketable title by the date of closing, Selle~ shall have an additional 30 days to make title marketable or, in the alternative, 76. Buyer may waive title defects by written notice to the Seller. In addition to the 30 day extension, Buyer and Seller may by 77. mutual agreement further extend the closing date. Lacking such extension, either party may declare this Purchase Agreement 78. null and void; neither party shall be liable for damages hereunder to the other and earnest money shall be refunded to Buyer; 79. Buyer and Seller shall immediately sign a cancellation of Purchase Agreement. 80. SUBDIVISION OF LAND: If this sale constitutes or requires a subdivision of land owned by Seller, Seller shall pay all subdivision 81. expenses and obtain all necessary governmental approvals. Seller warrants the legal description of the real property to be 82. conveyed has been or will be approved for recording as of the date of closing. 83. Seller warrants that buildings are or will be constructed entirely within the boundary lines of the property. Seller warrants 84. that there is a right of access to the property from a public right of way. These warranties shall survive the delivery of the deed or contract for deed. 85. Seller warrants that prior to the closing, payment in full will have been made for all labor, materials, machinery, fixtures or 86. tools furnished within the 120 days immediately preceding the closing in connection with construction, alteration or repair of 87. any structure on or improvement to the property. 88. Seller warrants that Seller has not received any notice from any governmental authority as to violation of any law, ordinance or 89. regulation. If the property is subject to restrictive covenants, Seller warrants that Seller has not received any notice from any 90. person or authority as to a breach of the covenants. Any notices received by Seller will be provided to Buyer immediately. 91. Seller agrees to allow reasonable access to the property for performance of surveys or inspections agreed to herein. 92. RISK OF LOSS: If there is any loss or damage to the property between the date hereof and the date of closing, for any reason 93. including fire, vandalism, flood, earthquake or act of God, the risk of loss shall be on Seller. If the property is destroyed or 94. substantially damaged before the closing date, this Purchase Agreement shall become null and void, at Buyer's option, and 95. earnest money shall be refunded to Buyer; Buyer and Seller shall immediately sign a cancellation of Purchase Agreement. 96. TIME OF ESSENCE: Time is of the essence in this Purchase Agreement. 97. ENTIRE AGREEMENT: This Purchase Agreement, any attached exhibits and any addenda or amendments signed by the parties, 98. shall constitute the entire agreement between Seller and Buyer, and supersedes any other written or oral agreements between 99. Seller and Buyer. This Purchase Agreement can be modified only in writing signed by Seller and Buyer. 100. ACCEPTANCE: Buyer understands and agrees that this Purchase Agreement is subject to acceptance by Seller in writing. The 101. delivery of all papers and monies shall be made at the listing broker's office. 102. DEFAULT: If Buyer defaults in any of the agreements herein, Seller may terminate this Purchase Agreement, and 103. payments made hereunder may be retained by Seller as liquidated damages. If this Purchase Agreement is not so terminated, 104. Buyer or Seller may seek actual damages for breach of this Agreement or specific performance of this Agreement; and, as to 105. specific performance, such action must be commenced within six months after such right of action arises.