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M.S.B.A.Real Property Form No. 30 (2008)
<br /> Minnesota Vacant Lot Purchase Agreement--Single Dwelling PURCHASE AGREEMENT/PAGE 1 of 8
<br /> MINNESOTA VACANT LOT PURCHASE AGREEMENT --SINGLE DWELLING
<br /> ©Copyright 1997,2008 by Minnesota State Bar Association,Minneapolis,Minnesota.
<br /> BEFORE YOU USE OR SIGN THIS CONTRACT, YOU SHOULD CONSULT WITH A LAWYER TO DETERMINE THAT THIS CONTRACT
<br /> ADEQUATELY PROTECTS YOUR LEGAL RIGHTS. Minnesota State Bar Association disclaims any liability arising out of use of this form.
<br /> t 1. PARTIES. This Purchase Agreement is made on by and between
<br /> 2 John E.Babcock and Nancy K.Babcock [marital status]husband and wife
<br /> 3 of[seller's address] 223 Nile Place,Elk River,MN 55330 SELLER,and
<br /> 4 the City of Elk River �o{ (�( jy�(�X ) d(�w� ¢ J
<br /> 5 of[buyer's address]13065 Orono Parkway,Elk River,MN 55330 BUYER.
<br /> 6
<br /> 7 2. OFFER/ACCEPTANCE. Buyer offers to purchase and Seller agrees to sell real property legally described as
<br /> A
<br /> 9 See attached as Exhibit A. Also attached is Exhibit B,Property Map.
<br /> 10
<br /> II
<br /> 12
<br /> 13
<br /> 14 [Property Tax Identification Number or Tax Parcel Number 1
<br /> 15
<br /> 16 located at ,City of Elk River
<br /> 17 County of Sherburne State of Minnesota,Zip Code 55330
<br /> 19
<br /> 19 3.ACCEPTANCE DEADLINE.The acceptance date of this Purchase Agreement is the date it is delivered by the last party signing to the other party.
<br /> 20 This offer to purchase,unless accepted sooner,shall be void at 11:59 A.M.,(date) ,and in such event all earnest money shall be
<br /> 21 refunded to Buyer.
<br /> 22
<br /> 23 4.PERSONAL PROPERTY AND FIXTURES INCLUDED IN SALE.The following items of personal properly and fixtures owned by Seller and currently
<br /> 24 located on the property are included in this sale[Strike out items not included].' garden bulbs,plants,shrubs,trees,fences,gates,culverts,survey
<br /> 25 monuments,and also the following property:None
<br /> 26
<br /> 27
<br /> 28 Upon delivery of the Deed,Seller shall also deliver a Warranty Bill of Sale for the above personal property. [Check the box if the following provision
<br /> 29 applies to this Purchase Agreement] =Seller shall use M.S.B.A.Real Property Form No. 90(2005),Warranty Bill of Sale.
<br /> 30
<br /> 31 5. PRICE AND TERMS. The price for the real and personal property included in this sale is
<br /> 32 Ninety-nine Thousand One Hundred Fifty and 00/100------ ----------------------------------------------------- Dollars($99,150.00---------------),
<br /> 33 which Buyer shall pay as follows:
<br /> 34
<br /> 35 Earnest money of$1,000.00-------------------------------- by[CASH,CHECK,NOTE-state which]check payable to
<br /> 36 [select one.]
<br /> 37 ®x Seller,to be deposited and held by Seller(and may be commingled with Sellers other funds)pending closing,
<br /> 38 Seller's lawyer,to be deposited and held in the lawyers trust account pending closing,
<br /> 39 Sellers broker,to be deposited or held by broker according to the requirements of Minnesota Statutes,
<br /> 40 0 Other(describe how the earnest money will be held]
<br /> 41 receipt of which is hereby acknowledged(to be deposited the next business day after acceptance in trust account of listing broker,unless otherwise
<br /> 42 specified in writing)and$98,150.00---------------------------------- cash on ,the DATE OF CLOSING,2rtl-
<br /> 4J
<br /> 44
<br /> 45 6. DEED/MARKETABLE TITLE.
<br /> 46 A. Upon performance by Buyer,Seller shall execute and deliver a Warranty Deed,joined in by spouse,
<br /> 47 if any,conveying marketable title of record,subject to:
<br /> 48 (1) Building and zoning laws,ordinances,state and federal regulations;and
<br /> 49 (2) The lien of real property taxes and the lien of special assessments and interest due thereon,if any,payable in the year of closing which by
<br /> 50 the terms of this Purchase Agreement are to be paid or assumed by Buyer.
<br /> 51 B. Seller proposes to Buyer that Seller's good and marketable title will be delivered to Buyer at closing subject to the following title issues:
<br /> 52
<br /> 53 [Check 1 if applicable.]
<br /> 54 (1) X Encumbrances,easements,covenants,conditions,restrictions,a declaration(without an association),and reservation of mineral rights
<br /> 55 by the St ateofMinnesota,asdisclosedinM.S.B.A.RealPropertyFormNo.19,ADDENDUMTOPURCHASEAGREEMENT:TITLEISSUES
<br /> 56 (2005),attached as a part of this Purchase Agreement.
<br /> 57 (Check(2),if applicable J
<br /> 5e (2) n A Declaration of covenants,conditions,and restrictions with an association in a planned community,condominium,or other common
<br /> 59 interest ownership community,as disclosed in M.S.B.A.Real Property Form No,12,ADDENDUM TO PURCHASE AGREEMENT:COMMON
<br /> 60 INTEREST COMMUNITY attached as a part of this Purchase Agreement.
<br /> 61 (Chec lfapplicable:]
<br /> k 3
<br /> 62 (3) The rights of tenants or other parties in possession,as disclosed in M.S.B.A.Real Property Form No.20,ADDENDUM TO PURCHASE
<br /> 63 AGREEMENT: TENANTS AND PARTIES IN POSSESSION(2005)attached as a part of this Purchase Agreement,
<br /> 64
<br /> 65 Although Seller has disclosed these title issues and Buyer has indicated a general willingness to take title subject to these title issues,
<br /> 66 these title issues are subject to the other provisions of the Purchase Agreementand to an examination oftitle based upon the Minnesota
<br /> 67 Title Standards and upon Minnesota law.
<br /> 68
<br /> 69 Buyer also reserves the right to evaluate these title issues in the light of Buyers intended use and enjoyment of the property. Buyer shall have
<br /> 70 until the end of the period for stating Title Objections under Paragraph 14.,of this Purchase Agreement to make the evaluation and determine if
<br /> 71 these title issues will affect Buyers intended use and enjoyment of the property. Except for matters disclosed under B.(2),above,and governed
<br /> 72 by the statutory remedies referenced in M.S.B.A.Real Property Form No.12,ADDENDUM TO PURCHASE AGREEMENT:COMMON INTEREST
<br /> 73 COMMUNITY,if Buyer,in Buyers sole discretion,determines that these title issues will adversely affect Buyers intended use and enjoyment of
<br /> 74 the property,Buyer may declare this Purchase Agreement void by notice to Seller,neither party shall be liable for damages hereunderlo the other,
<br /> 75 and earnest money shall be refunded to Buyer. If the period for stating Title Objections under Paragraph 14.,passes without Buyers declaring
<br /> 76 that these title issues will adversely affect Buyer's intended use and enjoyment of the property,then,subject to Sellers covenant to deliver a good
<br /> 77 and marketable title of record,Buyer shall take title subject to these title issues. [Sellershould consider full disclosure ofall title issues to Buyer
<br /> 79 in this Purchase Agreement orin addenda to this Purchase Agreement. Full disclosure as to the substance of title issues allows Buyer an early
<br /> 79 opportunity to ensure that this is the right property for Buyer and to measure the impact on the Buyer's intended use orpotentia/enjoyment of the
<br /> 80 property.In other words,Buyer's consent to take title subject to the existence of title issues must be a fully informed consent. If Buyer is fully
<br /> 81 informed early,it is less likely that Buyer will elect to void the Agreement]
<br /> 82
<br /> 83 7. REAL ESTATE TAXES AND SPECIAL ASSESSMENTS.
<br /> e4 A. Prior Years'Delinquent Real Estate Taxes and Delinquent Special Assessments. Delinquent real estate taxes payable in years prior to the
<br /> e5 year of closing and delinquent installments of special assessments certified for collection with real estate taxes payable in years prior to the year of
<br /> 86 closing,together with penalty,interest and costs,shall be paid by Seller not later than the actual date of closing.
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