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M.S.B.A.Real Property Form No. 30 (2008) Minnesota Vacant Lot Purchase Agreement--Single Dwelling PURCHASE AGREEMENT/PAGE 2 of 8 87 B.Real Estate Taxes Payable in the Year of Closing. Real estate taxes payable in the year of closing shall(select from(1)or(2).] 89 0 (1) Be prorated between Seller and Buyer]select(a)or(b)]: s9 �x (a)On a calendar year basis to the actual dale of closing; 90 O (b)As follows: Seller %; Buyer %; 91 adjusted between Seller and Buyer at closing,and paid to the county at closing if then due and Buyer shall assume installments not 92 paid at closing. 93 (2) Not be prorated and the entire years taxes shall be(select(a)or(b)]: 94 (a) Paid by Seller when due,but not later than closing, 95 (b) Assumed by Buyer,to be paid when due and not later than closing if due prior to closing,and Buyer shall reimburse 96 Seller at closing for any installments paid by Seller prior to closing. 97 Seller shall pay penalty,interest and costs on any delinquent installment of taxes and special assessments payable in the year of closing. fclosing 98 is delayed to a later year,real estate taxes payable in the year of closing shall be prorated between Seller and Buyer on a calendar year basis to 99 the actual date of closing. nm 101 C.Tax Statements. If tax statements for taxes payable in the year of closing are not available on the Dale of Closing,the amount to be used for 102 dosing purposes shall be 100 %of the prior year's taxes,and such amount shall be[select one]=x FULL AND FINAL BETWEEN SELLER AND 103 BUYER =ADJUSTED UPON RECEIPT OF TAX STATEMENTS FOR SUCH YEAR(in which case the party obligated to pay the adjustment 104 shall pay it to the other party within 30 days of issuance of the tax statements). 105 106 D. Homestead Classification. Seller represents that,as of the date of this Agreement,the property tax classification is[strike one]Kdlmkmd 107 I nonhomestead. If the property is nonhomestead,Buyer may change the lax classification for taxes payable in the year following closing by taking 108 possession of the real property as Buyer's homestead and fling a new homestead declaration within the time required by law. If the property tax 109 classification in the year of closing is not homestead,Seller shall pay to Buyer at dosing[select one] 110 Hx $-0 111 O the difference(on Buyer's portion of the taxes)between the taxes in the actual classification and the taxes that would have been payable 112 under homestead classification. 113 If the property tax classification for taxes payable in the year following closing is not homestead and,through no fault of Buyer,the closing takes 114 place after the date by which Buyer must take possession of the real property as Buyer's homestead to file for homestead tax status fortaxes payable 115 in such year,Seller shall pay to Buyer at dosing[select one] 116 r—x is -0- 117 =the difference(on Buyer's portion of the taxes)between the taxes in the actual classification and the taxes that would have been payable Its under homestead classification. 119 [if Buyer intends to claim the property as Buyers homestead,Buyer should file Buyer's homestead declaration as soon as possible after taking 120 possession and occupancy of the property.] 121 122 E.Deferred Real Estate Taxes.]se/ectone.] = BUYER 0 SELLER shall pay on date of closing or provide for payment of any deferred 123 real estate taxes(including"Green Acres"taxes under Minnesota Statutes Section 273.111)payment of which is required as a result of the closing 124 of this sale or the recording of the Deed or Contract for Deed. Provision for payment shall be by payment into escrow of 1.5 times the estimated 125 amount of the assessor's reassessment for deferred taxes. 126 127 F.Valuation Exclusions from Assessed Value.Sellerwarrants and represents that the property(select one:]=does xJ does not have an 128 exclusion from estimated market value for certain home improvements pursuant to Minnesota Statutes Section 273.11,Subd.16(1997). Such 129 exclusion expires on the sale of the property and will cause the assessed value of the property to increase for property tax purposes. The increase 130 in assessed value will cause the property taxes to increase and might make the property unaffordable for Buyer.If Seller represents that the property 131 does not have an exclusion and an exclusion is discovered prior to closing,Buyer may,at Buyer's option: 132 (1) Assume payment of the increased property taxes without adjustment to the purchase price of the real property; 133 (2) Require that the price of the property be reduced by the estimated increase in property taxes over the three calendar years following the year 134 of closing(such estimated increase shall be obtained from the county assessor or city assessor);or. 135 (3) Rescind this Agreement,in which case all earnest money shall be refunded to Buyer. 136 137 If the exclusion is not discovered until afterclosing,Seller shall be liable to Buyer for liquidated damages in the amount that is five times the estimated 138 increase in real estate taxes based on the reassessed value provided that any notice of a claim of breach of warranty must be in writing and must 139 be given by Buyer to Seller within one year of the Date of Closing or be deemed waived. The provisions of this Paragraph F.,shall survive the 140 delivery of the Deed or Contract for Deed. 141 142 G. Certified Special Assessments.All installments of special assessments certified for payment with the real estate taxes payable in the year of 143 closing shall be[select one]: 144 Prorated between Seller and Buyer on a calendaryear basis to the actual date of closing,adjusted at closing,and unless otherwise provided 145 in this Purchase Agreement,shall be paid at closing 146 Paid by Buyer at closing 147 x Paid by Seller at closing 148 = Assumed by Buyer. I49 150 H. Pending Special Assessments.[select one.] BUYER SHALL ASSUME PAYMENT OF=SELLER SHALL PROVIDE FOR PAYMENT 151 OF special assessments pending as of the date of this Purchase Agreement for improvements that have been ordered by the City Council or other 152 governmental assessing authorities. (Seller's provision for payment shall be by payment into escrow of 1.5 times the estimated amount of the 153 assessments.) As of the date of this Purchase Agreement,Seller represents that Seller has not received a Notice of Hearing of a new public 154 improvement project from any governmental assessing authority,the costs of which project maybe assessed against the real property. If a special 155 assessment becomes pending after the date of this Purchase Agreement and before the Dale of Closing,Buyer may,at Buyer's option: 156 (1) Assume payment of the pending special assessment without adjustment to the purchase price of the real property;or, 157 (2) Require Seller to pay the pending special assessment(or escrow for payment of same as provided above) and Buyer shall pay a 158 commensurate increase in the purchase price of the real property,which increase shall be the same as the estimated amount of the 159 assessment;or, 160 (3) Rescind this Agreement,in which case all earnest money shall be refunded to Buyer. 161 162 I. Deferred Special Assessments. [select one.]=BUYER/=x SELLER shall pay on dale of closing or provide for payment of any deferred 163 special assessments payment of which is required as a result of the closing of this sale or the recording/filing of the Deed or Contract for Deed. 164 Provision for payment shall be by payment into escrow of 1.5 times the estimated amount of the deferred special assessments. 165 166 J. All Other Levied Special Assessments. [select one]=BUYER SHALL ASSUME PAYMENT OF/=SELLER SHALL PAY ON DATE 167 OF CLOSING all other special assessments levied as of the date of this Purchase Agreement,except deferred special assessments(covered at 168 Paragraph 71,above). 169 170 K. Taxes and Special Assessments in the Years Following Closing. Buyer shall pay real estate taxes payable in the years following dosing 171 and special assessments payable therewith,the payment of which is not otherwise provided herein. Seller makes no representation concerning the 172 amount of future real estate taxes or of future special assessments. 173 174 S. DAMAGES TO REAL PROPERTY. Until completion of closing and delivery of possession,all risk of loss is on Seller. If the real property is 175 damaged prior to closing,Seller shall give notice to Buyer within 3 business days after such damage has occurred. The notice shall include Seller's 176 proposal for repairing the damage. From the date that Buyer receives Seller's notice,Buyer shall have 3 business days to inspect the real property, 177 and an additional 2 business days to determine if the damages and Sellers proposal for repairs are acceptable to Buyer. If Buyer does not accept 178 Seller's proposals for repairs within the 2 day period,this Agreement is cancelled and the eamest money shall be refunded to Buyer. 179 ISII