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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 S of 8
<br /> 371 (c) Damages from Seller together with costs and reasonable lawyer's fees,as permitted by law,
<br /> 372 (d) Specific performance within six months after such right of action arises,including costs and reasonable lawyer's fees;
<br /> 373 (e) Cancellation of this Purchase Agreement pursuant to Minnesota Statutes Section 559.217,Subd.3(allowing Seller a 15 day right to
<br /> 374 cure).
<br /> 375 D. If title is marketable,or is made marketable as provided herein,and Buyer defaults in any of the agreements herein,Seller may elect either of
<br /> 376 the following options,as permitted by law:
<br /> 377 (1) Cancel this Purchase Agreement pursuant to either Minnesota Statutes Section 559.21 or Section 559.217,Subd.3,and retain all payments
<br /> 378 made hereunder as liquidated damages. [Note: Under federal law,Seller might not be able to legally claim or retain the earnest money
<br /> 379 underpurchase agreements where Buyerapplies forbutis unable to secure F.H A.or D.V A.mortgage financing.]The parties acknowledge
<br /> 380 their intention that any note given pursuant to this contract is a down payment note,and may be presented for payment notwithstanding
<br /> 381 cancellation;
<br /> 382 (2) Seek specific performance within six months after such right of action arises,including costs and reasonable lawyer's fees,as permitted by
<br /> 383 law.
<br /> 384 E. If title is marketable,or is made marketable as provided herein,and Seller defaults in any of the agreements herein,Buyer may,as permitted
<br /> 385 by law:
<br /> 386 (1) Seek damages from Seller including costs and reasonable lawyer's fees;
<br /> 387 (2) Seek specific performance within six months after such right of action arises,including costs and reasonable lawyer's fees;
<br /> 388 (3) Cancel this Purchase Agreement pursuant to Minnesota Statutes Section 559.217,Subd.3(allowing Seller 15 day right to cure)and neither
<br /> 389 party shall be liable for damages hereunder to the other,and the earnest money shall be refunded to Buyer.
<br /> 390
<br /> 391 NOTE: If this Purchase Agreement is canceled using Minnesota Statutes Section 559.217,contract provisions and statutory provisions for
<br /> 392 refunding of the earnest money to Buyer might be in conflict.
<br /> 393
<br /> 394 16. NOTICES. All notices required herein shall be in writing and delivered personally or mailed to the address as shown at Paragraph 1.,above and
<br /> 395 if mailed,are effective as of the date of mailing,
<br /> 391
<br /> 397 1 VISION OF LAND. If the legal description in this Purchase Agreement is anew description requiring a subdivision of land owned
<br /> 398 Seller shall pa-7a4gwadivision expenses and obtain all necessary governmental approvals.Seller warrants that the legal descri � relies al property
<br /> 399 to be conveyed has bee be approved for recording as of the Dale of Closing. Seller warrants that al bd onvtS n charges for the property,
<br /> 400 payable to the governmental unit ha diction,have been paid in full,including,but not Ii , u division fees,park dedication fees,road
<br /> 401 and utilities dedication fees,and fees charged boulevards,trees,and I Seller warrants that there are no deferred subdivision
<br /> aoz charges affecting the property. Seller warrants that there on the availability of building permits because of Sellers subdivision of
<br /> ao3 the land.Seller warrants that Seller has complied w t a le su egulations.Seller warrants that there are no encumbrances affecting
<br /> 404 the property in any development agre eller may have with the municlp
<br /> 405 Seller's warranties ntations contained in this Paragraph 17.,shall survive the very f the Deed or Contract for Deed,provided that
<br /> 406, any notic c or claim of breach of warranty must be in writing and any such notice with respec rs referred to above must be given
<br /> 407 yer to Seller within one year of the Date of Closing or be deemed waived.
<br /> 408
<br /> 409 18. MINNESOTA LAW. This contract shall be governed by the laws of the Slate of Minnesota.
<br /> 410
<br /> 411 19. WELL DISCLOSURE. (Check one of the following J
<br /> 412 r_X1 Seller certifies that Seller does not know of any wells on the property.
<br /> 413 F__l Wells on the property are disclosed by Seller on the attached Well Disclosure form.
<br /> 414
<br /> 415 20. DISCLOSURE OF INDIVIDUAL ON-SITE SEWAGE TREATMENT SYSTEM. (Check one of the following:)
<br /> 416 _0 Seller certifies that Seller does not know of any individual on-site sewage treatment systems on the property.
<br /> 417 Individual on-site sewage treatment systems on the property are disclosed by Seller on the attached Disclosure forth.
<br /> 418
<br /> 419 21. SELLER'S AFFIDAVIT. At closing,Seller shall supplement the warranties and representations in this Purchase Agreement by executing and
<br /> 420 delivering a Minnesota Uniform Conveyancing Blank[Form No. 50.1.2(formerly 116-M)or 50.1.3(formerly 117-M or 118-M)]Affidavit of Seller.
<br /> 421
<br /> 422 22. CONTINGENCIES. This Purchase Agreement is subject to the following contingencies which must be performed or occur before the Date of
<br /> 423 Closing of this transaction or such other dale specified herein["performance date"].
<br /> 424
<br /> 425 A. BUYER'S DEVELOPMENT EVALUATION. This Purchase Agreement is contingent upon Buyer obtaining by(date)
<br /> 426 a sary approvals,architectural reviews,licenses,zoning,conditional use permits,variances,building permits,environ permits,
<br /> 427 environmen {{Q�rovals,and all other necessary permits,licenses and approvals(or has obtained reasonable assuran ceptable to Buyer,
<br /> 428 in its sole discretion.-That ch approvals will be available)for the intended development of[briefly describe]:
<br /> 429
<br /> 430 Buyer shall promptly proceed to obtain ermils,licenses,approvals and/or assurance er shall assist Buyer in applying for rezoning,
<br /> 431 necessary licenses, conditional use permits, es, building pe mils, envir al permits, and all other necessary permits for the
<br /> 432 development of the property as Buyer may determine to essan b o cost to Seller.
<br /> 433 This Purchase Agreement is also contingent upon Buyer del date] that the proposed development can be
<br /> 434 constructed on the property without the use of piling rdinary filling,o r extraordinary land preparation steps which would make it
<br /> 435 financially impractical for Buyers intended u ests and inspections shall be con in such a manner so as to prevent any damage to
<br /> 436 the property. Buyer shall promptly 1ne the soil conditions of the property and make the n calculations. Buyer shall promptly pay
<br /> 437 for all services rendered i cling such tests and inspections and will not allow any mechanic's liens ach to the property. Buyer shall
<br /> 438 indemnify Sellerf such costs,expenses and liens. Buyer and its authorized agents,shall have the limited rig uant to Paragraph 12.,
<br /> 439 above)f date of this Purchase Agreement,to enter upon the property to make such surveys,measurements,soil les other tests as
<br /> 440 deems necessary,but without expense to Seller.
<br /> 441
<br /> 442 B. SURVEY. Buyers obligation to close under this Purchase Agreement is contingent upon Buyer obtaining, at Buyer's expense, by
<br /> 443 [date]June 22,2012 a survey of the property certified to Buyer as of a current date(no earlier than the date of this Purchase
<br /> 444 Agreement)evidencing conditions satisfactory to Buyer and containing certifications meeting the following minimum standards:
<br /> 445
<br /> 446 (a) Prepared,dated and signed by a Minnesota Registered Land Surveyor with his or her seal affixed.
<br /> 447 (b) Includes legal description properly identifying the property described in this Purchase Agreement.
<br /> 448 (c) Locates all platted and unplatted property lines and lot lines.
<br /> 449 (d) Locates all streets adjacent to the property.
<br /> 450 (e) Locates all curb cuts,driveways and fences.
<br /> 451 (f) Locales all easements described in the plat,if any,and in the record title of the property.
<br /> 452 (g) Locates all visible utility lines that service the property and improvements(sewer,water,gas,electric and telephone).
<br /> 453 (h) Locates any building setback lines.
<br /> 454 (1) Locates all encroachments or makes a positive statement that there are no encroachments.
<br /> 455 (j) Locates all improvements on the property.
<br /> 456 (k) Shows all descriptions,angles,and other calls contained in the legal description.
<br /> 457
<br /> 458 Buyer shall promptly retain a surveyor. If the survey reveals boundary or title problems,Buyer shall promptly deliver a copy of the survey to Seller.
<br /> 459 If the survey has been delivered to Buyer after Buyer's date for stating title objections,Buyer shall have an additional ten days from the date of
<br /> 460 receiving the survey in which to state additional title objections. If the boundary or title problems prevent this transaction from closing,Seller shall
<br /> 461 reimburse Buyer for all expenses of survey and Buyer shall assign all rights in and to the survey to Seller.
<br /> 462
<br /> 463 C. ENVIRONMENTAL ASSESSMENT. This Purchase Agreement is contingent upon Buyer obtaining, at Buyers expense, a Phase 1
<br /> 464 Environmental Assessment of the property by fdate]June 22,2012 , sufficient to meet the diligence requirements of federal
<br /> 465 and state law,certified to Buyer as of a current date(no earlier than the date of this Purchase Agreement)evidencing conditions satisfactory to
<br /> 466 Buyer.Buyer shall promptly retain a qualified environmental scientist to conduct the environmental assessment. If the environmental assessment
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