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M.S.B.A.Real Property Form No. 30 (2008) Minnesota Vacant Lot Purchase Agreement--Single Dwelling PURCHASE AGREEMENT I PAGE 6 of 8 467 reveals environmental conditions which are in violation of the law,Buyer shall promptly deliver a copy of the report to Seller. If the environmental 468 conditions are not remedied by Seller,thereby preventing this transaction from closing,Seller shall reimburse Buyer for all expenses of the 469 environmental assessment and Buyer shall assign all rights in and to the environmental assessment to Seller. 470 471 UTILITIES: SELLER'S UTILITIES REPRESENTATIONS AND BUYER'S CONTINGENCY. Seller represents that:(Seller select one 472 answer for each utility;if you a2 uncertain,select"might not be.'] 473 474 ■ city er: _]is ❑is not ❑might not be available to the property through a service stub at the public right-of-way frontage line; 475 ■ city wat ❑is ❑is not ❑might not be available to the property through a service stub at the public right-of-way frontage li , 476 ■ electricity: ❑is ❑is not ❑might not be available to the property through a service stub at the public right-of-way frontag ne; 477 ■ natural gas: is ❑is not ❑might not be available to the property through a service stub at the public right-of-way fron a line; 478 ■ telephone: ❑is not ❑might not be available to the property through a service stub at the public right-of-way fir age line. 479 480 (CHECK EITHER(1)OR 481 482 ❑ (1) Buyer is Not Relying on Iler's Representations.The price offered by Buyer in this Purchase Agree ent does not reflect any reliance 483 u on an re resentations m e bv Seller as to the location or availability of utilities, Buyer's ob tion to close under this Purchase 484 Agreement is contingent upon er obtaining,at Buyer's expense,verification that utilities can b rovided to the property at costs which 485 are reasonable for Buyer. This con ency shall be satisfied by[date] or be deemed waived. NOTE: Unless 486 the following costs and charges have b n assessed against the property prior to the date o is Purchase Agreement by the governmental 487 unit having jurisdiction(and therefore al dy covered by the provisions for payment special assessments),Buyer shall assume the 488 payment of municipal charges for developm on,construction on,or improvement o e property related to access fees,connection fees 489 and"hook up"fees for connections to sewer, r,and other utilities. 490 491 ❑ (2) Buyer is Relying on Seller's Affirmative Represent ' ns. The price red by Buyer in this Purchase Agreement reflects that Buyer 492 is relying upon Sellers affirmative representations that th tilities are ailable as indicated by Seller above. Buyer's obligation to close 493 underthis Purchase Agreement is contingent upon Buyerven g,a uyers expense,without disturbing any soil,that utilities are available 494 as represented by Seller. Buyers good faith investigation to sal this contingency is limited to:(i)physical inspection of the property;(ii) 495 inspection of available,local public records;or,(iii)utilization G er State One Call[Metro 612-454-0002;Outstate 1-800-252-11661. 496 Buyers investigation shall be completed by [date] or this contingency shall be deemed waived. 497 498 Buyer's Investigation. [check the following conditi I statements that ap to this Purchase Agreement'] 499 ❑ If Buyers investigation shows that the u' ies are not available as repre nted above by Seller;or, 500 ❑ if the utilities are not in the locatio s represented above by Seller;or, 501 ❑ if the utilities cannot be locate ilhout disturbing the soil; 502 503 and if Buyer chooses not to waiv is contingency,then Buyer shall notify Seller of these circu ances,and,prior to closing,Seller shall, 504 at Sellers option: [strike out y of the following that are not appropriate] 505 506 (a) Excavate tove' the existence and location ofthe utilities as represented above,and,ifnecessa , btain installation ofany missing 507 utilities;or, 508 509 (b) Notify yer in writing that Seller will reduce the selling price of the property by the estimated cost of inst g the missing utilities 510 to property line;or, 511 512 Notify Buyer in writing that Seller will escrow at closing,for one year following the Date of Closing,125%of the es' ated cost of 513 installing the missing utilities to the property line if they cannot be located by Buyers excavation after closing;or, 514 515 (d) Accept this circumstance as a failed contingency and reimburse Buyer for all expenses incurred by Buyer pursuant to this Pur ase 516 Agreement,including but not limited to all expenses incurred in attempting to satisfy any of Buyer's contingencies. sn 518 If any of the contingencies has not been satisfied or waived by Buyer on or before the respective performance dates,this Purchase Agreement may 519 be terminated at Buyer's option,which option must be exercised by notice to Seller within five days after the respective performance date,but not later 520 than one day before the Date of Closing,and the earnest money shall be promptly refunded to Buyer upon Buyers exercise of the option to declare 521 this Purchase Agreement null and void.Both Buyer and Seller shall cooperate and make all reasonable efforts to attempt to remove the contingencies 522 by the respective performance dates. 523 524 23. CLOSING. Closing shall be at the office of Sellers lawyer,Buyer's title insurer,or at some other mutually agreeable location. 525 526 (State other location.] 527 At closing,Seller and Buyer shall disclose their Social Security Numbers or Federal Tax Identification Numbers for the purposes of completing state 528 and federal tax forms. 529 530 CLOSING COSTS. The costs of dosing,if not determined by other provisions of this Agreement,shall be paid as follows. 531 A. SELLER'S COSTS. Seller shall pay the following at closing: 532 1. Document preparation costs,recording fees,and deed taxes for documents necessary to establish good and marketable title in Seller, 533 2. Document preparation costs,certified copy fees,and recording fees to establish the authority of the person acting on behalf of Seller. 534 3. Document preparation costs for Sellers deed or contract-for-deed,Certificate of Real Estate Value,Sellers affidavit,Well Disclosure 535 Certificate(if required),and any other documents necessary to transfer good and marketable title by Sellers deed or contract-for-deed. 536 4. Deed tax on Sellers deed and the Agricultural Conservation deed tax charged under Minnesota Statutes Section 40A.152. 537 5. Fees payable to Sellers lawyer or to a closer["title closer']for conducting the title-transfer portion of the closing. If Seller is not providing 538 a lawyer or title closerfor the title-transfer portion of the closing and if Buyer is obtaining new mortgage financing and the closers fee is not 539 separated into a"title closing fee"and a"loan closing fee;'then Seller shall pay one half of the closers fee or$ -,whichever 540 amount is less. 541 6. And also the following costs: 542 543 544 545 546 547 548 549 550 B. BUYER'S COSTS. Buyer shall pay the following at closing: 551 1. Document preparation costs,recording fees,and mortgage registry taxes for documents necessary for Buyers mortgage financing. 552 2. Document filing fee for a Well Disclosure Certificate,if applicable. 553 3. The Agricultural Conservation deed tax on Buyers mortgage deed charged under Minnesota Statutes Section 40A.152. 554 4. Loan closers fee. 555 5. Recording fee for Deed,Contract for Deed,or other instrument of conveyance where Buyer is the grantee. 556 6. And also the following costs: 557 558 559 560