5. EDSR 06-17-2013 - Laserfiche WebLink

Home Browse Search

COMMERCIAL PURCHASE AGREEMENT 39. Page 2 Date 06/10/13 40. Property located at Parcel Al 41. REAL ESTATE TAXES:Real estate taxes due and payable in the year of closing shall be prorated between Seller and 42. Buyer on a calendar year basis to the actual date of closing unless otherwise provided in this Purchase Agreement. 43. Real estate taxes payable in the years prior to closing shall be paid by Seller. Real estate taxes payable in the years 44. subsequent to closing shall be paid by Buyer. 45. SPECIAL ASSESSMENTS: 46. ❑ BUYER AND SELLER SHALL PRORATE AS OF THE DATE OF CLOSING © SELLER SHALL PAY 47. on the date of closing all installments of special assessments certified for payment with the real estate taxes due and 48. payable in the year of closing. 49. ❑ BUYER SHALL ASSUME 0 SELLER SHALL PAY ON DATE OF CLOSING all other special assessments ---- ---------- -----_.._- .__(Check one.)---- 50. levied as of the date of this Agreement. 51. ❑ BUYER SHALL ASSUME ® SELLER SHALL PROVIDE FOR PAYMENT OF special assessments -- -_--�_. ------ ------(Check one.)---- -- --- -- ---- 52. after the date of this Purchase Agreement and before the date of closing, Buyer may, at Buyer's option: 53. (a) assume payment of the pending special assessment without adjustment to the purchase price; 54. (b) require Seller to pay the pending special assessment(or escrow for payment of same a sum equal to 1 1/2 times 55. the projected pending assessment) and Buyer shall pay a commensurate increase in the purchase price of the 56. property,which increase shall be the same as the estimated amount of the assessment;or 57. (c) declare this Purchase Agreement terminated by written notice to Seller or licensee representing or assisting Seller. 58. If Buyer terminates this Purchase Agreement, Buyer and Seller shall immediately sign a cancellation of purchase 59. agreement directing all earnest money paid hereunder to be refunded to Buyer. Seller shall pay on date of closing 60. any deferred real estate taxes or special assessments payment of which is required as a result of the closing of 61: this sale. 62. POSSESSION:Seller shall deliver possession of the property no later than immediately after closing. 63. PRORATIONS:All items customarily prorated and adjusted in connection with the closing of the sale of the property 64. herein including but not limited to rents,operating expenses,interest on any debt assumed by Buyer,shall be prorated 65. as of the date of closing. It shall be assumed that Buyer will own the property for the entire date of the closing. 66. DAMAGES TO REAL PROPERTY: If there is any loss or damage to the property between the date hereof and the 67. date of closing,for any reason,the risk of loss shall be on Seller.If the property is destroyed or substantially damaged 68. before the closing,this Purchase Agreement shall terminate, at Buyer's option, if Buyer gives written notice to Seller 69. or licensee representing or assisting Seller of such termination within thirty (30) days of the damage. Upon said 70. termination,Buyer and Seller shall immediately sign a cancellation of purchase agreement directing all earnest money 71. paid hereunder to be refunded Buyer. 72. EXAMINATION OF TITLE: Within a reasonable time after acceptance of this Purchase Agreement, Seller shall 73. provide evidence of title to Buyer or Buyer's designated title service provider, which shall include proper searches 74. covering bankruptcies,state and federal judgments and liens,and levied and pending special assessments,as follows: 75. IF THE PROPERTY IS ABSTRACT, Seller shall provide either: 76. (a) a commitment for an owner's policy of title insurance on a current ALTA form issued by an insurer licensed to write 77. title insurance in Minnesota and Seller shall pay the costs of evidence of title for such title insurance policy,and Buyer 78. shall pay the premium for any owner's policy or lender's policy issued by the title insurance company, the title 79. examination fee and the fee for any endorsements or other coverages requested by Buyer;or 80. (b) Abstract of Title certified to date. 81. Seller shall pay for all abstracting fees and surrender any abstract in Seller's possession or control to Buyer at Closing. 82. IF THE PROPERTY IS TORRENS, Seller shall provide,at Buyer's option and request, either: 83, (a) a Registered Property Abstract certified to date;or 84. (b) a commitment for an owner's policy of title insurance on a current ALTA form issued by insurer licensed to write 85. title insurance in Minnesota. MNC:PA-2(10/12) i rorrns