4.5. SR 10-12-1998 - Laserfiche WebLink

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Form 1776 Earnest Money Contract--Without Agent (Revised 1960) Miller/Davis Co., St. Paul, MN PURCHASE AGREEMENT Elk River : Minnesota October 5- ,1998 RECEIVED OF John T. l~enz and Klm M. Lenz as jOINT tENNANTS the sum of fIVE hUNDRED AND NO/100 ( $500.00 as earnest money and in part payment for the purchase of property at XXXXX larvis St., Elk River, Mn 55330 ) DOLLARS situated in the County of Sherburne , State of Minnesota, and legally described as follows, to-wit: Lot 1, Block 1, Parkview Addition su~ect to Utility and Drainagex:asements show on the plat (except thaLpart vacated) Buyer agrees to execute the attached Grant Of Easement and the attach~claration of Restrictions and Covenants for Replacemenl 3~tlancLat closing, Seller shall provide Buyer with a Title insurance policy in amount of $58:100.00 AND an abstract of title. including the following listed personal property: this land is vacant Seller_shall erect visine lot coaz~er markers to show location of lot boundaries at all points where monumentalizing is shown on the plat. Seller shalLalson Stake the Drainage and wetland areas. all of which property the undersigned hereby agree __ andaao/100 to sell to the buyer for the sum of which the buyer agrees to pay in the following manner: Earnest money herein paid 500. and $57:600.00 ,cash, on or before Fifty Eight Thousand One Hundred ( $58,100.00 ) DOLLARS November 4, 1998 Subject to performance by the buyer, the seller agrees to execute and deliver a (to be joined in by spouse, if any) conveying marketable title to said premises subject only to the following exceptions: (a) Building and zoning laws ordinances State and Federal regulations. (b) Restrictions relating to use or improvement of premises not subject to unreleased forfeiture. (c) Reservation of any minerals or mineral rights to the State of Minnesota. (d) Utility easements. (e) Rights of tenants as follows: (unless specified, not subject to tenancies). Warranty Deed The buyer shall pay the real estate taxes due in the year 19 99 and any unpaid installments of special assessments payable therewith and thereafter. The seller further agrees to deliver possession not later than closing provided that all the conditions of this agreement have been complied with. Unless otherwise specified this sale shall be closed on or before 60 days from the date hereof. In the event this property is destroyed or substantially damaged by fire or any other cause before the closing date, this agreement shall become null and void, at the purchaser's option, and all monies paid hereunder shall be refunded to him. The buyer and seller also mutually agree that pro rata adjustments of rents interest, insurance and city water (and in the case of income property current operating expenses) shall be made as of closing The seller shall, within a reasonable time after approval of this agreement, furnish an abstract of title certified to date (or a Certificate of Title and Registered Property Abstract) both also to include proper searches covering bankruptcies, and State and Federal judgments and liens. The buyer shall be allowed 10 days after receipt thereof for examination of said title and the making of any objections thereto, said objections to be made in writing or deemed to be waived. If any objections are so made the seller shall be allowed 120 days to make such title marketable. Pending correction of title the payments hereunder required shall be postponed, but upon correction of title and within 10 days after written notice, the buyer shall perform this agreement according to its terms. If said title is not marketable and is not made within 120 days from the date of written objections thereto as above provided this agreement shall be void, and neither principal shall be liable for damages hereunder to the other principal and all money theretofore paid by the buyer shall be refunded; but if the title to said property be found marketable, or be so made within said time, and said buyer shall default in any of the agreements and continue in default for a period of 10 days, then and in that case the seller may terminate this contract, and on such termination all the payments made upon this contract shall be retained by said seller, as their respective interests may appear, as liquidated damages, time being of the essence hereof; but this provision shall not deprive either party of the right of enforcing the specific performance of this contract provided such contract shall not be terminated as aforesaid, and provided action to enforce such specific performance shall be commenced within six months after such right of action shall arise. In Presence of Seller City of Elk River-Mayor In Presence of Seller City of Elk River - City clerk I hereby agree to purchase the said property for the price and upon the terms above mentioned, and subject to all conditions Buuyer Jol~Lenz Buyer