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(b) PURCHASERS' ELECTION TQ REBUILD. ff Purchasers are not in defaultunder fhi� c
<br />or after curing any such default, and if the mortgagees in any prior mortgages and sellers in any
<br />prior contracts for deed do notrequire otherwise, Purchasers may elect to have that portion of such
<br />insurance proceeds necessary to repair, replace or restore the damaged Property ?the repair work?
<br />deposited in escrow with a bank or title insurance company qualified to du business in the State of
<br />Minnesota, or such other party as may be mutually agreeable to Seller and Purchasers. The
<br />election may only be made by written notice to Seller within sixty days after the damage occurs.
<br />Also, the election will on Iv be permitted if the plans and specification s and contracts for the repair
<br />work are approved by Seller, which approval Seller shall not unreasonably withhold or delay. If
<br />such a permitted election is madeby Purchasers, Seller and Purchasers shall jointly deposit, when
<br />paid. such insurance proceeds into such escrow. If such insurance proceeds are insufficientfos the
<br />repair work, Purchasers shall, before the commencement of the repair work, deposit into such
<br />escrow sufficient additional money to insure the full payment for the repair work. Even if the
<br />insurance proceeds are unavailable or are insuffficient to p:iv the cost of the repair work,
<br />Purchasers shall at all tires be responsible to pay the full cost of the repair work. All escrowed
<br />funds shall? he disbursed by the escrowee in accordance with generally accepted sound
<br />construrtprn disbursement procedures. The costs incurred or to be incurred tin account of such
<br />escrow shall be deposited by Purchasers into such escrow before the commencement of the repair
<br />work. Purchasers shall complete the. repair work as soon as reasonably possible and in a good and
<br />workmanlike manner. and in any event the repair work shall be completed by Purchasers within
<br />une year after die damalt eoccurs. if. following tile completion ofmidpatyr ent far tierepairafttle
<br />there remain 'toy iindisbu'sed escrow funds. such funds shall lie applied ill
<br />amounts payable ht' Purchaser's under this contract in accordance with paragraph 8 {al above.
<br />INdLIRY [ill DAMAGE OCCURRING ON' THE PROPERTY.
<br />kto t >rt urr ilk cal Seller dotPUf fret-
<br />his ctuntruet totanytpderson or Persons or properly while on or obout
<br />the Yruperty. ]iutchuscrs Shull defend and indemnify Seller front :ill liability, toss, costs and
<br />tilt- Promrs,llipurc rg eyt, shall defend
<br />tin and fees, tin accauntul 'orarisingoutofanysuchinjuries.
<br />H Breyer, Purchasers shall have no liability- or obligation to Seller for such injuries which tire
<br />caused by the negligence or intentional wrongful acts or omissions of Seller.
<br />tbl LIARILITY INStIRANC'F. Purchasers shall, at their Own expense, procure turd umint:!tr
<br />liability insurance against claims for bodily injury, death and property damage oecurring on or
<br />about the Property sn tunounts reasonably satisfaru,ry to Seller and naming Seller as an
<br />additional insured,
<br />to. [N5IIRANCF. (i FNF:RAi.I,Y. The insurance which Purchasers ore required ter procure and maintain
<br />pursuant to paragrapbs 7 and d of tlris contract shall he issued by an insurance cumpttny or companies
<br />licensed to do business in the State of Minnesota and act :eptable tas Seller. The insurance shatl be
<br />maintained by Pumhnsers at aft times while ally amount remains unpaid under' this contract. The
<br />insurance policies shall provide for not less than ten days written notice to Seller before cuncellatton,
<br />nun - renewal, termination or change in cnveralte. and Purchasers shall deliver to Seller it duplicate
<br />original or evrtitiente of such insurance police or polic'i'es.
<br />11. (' {}N[fF :MtiA']'1(]N.II' ail nr any pant of the Property is taken in condemnation proctwdingsinstituted
<br />underpn + +'N rl eminent domain urisc• ot) veyedinlieuthcreo funderthreatofcondemnation ,themone;v
<br />?:aid pnT,lntrlt to Buell condenutadion or conveyance in lieu ihc'reaf shall be re no d to payment of the
<br />nniounta payable by Purchasers under this contract, even ifsuch nmounts are no then clue ter be paid.
<br />tiac•h amounts shall be applied first ul unpaid arc c•rued interest and next lu the installments to be paid
<br />a, provider? in this contract in the inverse order oft heir ninturily. Such payment shall not postpone the
<br />due dale of the inslalitltenl -s to he paid pursuant to thie contract or change the amount of such
<br />instalJmenis. The balance. if any. shall he the property of Purchasers..
<br />12. WAti ['P•. REPAIR AND I.IF;NR. Purchasers shall not remove or demolish any buildings, iin-
<br />1a';nvements ur fixtmrs now or Eder located on or a Part of rite Prupert >. norshall Purchasers c omrnit ur
<br />'draw waste tit' the Property. Purchasers shall maintain the Property in good condition and repatr.
<br />hurrhasirs shall nut rrruu' or Pet u) accrue liens or adverse claims against tilt, Property which
<br />constitute a lien or claim ap;ainst Seller's interest in the Property. Pulc'bavicrs shall Pay to Seller all
<br />a vnwmis, costs and expense+, including rearsfrn[lhle ailnrneys' fees, invivrecd by Seller to remove any
<br />nrrch liens or adverse ('?aims.
<br />I:i. I )FED AND MORTGAGE REGISTRY TAXES. Seller shall, upon liurchusers' full performance of t9lis
<br />contract, pay the deed tax due upon the recording or filing of the deed to he delivered by Seller to
<br />Purchasers. The mortgage registry tax due upon the recording or filing ofthis contract shall be paid by
<br />the party who records or files this contract; however, this provision shall nut impair the right of Seller
<br />In collect from Purchasers the amount of such tax actualh• paid by nelier as provided in the applicable
<br />iam governing default and service of notice of tr'rinination of this runtrac•t.
<br />I I. N(Yl'[t'F. ()],'ASSIGN MKNT. If either Seller or Purchasers assign their interest in the Property,;, copy
<br />.)?'such assignintin shall promptly he furnished to the nun - assigning party.
<br />15. Pl { {yl FCTION' ()F I NTE.]1F S'I :S. ]f Purchasers fail to pay any sum of money required under the itrntrs
<br /><d Iltis contract or fail to Perfol.tit suit'' of their oblignlions :i's ;pt forth in this contract, Seller may. at
<br />S[•lll'r'ti lYl)tltln. pill' tht• maIne Or raaN[• tht' sFlnle tlr he performed, or both, and the amounts so ]raid by
<br />Seller nod tdlt' curt of sui•h perl'rn'Innlice shot]) be payable at onve, with interest at the rate stair'] ill
<br />porngrapll i of this contract, its an additional ;?mount due Seler under this contract.
<br />1 f there now exists, or if Seller lierenfh•r ere11tes, suffers or permits to accrue, ally martgake, contract far
<br />let iS, lien or encumbrance agoinxt the Property which is "(;I her'elli vxprc,31 V lFSAnnlr'fl by Purchasers.
<br />and provided Purchasers nee not in default under this cnntruct, Seller shall.timely Ptry all ant +runts due
<br />the'rcun. and if Seller fails to do so, Purchasers may, al. their option, pity any such delinquent amounts
<br />;tad deduct the atnounte paid from tilt. installnientts) next coming due under this contract.
<br />] ti, ] )E FA('l. f. The time of performance by Purchasers of the terms of this contract is stn esserrtttll part of
<br />this contract. 5heukl I'urrhasers fail to timely perform any of the terms of this contract, Seller may, at
<br />Scfler's option, caect to declare this contract cancelled and terminated by notice to Purchasers in
<br />accordance with applicable law. All right, title Arid interest acquired under this contract by Purchasers
<br />Shall ?hen [,ease and termintac', and till impmvemenls made upon the Iroperty and all payment~ made
<br />by Purchasers pursuant to this contract shall belong to Seller ns liquidated damages for breach ofthis
<br />contract. Neither the extension of the time for payment of any sum of money to he paid hereunder nor
<br />any waiver by Seller c)f Seller's rights to declare this contract forfeited byreason of any breach shall in
<br />any manner affect Seller's righttocancel this contract be auseofdefaultssubsequentlyoccurring ,and
<br />7n, extension of time shall be valid unless agreed to is writing. After service of notice of default and
<br />failure to cure such default within the period allowed by law. Purchasers shall, upon demand,
<br />surmnder possession of the Property to Seller, but Purchasers shall be entitled to p:,asession of the
<br />1 a'h period.
<br />lira u'r'tr unlit !hr• ; ♦plc :di;;n ui st
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