4.0. HRSR 05-06-1996 - Laserfiche WebLink

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COMMERCIAL-INDUSTRIAL PURCHASE AGREEMENT • This form approved by the Minnesota Association of REALTORS.,which disclaims any liability arising out of use or misuse of this form. • Date: RECEIVED OF City of Elk River the sum of Three Thousand Dollars ($ 3 , 000 . 00 )DOLLARS as earnest money and in part payment for the purchase of property at 3 I 7 King Avenue , Elk River , MN situated in the County of Sherburne ,State of Minnesota,and legally described as follows: The North 60 feet of Lots 3 and 4 , Block 1 , Village of Elk River , together with an easement for driveway purposes over and across the north 15 feet of Lot 5 , Block 1 , Village of together with the following personal property: Elk River all of which property the undersigned has this day sold to the Buyer for the sum of: One hundred five thousand dollars ($10 5 , 0 0 0 . 0 0 )DOLLARS,which the Buyer agrees to pay in the following manner: Earnest money herein paid$3 ,0 0 0 . 0 0 and$ 102 , 000 . 00 ,cash,on June 2 6 , 19 9 6 the date of closing and the balance of$ -0- by financing as shown on the attached addendum. 1. DEED/MARKETABLE TITLE:Subject to performance by the Buyer,the Seller agrees to execute and deliver a Marketable Warranty Deed 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 the premises without effective forfeiture provision.(c)Reservation of any minerals or mineral rights to the State of Minnesota.(d)Utility and drainage easements • which do not interfere with present improvements. (e)Rights of tenants as follows: 2. REAL ESTATE TAXES.Real estate taxes due and payable in the year of closing shall be prorated between Seller and Buyer on a calendar year basis to the actual date of closing unless otherwise provided in this Agreement.Real estate taxes payable in the years prior to closing shall be paid by Seller.Real estate taxes payable in the years subsequent to closing shall be paid by Buyer. 3. SPECIAL ASSESSMENTS.[Strike out one.] - -. _: : , :- :.:.:._.::. SELLER SHALL PAY on the date of closing all installments of special assessments certified for payment with the real estate taxes due and payable in the year of closing. [Strike out onejaffeetteMELMESSELLER SHALL PAY ON DATE OF CLOSING all other special assessments levied as of the date of this Agreement. [Strike out one.] ELLER SHALL PROVIDE FOR PAYMENT OF special assessments pending as of the date of this Agreement for improvements that have been ordered by the City Council or other governmental assessing authorities. (Seller's provision for payment shall be by payment into escrow of 1 th times the estimated amount of the assessments.) If a special assessment becomes pending after the date of this Agreement and before the date of closing,Buyer may,at Buyer's option: (a) Assume payment of the pending special assessment without adjustment to the purchase price;or(b)Require Seller to pay the pending special assessment(or escrow for payment of same a sum equal to 11h times the projected pending assessment)and Buyer shall pay a commensurate increase in the purchase price of the property,which increase shall be the same as the estimated amount of the assessment;or(his Seller shall pay on date of closing any deferred real estate taxes or special assessments payment of which is required as a result of the closing of this sale. 4. PRORATIONS.All items customarily prorated and adjusted in connection with the closing of the sale of the property herein including but not limited to rents,operating expenses,interest on any debt assumed by.Iiayel,shall be prorated as of the date of closing.It shall be assumed othat the Buyer will own the property for the entire date of the closing. - 'fie"-- DAMAGES TO REAL PROPERTY.if there is any loss or damage to the property between the date hereof and the date of closing;for any reason,the risk of loss shall be on the Seller.If the property is destroyed or substantially damaged before the closing,this Purchase Agreement shall become null and void,at Buyer's option.Buyer shall have the right to terminate this Purchase Agreement within 30 days after Seller notifies Buyer of such damage.Upon said termination,the earnest money shall be refunded to Buyer and Buyer and Seller agree to sign a cancellation of Purchase Agreement. MNCI:PA-1(I1/93)