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5.0. 6.0. 7.0. 8.0. HRSR 04-24-2000
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5.0. 6.0. 7.0. 8.0. HRSR 04-24-2000
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City Government
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HRSR
date
4/24/2000
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• If to Buyer: First National Bank of Elk River <br /> Attention: <br /> If to Sellers: Elk River Housing and Redevelopment Authority <br /> Attention: Executive Director <br /> 13065 Orono Parkway, Elk River, Minnesota 55330 <br /> With a copy to: Gray, Plant, Mooty, Mooty & Bennett <br /> Attention: Peter K. Beck <br /> 3400 City Center <br /> 33 South Sixth Street <br /> Minneapolis, Minnesota 55402 <br /> Each such mailed notice or communication shall be deemed to have been given to or <br /> served upon, the party to whom it is addressed three days after the date the same is <br /> deposited in the United States registered or certified mail, return receipt requested, <br /> postage prepaid, properly addressed in the manner above provided. Either party hereto <br /> • may change such party's address for the service of notice hereunder by written notice <br /> of said change to the other party hereto, in the manner above specified ten (10) days <br /> prior to the effective date of said change. <br /> 11. Assignment. This Purchase Agreement shall be binding upon and inure <br /> to the benefit of each of the parties hereto, their respective successors and assigns. <br /> The foregoing notwithstanding, Buyer may assign or convey its rights in the Property or <br /> this Purchase Agreement to a third party. Any such assignment or conveyance shall be <br /> specifically subject to the Conditions Subsequent set forth in Paragraph 7. <br /> 12. Commissions. Seller warrants and represents that it has dealt with no <br /> realtors or brokers in connection with this transaction and that it will indemnify, defend <br /> and hold harmless Buyer against any claim made by an agent or broker for a <br /> commission or fee based on acts or agreements of Seller. Buyer warrants and <br /> represents that it has dealt with no realtor or broker in connection with this transaction <br /> and that it will indemnify, defend and hold harmless Seller against any claim made by <br /> an agent or broker for a commission or fee based on acts or agreements of Buyer. <br /> 13. Default. Should Buyer default in the performance of its obligation to <br /> purchase hereunder, Seller's shall be entitled to cancel and terminate this Purchase <br /> Agreement in accordance with Minn. Stat. 559.21 , as amended. <br /> • <br /> -5- <br />
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