5.0. EDSR 06-14-2004 - Laserfiche WebLink

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COMMERCIAL-INDUSTRIAL DRAFT PURCHASE AGREEMENT 41101 ,MN, ,20 RECEIVED OF the sum of ($ ) DOLLARS as earnest money and in part payment for the purchase of property at situated in the County of State of Minnesota,and legally described as follows: together with following personal property: all of which property the undersigned has this day sold to the Buyer for the sum of: ($ )DOLLARS,which the Buyer agrees to pay in the following manner: Earnest money herein paid$ and$ cash,on the date of closing and the balance of$ 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 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 t o the State o f Minnesota. (d) Utility and drainage easements which d o not interfere with p resent 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] BUYER AND SELLER SHALL PRORATE AS OF THE DATE OF CLOSING/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 one] BUYER SHALL ASSUME / SELLER SHALL PAY ON DATE OF CLOSING all other special assessments levied as of the date of this Agreement. [Strike out one] BUYER SHALL ASSUME / SELLER 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 11/2 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 1'/2 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(c) Declare this Agreement null and void by notice to Seller, and earnest money shall be refunded to Buyer. Seller shall pay on the date of closing any deferred real estate taxes or special assessments payments which is required as a result of the closing of this sale. 4. PRORATIONS. A 11 items customarily prorated and a djusted i n connection with the closing oft he s ale oft he property herein including but not limited to rents, operating expenses, interest on any debt assumed by Buyer, shall be prorated as of the date of closing. It shall be assumed that the Buyer will own the property for the entire date of the closing. 5. 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. EXAMINATION OF TITLE. Within a reasonable time after acceptance of this Agreement, Seller shall furnish Buyer with an Abstract of Title or a Registered Property Abstract certified to date including proper searches covering bankruptcies and State and Federal judgments, liens, and levied and pending special assessments. Buyer shall have 10 business days after receipt of the Abstract of Title or Registered Property Abstract either to have Buyer's attorneys examine the title and provide 1643057v3