3.0. EDSR 05-27-1997 - Laserfiche WebLink

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• 1 PURCHASE AGREEMENT 60. Page 2 • 61. then either party may agree in writing on or before the date of closing to assume, pay or provide for the payment of such excess. In 62. the absence of such agreement,either party may declare this Purchase Agreement null and void;the parties shall immediately sign a 63. cancellation of Purchase Agreement and all earnest money paid hereunder shall be refunded to Buyer. - 64. TITLE &, EXAMINATION: Seller shall, at Seller's option, within a reasonable time after acceptance of 65. this Agreement, provide evidence of title in the form of either (1) a commitment for an owner's policy of title 66. insurance in the amount of the purchase price on a current ALTA form issued by an insurer licensed to write titleJnsurarice in 67. Minnesota; or (2) an abstract of title or a registered property abstract certified to date. Evidence of title shall include proper 68. searches covering bankruptcies, state and federal judgements and liens, and levied and pending Special Assessments. 69. Seller shall (1) pay the entire premium for such title • insurance policy if - no lender's policy is 70. obtained, and only the additional cost of obtaining a simultaneously issued owner's policy if a lender's policy 71. is obtained (Buyer shall pay the premium for the lender's policy);or (2) pay all costs of providing the abstract. 72. If Seller provides a commitment for an owner's policy of title insurance, Seller shall surrender any abstract 73. in Seller's possession or control to Buyer at closing. 74. Seller shall use Seller's best efforts to provide marketable title by the date of closing. In the event Seller has not provided 75. marketable title by the date of closing, Seller shall have an additional 30 days to make title marketable or, in the alternative, Buyer 76. may waive title defects by written notice to the Seller. In addition to the 30 day extension, Buyer and Seller may by mutual agreement 77. further extend the closing date. Lacking such extension, either party may declare this Purchase Agreement null and void; neither 78. party shall be liable for damages hereunder to the other and earnest money shall be refunded to Buyer; Buyer and Seller shall 79. immediately sign a cancellation of Purchase Agreement. • . .. . , , , 80. SUBDIVISION OF LAND: If this sale constitutes or requires a subdivision of land owned by Seller, Seller shall pay all.subdivision 81. expenses and obtain all necessary governmental approvals. Seller warrants the legal description of the real property to be 82. conveyed has been or will be approved for recording as of the date of closing. • 83. Seller warrants that the buildings are or will be constructed entirely within the boundary lines of the property. Seller warrants that 84. there is a right of access to the property from a public right of way. These warranties shall survive the_delivery of the deed or contract for deed. 85. Seller warrants that prior to the closing, payment in full will have been made for all labor, materials. machinery, 86. fixtures or tools furnished within the 120 days immediately preceding the closinQri-connection with construction. - "' 87. alteration or repair of any structure on or improvement to the property. 88. Seller warrants that Seller has not received any notice from any governmental authority as to violation of any law. ordinance or 89. regulation. If the property is subject to restrictive covenants, Seller warrants that Seller has not received any notice from any person 90. or authority as to a breach of the covenants.Any notices received by Seller will be provided to Buyer immediately. 91. Seller agrees to allow reasonable access to the property for performance of any surveys or inspections agreed to herein. 92. RISK OF LOSS: If there is any loss or damage to the property between the date hereof and the date of closing, for any reason •93. including_fire,,vandalism, flood, earthquake or act'of God, the risk of loss shall be on Seller. If the property is destroyed or 94. substantially damaged before the closing date, this Purchase Agreement shall become null and void, at Buyer's option, and earnest 95. money shall be refunded to Buyer; Buyer and Seller shall immediately sign a cancellation of Purchase Agreement. 96. TIME OF ESSENCE: Time is of the essence in this,Purchase Agreement. - -- 97. ENTIRE AGREEMENT: This Purchase Agreement, any attached exhibits and any addenda or amendments signed by the parties, 98. shall constitute the entire agreement between Seller and Buyer. and supercedes any other written or oral agreements between 99. Seller and Buyer. This Purchase Agreement can be modified only in writing'signed by Seller and Buyer. 100. ACCEPTANCE: Buyer.understands and agrees that this Purchase Agreement is subject to acceptance by Seller in writing. The 101.delivery of all papers and monies shall be made at the listing broker's office. 102.DEFAULT: If Buyer defaults in any of the agreements herein, Seller may terminate this Purchase Agreement,and payments made 103.hereunder may be retained by Seller as liquidated damages. If this Purchase Agreement is not so terminated, Buyer or Seller may 104.seek actual damages for breach of this Agreement or specific performance of this Agreement;and, as`to specific performance, such 105.action must be commenced within six months after such right of action arises.