5.4. SR 10-25-1999 - Laserfiche WebLink

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COMMERCIAL-INDUSTRIAL PURCHASE AGREEMENT Address Property at Holt & Jackson October 25" 1999 Page 2 .. 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 attorney examine the title and provide Seller with written objections or, at Buyer's own expense, to make an application for a title insurance policy and notify Seller of the application. Buyer shall have 10 business days after receipt of the commitment for title insurance to provide Seller with a copy of the commitment and written objections. Buyer shall be deemed to have waived any title objections not made within the applicable 10 day period set forth above, except that this shall not operate as a waiver of Seller's covenant to deliver a Warranty Deed, unless a Warranty Deed is not specified above. If any objection is so made, Seller shall have 10 business days from receipt of Buyer's written title objections to notify Buyer of Seller's intention to make title marketable within 120 days from Seller's receipt of such written objection. If notice is given, payments hereunder required shall be postponed pending correction of title, but upon correction of title and within 10 days after written notice to Buyer the parties shall perform this Purchase Agreement according to its terms. If no such notice is given or if notice is given but title is not corrected within the time provided for, this Purchase Agreement shall be null and void, at option of Buyer; neither party shall be liable for damages hereunder to the other and earnest money shall be refunded to Buyer; Buyer and Seller agree to sign cancellation of Purchase Agreement. If title to the property be found marketable or be so made within said time, and Buyer shall default in any of the agreements and continue in default for a period of 10 days, then and in that case the Seller may terminate this contract and on such termination all the payments made upon this contract shall be retained by Seller as liquidated damages, time being of the essence. This provision shall not deprive either party of the right to enforce the specific performance of this contract provided this contract has not been terminated and provided action to enforce such specific performance shall be commenced within six months after such right of action shall arise. 7. POSSESSION. Seller shall deliver possession of the property on the date of closing. 8. REPRESENTATIONS AND WARRANTIES. See attached addendum. 9. TIME IS OF THE ESSENCE FOR ALL PROVISIONS OF TIllS CONTRACT. 10. WELL DISCWSURE STATEMENT. Buyer has received the well disclosure statement required by Minnesota Statutes Sec. 1031.235. BUYER AND SELLER INITIAL: Buyer(s) Seller(s) 1l.ADDENDA. Attached are (number) addenda which are made a part of this Agreement. ..MISCELLANEOUS PROVISIONS. (a) Survival. All of the warranties, representations, and covenants of this Agreement shall survive and be enforceable after the closing. (b) Entire Agreement; Modification. This Agreement constitutes the complete agreement between the parties and supercedes any prior oral or written agreements between the parties regarding the property. There are no verbal agreements that change this Agreement and no waiver of any of its terms will be effective unless in a writing executed by the parties. (c) Successors and Assigns. If this Agreement is assigned, all provisions of this Agreement shall be binding on successors and assigns. 13. ACCEPTANCE DEADLINE. This offer to purchase, unless accepted sooner, shall be null and void at 11:59 P.M. . 1999 and in such event all earnest money shall be refunded to Buyer. NOTICE Robert Carlson Represents Buver (^sent) Represents Seller TIllS IS A LEGALLY BINDING CONTRACT. IF NOT UNDERSTOOD, SEEK COMPETENT ADVICE. Dated: October 25, 1999 BUYER , D. Aad...... A.~t M. De"!,, Signed ~ .() !#,{;(U/I. . Dated: October 25,1999 SELLER SELLER