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<br />. <br /> <br />. <br /> <br />. <br /> <br />ADDENDUM TO PURCHASE AGREEMENT <br />DATE: October 25.1999 <br /> <br />By and between, Dennis D. Anderson & Dwight M.Denyes, and or its' assigns, Buyer <br />and City of Elk River, Seller. <br /> <br />1. TERMS AND CONDITIONS. The terms, conditions and provisions of this <br />addendum shall take precedence over and control any contrary terms contained in the <br />purchase agreement wherever possible, the addendum shall be construed consistently <br />with the printed form portion of the purchase agreement. <br /> <br />2. PURCHASE PRICE. The purchase price shall be $350.000.00. BUYER will pay <br />upon the following terms: <br /> <br />The unpaid balance will accrue at an annual interest rate of 10% <br />BUYER will personally guarantee all payments. <br /> <br />A. $5.000.00 Earnest money. <br /> <br />B. $.345.000 Cash at closing. <br /> <br />3. EARNEST MONEY. $5,000.00 Earnest money. <br /> <br />4. CONTINGENCIES. Unless waived by Buyer in writing, Buyers obligation to <br />purchase the property shall be subject to Buyer being able to satisfy the following <br />contingencies on or before after acceptance of this offer. The sufficiency of the <br />contingencies will be determined by Buyer, in Buyer's sole discretion. In the event <br />of the failure of any contingency, this Purchase Agreement shall be null and void at <br />Buyer's option and earnest money refunded. <br /> <br />1) Zoning <br />22\Building Approval ...tJ. f "/ () nrr-fl4'I/Ons <br />'5J &11 fdrL~ l.{}) 7 Fiat 5t7/ LQf I vv :. <br /> <br />5. SPECIAL ASSESSMENTS. BUYER represents and warrants that all existing and <br />pending special assessments for the property being purchased shall be paid in full at <br />the date of closing. <br /> <br />6. REAL ESTATE TAXES. All real estate taxes due in 1999 shall be prorated to the <br />date of closing. All real estate taxes, penalties and interest, if any, due and payable for <br />current year shall be paid by SELLER. <br />