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<br />COMMERCIAL-INDUSTRIAL <br />PURCHASE AGREEMENT <br />Address Property at Holt & Jackson <br />October 25" 1999 Page 2 <br /> <br />e. EXAMINATION OF TITI...E. Within a reasonable time after acceptance of this Agreement. Seller shall furnish Buyer with an <br />Abstract of Title or a Registered Property Abstract certified to date including proper searches covering bankruptcies and State and <br />Federal judgments, liens, and levied and pending special assessments. Buyer shall have 10 business days after receipt of the <br />Abstract of Title or Registered Property Abstract either to have Buyer's attorney examine the title and provide Seller with written <br />objections or, at Buyer's own expense, to make an application for a title insurance policy and notifY Seller of the application. Buyer <br />shall have 10 business days after receipt of the commitment for title insurance to provide Seller with a copy of the commitment and <br />written objections. Buyer shall be deemed to have waived any title objections not made within the applicable 10 day period set <br />forth above, except that this shall not operate as a waiver of Seller's covenant to deliver a Warranty Deed, unless a Warranty Deed <br />is not specified above. If any objection is so made, Seller shall have 10 business days from receipt of Buyer's written title <br />objections to notify Buyer of Seller's intention to make title marketable within 120 days from Seller's receipt of such written <br />objection. If notice is given, payments hereunder required shall be postponed pending correction of title, but upon correction of title <br />and within 10 days after written notice to Buyer the parties shall perform this Purchase Agreement according to its terms. If no <br />such notice is given or if notice is given but title is not corrected within the time provided for, this Purchase Agreement shall be <br />null and void, at option of Buyer; neither party shall be liable for damages hereunder to the other and earnest money shall be <br />refunded to Buyer; Buyer and Seller agree to sign cancellation of Purchase Agreement. If title to the property be found marketable <br />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, <br />then and in that case the Seller may terminate this contract and on such termination all the payments made upon this contract shall <br />be retained by S~ller as liquidated da~ages, time be~g oft~e essence. 11li~ pre.isi88 ~a1l8~t a~ri.~.Gi~81p.MtJ 6fa~~ rigk:~t~te. <br />~~~ ~Q ~F""'fi" p~fm:mORt'~ QftbUl ~9RW. }JfEnailtl th.u ~&Abaet I...., &Aut bcen teI.fttl.'tfftettttM l'le"taeft fteti8B-4;e-~ ---l:l. <br />ilpeeiiie pe. [VUllC1lI\N 0>11..11 he 8eft1ftlefteed '::ithin sin ftlSntftll RiaT ouaR right &f l.",t:ml ~hlill fttliS8. <br />7. POSSESSION. Seller shall deliver possession of the property on the date of closing. <br />8. REPRESENTATIONS AND WARRANTIES. See attached addendum. <br />9. TIME IS OF THE ESSENCE FOR ALL PROVISIONS OF THIS CONTRACT. <br />10. WELL DISCLOSURE STATEMENT. Buyer has received the well disclosure statement required by Minnesota Statutes Sec. <br />1031.235. BUYER AND SELLER INITIAL: Buyer(s) Seller(s) <br />1l.ADDENDA. Attached are (number) addenda which are made a part of this Agreement. <br />A2.MISCELLANEOUS PROVISIONS. <br />· (a) Survival. All of the warranties, representations, and covenants of this Agreement shall survive and be enforceable after the <br />closing. <br />(b) Entire Agreement; Modification. This Agreement constitutes the complete agreement between the parties and supercedes <br />any prior oral or written agreements between the parties regarding the property. There are no verbal agreements that change <br />this Agreement and no waiver of any of its terms will be effective unless in a writing executed by the parties. <br />(c) Successors and Assigns. If this Agreement is assigned, all provisions of this Agreement shall be binding on successors and <br />assigns. <br />13. ACCEPTANCE DEADLINE. This offer to purchase, unless accepted sooner, shall be null and void at 11 :59 P.M. . 1999 <br />and in such event aU earnest money shall be refunded to Buyer. <br /> <br />NOTICE <br /> <br />Robert Carlson <br /> <br />Represents <br /> <br />Buver <br /> <br />(Agent) <br /> <br />Represents Seller <br /> <br />THIS IS A LEGALLY BINDING CONTRACT. IF NOT UNDERSTOOD, SEEK COMPETENT ADVICE. <br /> <br />Dated: October 25, 1999 <br />BUYER , D. Anders... An~t M Den... <br />Signed ~ /J 1j1lf7k1. <br />. . <br /> <br />Dated: October 25,1999 <br />SELLER <br />SELLER <br />