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<br /> Initials Initials Initials Initials
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<br />RESIDENTIAL PURCHASE AGREEMENT
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<br />BEFORE YOU USE OR SIGN THIS CONTRACT, YOU SHOULD CONSULT WITH AN
<br />ATTORNEY TO DETERMINE THAT THIS CONTRACT ADEQUATELY PROTECTS
<br />YOUR LEGAL RIGHTS.
<br />
<br />1. PARTIES. This Purchase Agreement is made on the ____ day of June 2019, by and
<br />between John and Elaine Dryer, husband and wife, 13008 Island View Drive, Elk River,
<br />MN 55330 (“Seller”) and SNL Island View Properties, LLC, a Minnesota limited
<br />liability company, its successors or assigns, 13002 Island View Drive, Elk River, MN
<br />55330 (“Buyer”).
<br />2. OFFER/ACCEPTANCE. Buyer offers to purchase, and Seller agrees to sell , the real
<br />property legally described on Exhibit 1 hereto and assigned the street address of 13008
<br />Island View Drive, Elk River, MN 55330.
<br />3. ACCEPTANCE DEADLINE. This offer to purchase, unless accepted sooner, shall be
<br />null and void at 11:59 PM on the 16th day of July 2019, or at such time as the
<br />contingencies set forth herein are not satisfied (whichever is later).
<br />4. PERSONAL PROPERTY AND FIXTURES INCLUDED IN SALE. The following
<br />items of personal property and fixtures owned by Seller and currently located on the
<br />property are included in this sale [strike out items not included]: garden bulbs, plants,
<br />shrubs, trees, storm windows and inserts, storm doors, screens, window shades, blinds,
<br />curtain-traverse-drapery rods, attached lighting fixtures with bulbs, plumbing fixtures,
<br />sump pumps, water heaters, heating systems, heating stoves, fireplace inserts, fireplace
<br />doors and screens, built-in humidifiers, built-in air conditioning units, built-in electronic
<br />air filters, automatic garage door openers with controls, water softeners, built -in
<br />dishwashers, garbage disposals, built -in trash compactors, built-in ovens and cooking
<br />stoves, hood-fans, intercoms, installed carpeting, work benches, security systems, and
<br />also the following property: dock and boat lift. Upon delivery of the deed, Seller shall
<br />also deliver a Bill of Sale for the above personal property.
<br />5. PRICE AND TERMS. The price for the real and personal property included in this
<br />sale is Written dollar amount of Three Hundred and Thirty-Eighty Thousand and xx/100
<br />Dollars ($338,000.00) which Buyer shall pay as follows: Earnest money of $0.00 by
<br />Cash, check or note, receipt of which is hereby acknowledged (to be deposited the next
<br />business day after acceptance in trust account of listing broker, unless otherwise
<br />specified in writing) and $338,000.00 cash on or before the 12th day of July 2019 (the
<br />DATE OF CLOSING) which shall be deposited the next business day after acceptance
<br />in the trust account or escrow account of the designated closing company until the earlier
<br />of such time as all of the contingencies set forth in Paragraph 7 of the Settlement
<br />Agreement by and between the Seller, Buyer and the City of Elk River dated
<br />___________, 2019 and relating to Sherburne County Civil File No. 71 -CV-18-70 are
<br />satisfied in full or July 19, 2019.
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