8.1. SR 06-21-2021 - Laserfiche WebLink

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264. Property located at COMMERCIAL PURCHASE AGREEMENT 263. Page 7 Date February 2nd 2021 413 Proctor Avenue NW Elk River 55330 265. CONSENT TO DUAL AGENCY 266. Broker represents both parties involved in the transaction, which creates a dual agency. This means that Broker and 267. its salespersons owe fiduciary duties to both parties. Because the parties may have conflicting interests, Broker and its 268. salespersons are prohibited from advocating exclusively for either party. Broker cannot act as a dual agent in this 269. transaction without the consent of both parties. Both parties acknowledge that 270. (1) confidential information communicated to Broker which regards price, terms, or motivation to buy, sell, or lease will 271. remain confidential unless the parties instruct Broker in writing to disclose this information. Other information will 272. be shared; 273. (2) Broker and its salespersons will not represent the interest of either party to the detriment of the other; and 274. (3) within the limits of dual agency, Broker and its salesperson will work diligently to facilitate the mechanics of the 275. sale. 276. With the knowledge and understanding of the explanation above, the parties authorize and instruct Broker and its 277. salespersons to act as dual agents in this transaction. 278. SELLER: NSA BUYER: N/A (Business Entity or Individual Name) (Business Entity or Individual Name) 279. By: By: (Seller's Signature) (Buyer's Signature) 280. (Seller's Printed Name) (Buyer's Printed Name) 281. Its: Its: (Title) (Title) 282. (Date) (Date) 283. SELLER: BUYER: (Business Entity or Individual Name) (Business Entity or Individual Name) 284. By: By: (Seller's Signature) (Buyer's Signature) 285. (Seller's Printed Name) (Buyer's Printed Name) 286. Its: Its: (Title) (Title) 287. (Date) (Date) 288. SUCCESSORS AND ASSIGNS: All provisions of this Purchase Agreement shall be binding on successors and 289. assigns. 290. CLOSING COSTS: Buyer or Seller may be required to pay certain closing costs, which may effectively increase the 291. cash outlay at closing or reduce the proceeds from the sale. 292. FOREIGN INVESTMENT IN REAL PROPERTY TAX ACT ("FIRPTA"): Section 1445 of the Internal Revenue Code 293. provides that a transferee ("Buyer") of a United States real property interest must be notified in writing and must 294. withhold tax if the transferor ("Seller") is a foreign person and no exceptions from FIRPTA withholding apply. Buyer 295. and Seller agree to comply with FIRPTA requirements under Section 1445 of the Internal Revenue Code. 296. Seller shall represent and warrant, under the penalties of perjury, whether Seller is a "foreign person" (as the same 297. is defined within FIRPTA), prior to closing. Any representations made by Seller with respect to this issue shall survive 298. the closing and delivery of the deed. 299. Buyer and Seller shall complete, execute, and deliver, on or before closing, any instrument, affidavit, or statement 300. reasonably necessary to comply with the FIRPTA requirements, including delivery of their respective federal taxpayer 301. identification numbers or Social Security numbers. MNC:PA-7 (8/20) p � �I�� ,ui%i ii� III t � ��N� iu�,�� TRANSACTIONS if zoisnctiu�nd?esk'�a�itlnrn