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COMMERCIAL PURCHASE AGREEMENT <br />This form approved by the Minnesota Association of REALTORS' <br />and the Minnesota Commercial Association of REALTORS°, which <br />disclaims any liability arising out of use or misuse of this form. <br />© 2020 Minnesota Association of REALTORS°, Edina, MN <br />1. Page 1 Date February 2nd 2021 <br />2. BUYER(S) is/are: First Step Preschool & Childcare LLC or as assigned (Check one.) <br />3. ❑ individual(s); OR ❑X a business entity organized under the laws of the State of <br />4. SELLER(S) is/are: city of Elk River (Check one.) <br />5. ❑ individual(s); OR ❑X a business entity organized under the laws of the State of <br />6. Buyer's earnest money in the amount of <br />7 Ten Thousand Dollars <br />g ($ 10, 000.00 ) shall be delivered no later than two (2) Business Days after <br />9. Final Acceptance Date to be deposited in the trust account of: (Check one.) <br />10. ❑ listing broker; or <br />11. ❑X T B D <br />(Trustee) <br />12. within three (3) Business Days of receipt of the earnest money or Final Acceptance Date whichever is later. <br />13. Said earnest money is part payment for the purchase of property at <br />14 413 Proctor Avenue NW located in the <br />15. City/Township of Elk River County of Sherburne <br />16. State of Minnesota, Zip Code 55330 PID # (s) 75-409-0205 <br />17. <br />18. and legally described as follows Elk River City: SEC 33, TWP 33.0, RG 26; <br />19. <br />20. (collectively the "Property") <br />21. together with the personal property as described in the attached Addendum to Commercial Purchase Agreement: <br />22. Personal Property, if any, all of which property the undersigned has this day sold to Buyer for the sum of: <br />23. Six Hundred Thousand <br />24. <br />25. ($ 600, 000.00 ) Dollars (" Purchase Price"), which Buyer agrees to pay in the following manner: <br />26. 1. CASH of 20 percent (%) of the sale price, or more in Buyer's sole discretion, which includes the earnest <br />27. money; PLUS <br />28. 2. FINANCING of 80 percent (%) of the sale price. Buyer shall, at Buyer's sole expense, apply for any <br />29. financing as required by this Purchase Agreement. <br />30. Such financing shall be: (Check one.) X❑ a first mortgage; ❑ a contract for deed; or ❑ a first <br />31. mortgage with subordinate financing, as described in the attached Addendum to Commercial PurchaseAgreement: <br />32. ❑X Conventional/SBA/Other ❑ Contract for Deed. <br />-------------------------------(Check one.)------------------------------------------ <br />33. DUE DILIGENCE: This Purchase Agreement ❑X IS ❑ IS NOT subject to a due diligence contingency. (If answer is IS, <br />------(Check one.)----- <br />34. see attached Addendum to Commercial Purchase Agreement: Due Diligence.) <br />35. CLOSING: The date of closing shall be See Addendum <br />MNC:PA-1 (8/20) <br />pill, <br />I °j IIIIIIr r � ��. <br />TRANSACTIONS <br />