8.1. SR 06-21-2021 - Laserfiche WebLink

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80. Property located at COMMERCIAL PURCHASE AGREEMENT 79. Page 3 Date February 2nd 2021 413 Proctor Avenue NW Elk River 55330 81. POSSESSION: Seller shall deliver possession of the Property: (Check one.) 82. 0 IMMEDIATELY AFTER CLOSING; or 83. ❑ OTHER: 84. Seller agrees to remove ALL DEBRIS AND ALL PERSONAL PROPERTY NOT INCLUDED HERE from the Property 85. by possession date. 86. PRORATIONS: All items customarily prorated and adjusted in connection with the closing of the sale of the Property 87. here including but not limited to rents, operating expenses, interest on any debt assumed by Buyer, shall be prorated 88. as of the date of closing. It shall be assumed that Buyer will own the Property for the entire date of the closing. 89. RISK OF LOSS: If there is any loss or damage to the Property between Date of this Purchase Agreement and the date 90. of closing, for any reason, the risk of loss shall be on Seller. If the Property is destroyed or substantially damaged before 91. the closing, this Purchase Agreement shall be canceled, at Buyer's option, if Buyer gives written notice to Seller, or licensee 92. representing or assisting Seller, of such cancellation within thirty (30) days of the damage. Upon said cancellation, 93. Buyer and Seller shall immediately sign a written cancellation of Purchase Agreement confirming said cancellation 94. and directing all earnest money paid here to be refunded to Buyer. 95. EXAMINATION OF TITLE: Seller shall, at its expense, within 20 (twenty) days after Final 96. Acceptance Date, furnish to Buyer, or licensee representing or assisting Buyer, a commitment for an owner's policy 97. of title insurance from TBD , including levied and pending special (Name of Title Company) 98. assessments. Buyer shall be allowed ten (10) days ("Objection Period") after receipt of the commitment for title 99. insurance to provide Seller, or licensee representing or assisting Seller, with written objections. Buyer shall be deemed 100. to have waived any title objections not made within the Objection Period provided for immediately above and any 101. matters with respect to which title objection is so waived may be excepted from the warranties in the Deed as specified 102. here to be delivered pursuant to this Agreement. 103. TITLE CORRECTIONS AND REMEDIES: Seller shall have thirty (30) days ("Cure Period") from receipt of Buyer's 104. written title objections to cure any title objections but shall not be obligated to do so. Upon receipt of Buyer's title 105. objections, Seller shall, within ten (10) days, notify Buyer, or licensee representing or assisting Buyer, in writing whether 106. or not Seller will endeavor to cure such objections within the Cure Period. Liens or encumbrances for liquidated 107. amounts created by instruments executed by Seller and which can be released by payment proceeds of closing shall 108. not delay the closing. 109. If Seller's notice states that Seller will not endeavor to cure one or more specified objections within the Cure Period, 110. Buyer may, as its sole remedy, within ten (10) days of the sending of such notice by Seller, declare this Purchase 111. Agreement canceled by written notice to Seller, or licensee representing or assisting Seller, in which case this Purchase 112. Agreement is canceled. If Buyer declares this Purchase Agreement canceled, Buyer and Seller shall immediately sign a 113. written cancellation of Purchase Agreement confirming said cancellation and directing all earnest money paid hereto 114. be refunded to Buyer. If Buyer does not declare this Purchase Agreement canceled as provided immediately above, 115. Buyer shall be bound to proceed with the closing and to purchase the Property subject to the objections Seller has 116. declined to cure without reduction in the Purchase Price. 117. If Seller's notice states that Seller will endeavor to cure all of the specified objections, or if Seller's notice states that 118. Seller will endeavor to cure some, but not all, of the specified objections and Buyer does not declare this Purchase 119. Agreement canceled as provided above, Seller shall use commercially reasonable efforts to cure the specified objections 120. or those Seller has agreed to endeavor to cure and, pending correction of title, all payment required here and the 121. closing shall be postponed. 122. If Seller, within the Cure Period provided above, corrects the specified objections Seller's notice indicated Seller would 123. endeavor to cure, then upon presentation to Buyer, or licensee representing or assisting Buyer, of documentation 124. establishing that such objections have been cured, the closing shall take place within ten (10) days or on the scheduled 125. closing date, whichever is later. MNC:PA-3 (8/20) TRANSACTIONS