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COMMERCIAL PURCHASE AGREEMENT
<br />126. Page 4 Date February 2nd 2021
<br />127. Property located at 413 Proctor Avenue NW Elk River 55330
<br />128. If Seller, within the Cure Period provided above, does not cure the specified objections which Seller's notice indicated
<br />129. Seller would endeavor to cure, Buyer may, as its sole remedy, declare this Purchase Agreement canceled by written
<br />130. notice to Seller, or licensee representing or assisting Seller, given within five (5) days after the end of the Cure Period,
<br />131. in which case this Purchase Agreement is canceled. Buyer and Seller shall immediately sign a Cancellation of Purchase
<br />132. Agreement confirming said cancellation and directing all earnest money paid here to be refunded to Buyer. Neither
<br />133. party shall be liable for damages here to the other. In the alternative, Buyer may elect to waive such objections by
<br />134. providing written notice to Seller, or licensee representing or assisting Seller, within such five (5)-day period and accept
<br />135. title subject to such uncured objections, in which event, Buyer shall be bound to proceed with the closing and to purchase
<br />136. the Property subject to the objections Seller has not cured without reduction in the Purchase Price. If neither notice
<br />137. is given by Buyer within such five (5)-day period, Buyer shall be deemed to have elected to waive the objections and
<br />138. to proceed to closing as provided in the immediately preceding sentence.
<br />139. If title is marketable, or is made marketable as provided here, and Buyer defaults in any of the agreements here,
<br />140. Seller, in addition to any other right or remedy available to Seller here, at law or in equity may cancel this Purchase
<br />141. Agreement as provided by either MN Statute 559.21 or MN Statute 559.217, whichever is applicable, and retain all
<br />142. earnest money paid here as liquidated damages.
<br />143. If title is marketable, or is made marketable as provided here, and Seller defaults in any of the agreements here,
<br />144. Buyer may, in addition to any other right or remedy available to Buyer here, seek specific performance within six
<br />145. (6) months after such right of action arises.
<br />146. REPRESENTATIONS AND WARRANTIES OF SELLER: The following representations made are to the best
<br />147. of Seller's knowledge.
<br />148. There is no action, litigation, investigation, condemnation, or other proceeding of any kind pending or threatened
<br />149. against Seller or any portion of the Property. In the event Seller becomes aware of any such proceeding prior to
<br />150. closing, Seller will promptly notify Buyer of such proceeding.
<br />151. The Property is in compliance with all applicable provisions of all planning, zoning, and subdivision rules; regulations;
<br />152. and statutes. Seller has obtained all necessary licenses, permits, and approvals necessary for the ownership and
<br />153. operation of the Property.
<br />154. Prior to the closing, payment in full will have been made for all labor, materials, machinery, fixtures, or tools furnished
<br />155. within the 120 days immediately preceding the closing in connection with construction, alteration, or repair of any
<br />156. structure on, or improvement to, the Property.
<br />157. Seller has not received any notice from any governmental authority as to condemnation proceedings, or violation of
<br />158. any law, ordinance, regulation, code, or order affecting the Property. If the Property is subject to restrictive covenants,
<br />159. Seller has not received any notice from any person or authority as to a breach of the covenants. Any such notices
<br />160. received by Seller shall be provided to Buyer immediately.
<br />161. Seller has not executed any options to purchase, rights of first refusal, or any other agreements giving any person or
<br />162. other entity the right to purchase or otherwise acquire any interest in the Property, and Seller is unaware of any options
<br />163. to purchase, rights of first refusal, or other similar rights affecting the Property.
<br />164. The legal description of the real property to be conveyed has been or shall be approved for recording as of the date
<br />165. of closing.
<br />166. If Seller is an organized entity, Seller represents and warrants to Buyer that Seller is duly organized and is in good
<br />167. standing under the laws of the State of Minnesota; that Seller is duly qualified to transact business in the State of
<br />168. Minnesota; that Seller has the requisite organizational power and authority to enter into this Purchase Agreement and
<br />169. the Seller's closing documents signed by it; such documents have been duly authorized by all necessary action on
<br />170. the part of Seller and have been duly executed and delivered; that the execution, delivery, and performance by Seller of
<br />171. such documents do not conflict with or result in a violation of Seller's organizational documents or Bylaws or anyjudgment,
<br />172. order, or decree of any court or arbiter to which Seller is a party; and that such documents are valid and binding obligations
<br />173. of Seller, and are enforceable in accordance with their terms.
<br />MNC:PA-4 (8/20)
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