8.1. SR 06-21-2021 - Laserfiche WebLink

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COMMERCIAL PURCHASE AGREEMENT 174. Page 5 Date February 2nd 2021 175. Property located at 413 Proctor Avenue NW Elk River 55330 176. Seller will indemnify Buyer, its successors and assigns, against and will hold Buyer, its successors and assigns, 177. harmless from, any expenses or damages, including reasonable attorneys' fees, that Buyer incurs because of the 178. breach of any of the above representations and warranties, whether such breach is discovered before or after the 179. date of closing. 180. See attached Addendum to Commercial Purchase Agreement: Due Diligence, if any, for additional representations 181. and warranties. 182. REPRESENTATIONS AND WARRANTIES OF BUYER: If Buyer is an organized entity, Buyer represents and warrants 183. to Seller that Buyer is duly organized and is in good standing under the laws of the State of Minnesota; that Buyer is 184. duly qualified to transact business in the State of Minnesota; that Buyer has the requisite organizational power and 185. authority to enter into this Purchase Agreement and the Buyer's closing documents signed by it; such documents 186. have been duly authorized by all necessary action on the part of Buyer and have been duly executed and delivered; 187. that the execution, delivery, and performance by Buyer of such documents do not conflict with or result in a violation 188. of Buyer's organizational documents or Bylaws or any judgment, order, or decree of any court or arbiter to which Buyer 189. is a party; and that such documents are valid and binding obligations of Buyer, and are enforceable in accordance with 190. their terms. Buyer will indemnify Seller, its successors and assigns, against and will hold Seller, its successors and 191. assigns, harmless from, any expenses or damages, including reasonable attorneys' fees, that Seller incurs because 192. of the breach of any of the above representations and warranties, whether such breach is discovered before or after 193. the date of closing. 194. TIME IS OF THE ESSENCE FOR ALL PROVISIONS OF THIS CONTRACT. 195. CALCULATION OF DAYS: Any calculation of days begins on the first day (calendar or Business Days as specified) 196. following the occurrence of the event specified and includes subsequent days (calendar or Business Days as specified) 197. ending at 11:59 P.M. on the last day. 198. BUSINESS DAYS: "Business Days" are days which are not Saturdays, Sundays, or state or federal holidays unless 199. stated elsewhere by the parties in writing. 200. DEFAULT: If Buyer defaults in any of the agreements here, Seller may cancel this Purchase Agreement, and any 201. payments made here, including earnest money, shall be retained by Seller as liquidated damages and Buyer and Seller 202. shall affirm the same by a written cancellation. In the alternative, Seller may seek all other remedies allowed by law. 203. If Buyer defaults in any of the agreements here, Seller may terminate this Purchase Agreement under the 204. provisions of either MN Statute 559.21 or MN Statute 559.217, whichever is applicable. 205. If this Purchase Agreement is not canceled or terminated as provided here, Buyer or Seller may seek actual damages 206. for breach of this Purchase Agreement or specific performance of this Purchase Agreement; and, as to specific 207. performance, such action must be commenced within six (6) months after such right of action arises. 208. SUBJECT TO RIGHTS OF TENANTS, IF ANY, BUYER HAS THE RIGHT TO VIEW THE PROPERTY PRIOR TO 209. CLOSING TO ESTABLISH THAT THE PROPERTY IS IN SUBSTANTIALLY THE SAME CONDITION AS OF THE 210. DATE OF THIS PURCHASE AGREEMENT. 211. METHAMPHETAMINE PRODUCTION DISCLOSURE: 212. (A Methamphetamine Production Disclosure is required by MN Statute 152.0275, Subd. 2 (m).) 213. 0 Seller is not aware of any methamphetamine production that has occurred on the Property. 214. ❑ Seller is aware that methamphetamine production has occurred on the Property. 215. (See Disclosure Statement: Methamphetamine Production.) 216. NOTICE REGARDING AIRPORT ZONING REGULATIONS: The Property may be in or near an airport safety zone 217. with zoning regulations adopted by the governing body that may affect the Property. Such zoning regulations are 218. filed with the county recorder in each county where the zoned area is located. If you would like to determine if such 219. zoning regulations affect the Property, you should contact the county recorder where the zoned area is located. 220. NOTICE REGARDING PREDATORY OFFENDER INFORMATION: Information regarding the predatory 221. offender registry and persons registered with the predatory offender registry under MN Statute 243.166 may 222. be obtained by contacting the local law enforcement offices in the community where the Property is located 223. or the Minnesota Department of Corrections at (651) 361-7200, or from the Department of Corrections web 224. site at www.corr.state.mn.us. uuG,„ uu. A II"iesft (Noi N) 1"Z e fly ! l t aiIr " TRANSACTIONS