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Authentislgn ID: 9F1BF799-013A-41A7•ABDPEC91544EBDEB
<br />COMMERCIAL PURCHASE AGREEMENT
<br />174. Page 5 Date February 2nd 2021
<br />175. Property located at 413 Proctor Avenue NW Elk River 55330
<br />176. Seller will indemnify Buyer, its successors and assigns, against and will hold Buyer, its successors and assigns,
<br />177. harmless from, any expenses or damages, including reasonable attorneys' fees, that Buyer incurs because of the
<br />178. breach of any of the above representations and warranties, whether such breach is discovered before or after the
<br />179. date of closing.
<br />180. See attached Addendum to Commercial Purchase Agreement: Due Diligence, if any, for additional representations
<br />181. and warranties.
<br />182, REPRESENTATIONS AND WARRANTIES OF BUYER: If Buyer is an organized entity, Buyer represents and warrants
<br />183. to Seller that Buyer is duly organized and is in good standing under the laws of the State of Minnesota; that Buyer is
<br />184. duly qualified to transact business in the State of Minnesota; that Buyer has the requisite organizational power and
<br />185, authority to enter into this Purchase Agreement and the Buyer's closing documents signed by it; such documents
<br />186. have been duly authorized by all necessary action on the part of Buyer and have been duly executed and delivered;
<br />187. that the execution, delivery, and performance by Buyer of such documents do not conflict with or result in a violation
<br />188. of Buyer's organizational documents or Bylaws or any judgment, order, or decree of any court or arbiter to which Buyer
<br />189, is a party; and that such documents are valid and binding obligations of Buyer, and are enforceable in accordance with
<br />190, their terms. Buyer will indemnify Seller, its successors and assigns, against and will hold Seller, its successors and
<br />191. assigns, harmless from, any expenses or damages, including reasonable attorneys' fees, that Seller incurs because
<br />192. of the breach of any of the above representations and warranties, whether such breach is discovered before or after
<br />193. the date of closing.
<br />194. TIME IS OF THE ESSENCE FOR ALL PROVISIONS OF THIS CONTRACT.
<br />195. CALCULATION OF DAYS: Any calculation of days begins on the first day (calendar or Business Days as specified)
<br />196. following the occurrence of the event specified and includes subsequent days (calendar or Business Days as specified)
<br />197. ending at 11:59 P.M. on the last day.
<br />198. BUSINESS DAYS: "Business Days" are days which are not Saturdays, Sundays, or state or federal holidays unless
<br />199, stated elsewhere by the parties in writing.
<br />200. DEFAULT: If Buyer defaults in any of the agreements here, Seller may cancel this Purchase Agreement, and any
<br />201. payments made here, including earnest money, shall be retained by Seller as liquidated damages and Buyer and Seller
<br />202. shall affirm the same by a written cancellation. In the alternative, Seller may seek all other remedies allowed by law.
<br />203. If Buyer defaults in any of the agreements here, Seller may terminate this Purchase Agreement under the
<br />204, provisions of either MN Statute 559.21 or MN Statute 559,217, whichever is applicable.
<br />205. If this Purchase Agreement is not canceled or terminated as provided here, Buyer or Seller may seek actual damages
<br />206. for breach of this Purchase Agreement or specific performance of this Purchase Agreement; and, as to specific
<br />207. performance, such action must be commenced within six (6) months after such right of action arises.
<br />208. SUBJECT TO RIGHTS OF TENANTS, IF ANY, BUYER HAS THE RIGHT TO VIEW THE PROPERTY PRIOR TO
<br />209. CLOSING TO ESTABLISH THAT THE PROPERTY IS IN SUBSTANTIALLY THE SAME CONDITION AS OF THE
<br />210. DATE OF THIS PURCHASE AGREEMENT.
<br />211. METHAMPHETAMINE PRODUCTION DISCLOSURE:
<br />212. (A Methamphetamine Production Disclosure is required by MN Statute 152.0275, Subd. 2 (m).)
<br />213, 0 Seller is not aware of any methamphetamine production that has occurred on the Property
<br />214. ❑ Seller is aware that methamphetamine production has occurred on the Property.
<br />215. (See Disclosure Statement. Methamphetamine Production)
<br />216, NOTICE REGARDING AIRPORT ZONING REGULATIONS: The Property may be in or near an airport safety zone
<br />217, with zoning regulations adopted by the governing body that may affect the Property. Such zoning regulations are
<br />218, filed with the county recorder in each county where the zoned area is located. If you would like to determine if such
<br />219. zoning regulations affect the Property, you should contact the county recorder where the zoned area is located.
<br />220. NOTICE REGARDING PREDATORY OFFENDER INFORMATION: Information regarding the predatory
<br />221. offender registry and persons registered with the predatory offender registry under MN Statute 243.166 may
<br />222. be obtained by contacting the local law enforcement offices in the community where the Property is located
<br />223. or the Minnesota Department of Corrections at (651) 361-7200, or from the Department of Corrections web
<br />224. site at www.corr.state.mn.us.
<br />MNC:PA-5 (8/20) 19 MinnesotaRealtors®
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