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Authentisign ID: 0F1 BF799413AAI A7-ABDC•EC91544EB DEB 37. Property located at 413 Proctor Avenue NW COMMERCIAL PURCHASE AGREEMENT 36. Page 2 Date __ February 2nd 2021 Elk River 38. DEED/MARKETABLE TITLE: Subject to performance by Buyer, Seller agrees to execute and deliver a: (Check one.) 39. ® WARRANTY DEED ❑ LIMITED WARRANTY DEED ❑ CONTRACT FOR DEED 40. ❑ OTHER: DEED conveying marketable title, subject to: 41. (a) building and zoning laws, ordinances, and state and federal regulations; 42. (b) restrictions relating to use or improvement of the Property without effective forfeiture provisions; 43, (c) reservation of any mineral rights by the State of Minnesota or other government entity; 44. (d) utility and drainage easements which do not interfere with existing improvements; and 45. (e) others (must be specified in writing): 46. 47. 48. 49. 50. 51, 52. TENANTS/LEASES: Property ❑ IS © IS NOT subject to rights of tenants (if answer is IS, see attached Addendum -------(Check one.) ------ to Commercial Purchase Agreement., Due Diligence). Seller shall not execute leases from the Date of this Purchase Agreement to the date of closing, the term of which lease extends beyond the date of closing, without the prior written consent of Buyer. Buyer's consent or denial shall be provided to Seiler within shall not be unreasonably withheld. days of Seller's written request. Said consent 53. REAL ESTATE TAXES: Real estate taxes due and payable in the year of closing shall be prorated between Seller and 54. Buyer on a calendar year basis to the actual date of closing unless otherwise provided in this Purchase Agreement. 55. Real estate taxes, including penalties, interest, and any associated fees, payable in the years prior to closing shall 56. be paid by Seller. Real estate taxes payable in the years subsequent to closing shall be paid by Buyer. 57, SPECIAL ASSESSMENTS: 58. ❑ BUYER AND SELLER SHALL PRORATE AS OF THE DATE OF CLOSING ® SELLER SHALL PAY ----------------------------------------------- --------- ---------------- -- ----- -- (Check one.)------------------------------------------•----------------------------------------- 59. on the date of closing all installments of special assessments certified for payment with the real estate taxes due and 60. payable in the year of closing, 61. ❑ BUYER SHALL ASSUME JK SELLER SHALL PAY ON DATE OF CLOSING all other special assessments ............ ....... -... -------------------------------------(Check one.) ---------------------------------------------- ------------ 62. levied as of the Date of this Purchase Agreement, 63. ❑ BUYER SHALL ASSUME © SELLER SHALL PROVIDE FOR PAYMENT OF special assessments pending as -------------------------------------- --------------------- (Checkone.)-.------------------------------------------------------ 64. of the Date of this Purchase Agreement for improvements that have been ordered by any assessing authorities. (Seller's 65. provision for payment shall be by payment into escrow of up to two (2) times the estimated amount of the assessments 66. or less, as allowed by Buyer's lender.) 67, Buyer shall pay any unpaid special assessments payable in the year following closing and thereafter, the payment of 68, which is not otherwise here provided, 69. As of the Date of this Purchase Agreement, Seiler represents that Seller ❑ HAS FKJ HAS NOT received a notice - ^--------(Check one.).....------- 70, regarding any new improvement project from any assessing authorities, the costs of which project may be assessed 71. against the Property. Any such notice received by Seller after the Date of this Purchase Agreement and before 72. closing shall be provided to Buyer immediately. If such notice is issued after the Date of this Purchase Agreement 73. and on or before the date of closing, then the parties may agree in writing, on or before the date of closing, to pay, 74. provide for the payment of, or assume the special assessments, In the absence of such agreement, either party may 75. declare this Purchase Agreement canceled by written notice to the other party, or licensee representing or assisting the 76. other party, in which case this Purchase Agreement is canceled, If either party declares this Purchase Agreement 77, canceled, Buyer and Seller shall immediately sign a written cancellation of Purchase Agreement confirming said 78. cancellation and directing all earnest money paid here to be refunded to Buyer. MNC:PA-2 (8/20) Minnesota Realtors® TRANSACTIONS i Trans IW,Dnk Editbn