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Authentisign to: OF18F799.413A-41A7•ABDC•EC91544EBDE8
<br />COMMERCIAL PURCHASE AGREEMENT
<br />79. Page 3 Date February 2nd 2021
<br />80. Property located at 413 Proctor Avenue NW Elk River 55330
<br />81. POSSESSION: Seller shall deliver possession of the Property: (Check one.)
<br />82. ® IMMEDIATELY AFTER CLOSING; or
<br />83. ❑ OTHER:
<br />84. Seller agrees to remove ALL DEBRIS AND ALL PERSONAL PROPERTY NOT INCLUDED HERE from the Property
<br />86, by possession date.
<br />86. PRORATIONS: All items customarily prorated and adjusted in connection with the closing of the sale of the Property
<br />87, here including but not limited to rents, operating expenses, interest on any debt assumed by Buyer, shall be prorated
<br />88. as of the date of closing. It shall be assumed that Buyer will own the Property for the entire date of the closing.
<br />89. RISK OF LOSS: If there is any loss or damage to the Property between Date of this Purchase Agreement and the date
<br />90. of closing, for any reason, the risk of loss shall be on Seller. If the Property is destroyed or substantially damaged before
<br />91, the closing, this Purchase Agreement shall be canceled, at Buyer's option, if Buyer gives written notice to Seller, or licensee
<br />92. representing or assisting Seller, of such cancellation within thirty (30) days of the damage. Upon said cancellation,
<br />93. Buyer and Seller shall immediately sign a written cancellation of Purchase Agreement confirming said cancellation
<br />94. and directing all earnest money paid here to be refunded to Buyer.
<br />95. EXAMINATION OF TITLE: Seller shall, at its expense, within 20 (twenty) days after Final
<br />96. Acceptance Date, furnish to Buyer, or licensee representing or assisting Buyer, a commitment for an owner's policy
<br />97. of title insurance from TB° , including levied and pending special
<br />(Name of Title Company)
<br />98. assessments. Buyer shall be allowed ten (10) days ("Objection Period") after receipt of the commitment for title
<br />99. insurance to provide Seller, or licensee representing or assisting Seller, with written objections. Buyer shall be deemed
<br />100. to have waived any title objections not made within the Objection Period provided for immediately above and any
<br />101. matters with respect to which title objection is so waived may be excepted from the warranties in the Deed as specified
<br />102. here to be delivered pursuant to this Agreement.
<br />103. TITLE CORRECTIONS AND REMEDIES: Seller shall have thirty (30) days ("Cure Period") from receipt of Buyer's
<br />104. written title objections to cure any title objections but shall not be obligated to do so. Upon receipt of Buyer's title
<br />105. objections, Seller shall, within ten (10) days, notify Buyer, or licensee representing or assisting Buyer, in writing whether
<br />106. or not Seller will endeavor to cure such objections within the Cure Period. Liens or encumbrances for liquidated
<br />107, amounts created by instruments executed by Seller and which can be released by payment proceeds of closing shall
<br />108, not delay the closing.
<br />109. If Seller's notice states that Seller will not endeavor to cure one or more specified objections within the Cure Period,
<br />110. Buyer may, as its sole remedy, within ten (10) days of the sending of such notice by Seller, declare this Purchase
<br />111. Agreement canceled by written notice to Seller, or licensee representing or assisting Seller, in which case this Purchase
<br />112. Agreement is canceled. If Buyer declares this Purchase Agreement canceled, Buyer and Seller shall immediately sign a
<br />113. written cancellation of Purchase Agreement confirming said cancellation and directing all earnest money paid here to
<br />114. be refunded to Buyer. If Buyer does not declare this Purchase Agreement canceled as provided immediately above,
<br />115. Buyer shall be bound to proceed with the closing and to purchase the Property subject to the objections Seller has
<br />116. declined to cure without reduction in the Purchase Price,
<br />117. If Seller's notice states that Seller will endeavor to cure all of the specified objections, or if Seller's notice states that
<br />118. Seller will endeavor to cure some, but not all, of the specified objections and Buyer does not declare this Purchase
<br />119. Agreement canceled as provided above, Seiler shall use commercially reasonable efforts to cure the specified objections
<br />120, or those Seller has agreed to endeavor to cure and, pending correction of title, all payment required here and the
<br />121, closing shall be postponed.
<br />122. if Seller, within the Cure Period provided above, corrects the specified objections Seller's notice indicated Seller would
<br />123. endeavor to cure, then upon presentation to Buyer, or licensee representing or assisting Buyer, of documentation
<br />124. establishing that such objections have been cured, the closing shall take place within ten (10) days or on the scheduled
<br />125. closing date, whichever is later.
<br />MNC:PA-3 (8/20)
<br />Minnesota
<br />Realtors"
<br />TRANSACTIONS
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