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Form 1325
<br />Minnesota Vacant Lot Purchase Agreement - Residential Development Tract
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<br /> Mill~/Davi$ Co. · St. Paul. MN 651-642-1988
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<br />M.S.B.A. Reel Property Form No. 32 (Augusl, 1997)
<br /> PURCHASE AGREEMENT / PAGE 2
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<br />80 C. Declare this Purchase Agreement null and void by notice to Seller, end earnest money shall be mfundod to Buyer.
<br /> 81 /Stn~a one:/BUYER SHALl. ASSUME / ~[~l~X~l~J~;~X~.~ any deferred real estate t/x.e (including "Green
<br /> 82 Acres" taxes under Minn. Stat. 273.111) or specisl assessments payment of which is required as · result of the dosing of this
<br /> 83 Buyer ~hall pay real estate taxes due and payable in the year following oloeing end thereafter and any unpaid special eseesemente payable
<br /> 84 therewith end thereafter, the payment of which is not otherwise provided herein. Seller makes no repreleRtatlo~l concerning the Imount of
<br /> 85 futura real estate taxes or of future special assess'leant/.
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<br /> 87 S. DAMAGES TO REAL PROPERTY. If the real property is substantially damaged prior to closing, this Purchase Agreement shall terminate
<br /> 88 and the earnest money shell be refunded to Buyer. If the real property is damaged mat/rielly but lese than eubat/ntieily prior to closing,
<br /> 89 Buyer may rescind this Purchase Agreement by notice to Seller within 21 days after Seller notifies Buyer of such damage, during which
<br /> 90 21-day period Buyer may inspect the real prope~y, and in the event of such rescission, the earnest money shell be refunded to Buyer.
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<br /> 92 9. SELLER'S BOUNDARY LINE, ACCESS, RESTRICTIONS AND LIEN WARRANTIES. Seller warrants that buildings on adjoining reel property,
<br /> 93 if any, era entirely outside the boondew lines of the property. Seller warrant/that there la a right of aCCela to the real property from a public
<br /> 94 right of way. Seller werrent/ thee there hea been no labor or material fumishad to the property for which payment has not been mede.
<br /> 95 Seller warrants that there are no present violations of any restrictions relating to the use or improvement of the real properly. These
<br /> 96 werrentisa shell survive the delivery of the Deed or Contract for Deed.
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<br /> 98 10. CONDITION OF PROPERTY.
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<br />100 A. Seller shall remove all debris and all personal property not included in this sale from the property before poseeseion date. Seller has
<br />101 not received any notice from any govemment/I autho~ty as to the existence of any Dutch elm disease, cek wilt, or other diseeae of
<br />102 any trees on the property.
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<br />104 B. Seller knows of no hazardous substances or petroleum product/having been placed, stored, or released from or on the property by
<br />105 any person in violation of any sew, nor of any underground storage tanks having been Iocstod on the property et any time, except ea
<br />106 follows: once.
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<br />Notwithstanding Buyer's environmental investigations of the property (see 22.C., below), Seller warrants and reFeaenta to Buyer that
<br />there have been no act/ or occurrencse upon the property that have caused or could cause hazardous aubstencea or petroleum
<br />product/to be releaeod or discharged into the subsoil or ground water of the property or other property in the area. Seller repreaente
<br />and warrame to Buyer that the property is free of hazardous subet/ncea and is not subject to any 'eupedund" type liens or claims by
<br />govemment/I regulatory ngenciea or third parties arising from the release or threatened release of hazardous substances in, on, or
<br />about the property. Seller shell indemnify and hold Buyer harmlese from any and ell claims, ceucea of a=tion, damages, lame, or
<br />costs {including lawyer's fees) relating to hezardoua substances or petroleum products in the subsoil or ground water of the property
<br />or other property In the area which arise from or are caused by a~s or occurrences upon the property prior to Buyer taking
<br />possession. These warranties and indemnifications shall survive the delivery of the Deed or Contract for Deed.
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<br />C. Seller knows of no wetlands, flood plain, or ahorelend on or affecting the property, except es follows:
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<br />/Check the box ff the fo#owing provision applies to this Purchase Agreament:J r-'l ADDENDUM TO PURCHASE AGREEMENT:
<br />WETLANDS, SHORELAND AND FLOOD PLAIN DISCLOSURE, M.S.B.A. Real Property Form Nc. B {1997), is included aa an addendum
<br />to this Purchase Agreement.
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<br />Seller's worrentica and representations contained in this perapraph 10 shall survive the dollvefy of the Deed or Contrect for Deed,
<br />provided that any notice of · defect or claim of breach of warranty must be in writing end any such notice with respect to matters
<br />referred to in A., above must be given by Buyer to Seller within one year of the Date of Closing or be deemed waived.
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<br />Buyer shall have the right to have inspectiono of the property conducted prior to closing. Unless required by local ordinense or tending
<br />regulations, Seller does not plan to have the property inspected. Other than the representations mede in this peregreph 10., and in
<br />paragraph 22., the property is being sold 'AS I$' with no exprese or implied represent/alone or warranties by Seller aa to physical
<br />conditions or fitness for any particular purpose.
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<br />11. DISCLOSURE OF NOTICES. Seller has not received any notice from any governmental authority aa to violation of any law, ordinance or
<br />regulation. If the property ia subject to restrictive covenant/, Seller has not received any notice from any person aa to e breach of the
<br />covenants. Seller has not received any notice from any governmental authority concerning any eminent domain, condenmction, special
<br />taxing district, or rezoning proceedings.
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<br />12. ACCESS PRIOR TO CLOSING. By this Purchase Agreement, Buyer does not acquire any right of possession of the property nm' does
<br />Buyer acquire any right of entry, license, or easement. Seller will consent to a case-by-case right of entry for Buyer end/or Buyer's agents,
<br />surveyors, engineers, end site eveluatora for t/sting, measuring, and evaluating purposes provided that the following conditions era met:
<br /> A. There shall be no crop or tree damage.
<br /> B. There shall be no excavating or earth moving and no tree removal.
<br /> C. Buyer's independent contrectore (surveyors, angineara, and alt/evaluators, etc.) shall, prior to entry on the lend, deliver to Seller proof
<br /> of independent contract with Buyer and · waiver of lien rights in · form setisfectory to Seller.
<br />Buyer shall indemnify and hold Seller harmless from any and all liens, claims, liabilities or charges incurred or caused by Buyer's oontrect/
<br />with ouweyora, engineers, and else eveluatora, which indemnity shell include any lewyer'a feea, cease or dleboreament/ incurred by Seller
<br />in any defense thereof.
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<br />13. POSSESSION. Seller shell deliver poseeaeion of the property not later then July lg ~ closing.
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<br />14. EXAMINATION OF TITLE. To demonstrate that Seller's title ia good and marketable of record, within a reaeanabie time after
<br />acceptance of this Purchase Agreement, Seller shall furnish Buyer with an Abstract of Title or a Registered Property Ab~rec~ cef~lfled to
<br />date including proper searches covering benkruptolal end state end federal judgmentl, federal court judgment liens in favor of tho U.S.,
<br />lisno, end levied end pending special e~esement$. Buyer shell have ten (10) buatnou days after receipt of the Abetrect of Title or
<br />Registered Property Abstract either to have Buyer's lawyer examine the title and provide Seller with written objections or, at Buyer's own
<br />expense, to make en application for a title insurance policy and notify Seller of the application. Buyer shall have ten (10) business deya after
<br />receipt of the Commitment for Title Insurance to provide Seller with a nopy of the Commitment end written objections. Buyer shall be
<br />deemed to have waived any title objections not made within the ten (10) day period above, except that thle shall not operas/el a waiver of
<br />Seller's covenant to deliver · statutory Warranty Deed, unlese a Warranty Dead is not apecifiod above. If Buyer obtains title insurance, Buyer
<br />ie not waiving the right to obtain · good and marketable title of record from Seller.
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<br />16. TITLE CORRECTIONS AND REMEDIES. Seller shall have 120 days frOm receipt of Buyer's written title objections to make title
<br />marketable. Upon receipt of Buyer's title objections, Seller shall, within ten (10} bualnase days, notify Buyer of Sailor's intention to make
<br />title marketable within the 120 day period. Liens er ecoumbrancea for liquidated amount/which can be roleaead by payment or escrow
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