|
Miller/Davl~ Co. · St. Pad, MN a61-642-1988
<br /> Form 1325 M.S.B.A. Real Property Form No. 32 (August, 1997)
<br /> Minnesota Vacant Lot Purchase Agreement - Residential Development Tract PURCHASE AGREEMENT / PAGE 3
<br />
<br />168 from proceeds of closing shell not delay the closing. Cure of the defects by Seller shall be reasonable, diligent, and prompt. Pending
<br />
<br />169 COfTOCtlon of title, ell payments required herein end the closing shell be postponed.
<br />170 A. If notice le given end Seller makes title marketable, then upon presentation to Buyer and proposed lender of documentation
<br />171 establishing that title has been mede merkerableo and if not objected to in tho lame time and manner aa the original title objections,
<br />172 tho closing shall take place within ten (10) businela days or on the scheduled closing delco whichever ia later.
<br />173 B. If notice le given end Seller proceeds in good faith to make title msrketshle but the 120 day period expires without title being made
<br />174 merbetablo, Buyer may declare this Purchase Agreement void by notice to Seller, neither party shell be liable for damages hereunder to
<br />176 the other, and somest money shall be refunded to Buyer.
<br />176 c. If Seller deal not give notice of intention to make tide marketable, or if notice is given but the 120 day period expires ~thout title being
<br />177 made marketable due to Seller's failure to proceed in good faith, Buyer may seek, as permitted by law, one or more of the f(dlowlng:
<br />178 1. Proceed to closing without waiver or merger in the Deed of the objeetiona to title and without waiver of any remedies, and may:
<br />179 (a) Seek damages, costs, and reasonable lawyer's fees from Seller as permitted by law (damages under this aul~aregreph (a) shell
<br />1 BO be limited to the cost of curing objections to title, and consequential damages ere excluded); or
<br />181 (b) Undertake proceedings to correct the objections to title;
<br />182 2. Rescission of this Purchase Agreement by notice as provided herein, in which case the Purchase Agreement shall be null and void
<br />183 and all aamsot money paid shall be refunded to Buyer;
<br />184 3. Damages from Seller together with costs end reasonable lawyer's fees, aa permitted by law;
<br />185 4. Specific performance within six months after such right of action arises.
<br />186 D. If title ia marketable, or ia made marketable es provided herein, and Buyer defaults in any of the agreernonta herein, Seller may elect
<br />187 either of the following options, as permitted by law:
<br />188 1. Cancel this contract as provided by statute and retain ell payments made hereunder aa liquidated damages. The parties
<br />189 acknowledge their intention that any note given pursuant to this contract is a down payment note, and may be presented for
<br />190 payment notwithstanding canoelletlon;
<br />191 2. Seek specific performance within six months after such right of action arises, including costs and reasonable lewyer'a fees, as
<br />192 permitted by law.
<br />193 E. If title is marketime, or is made marketable ss provided herein, end Seller defaults in any of the agreement] herein° Buyer may, ee
<br />194 permitted by law:
<br />196 1. Seek damages from Seller including costs and reasonable lawyer's fees;
<br />196 2. Seek specific performance within six months after such right of action arises.
<br />197
<br />198 16. NOTICES. All notices required herein shall be in writing and delivered personally or mailed to the eddrese as shown at Paragraph 1.,
<br />199 above and if mailed, are effective as of the date of mailing.
<br />200
<br />201 17. SUBDIVISION OF LAND. If the legal description in this Purchsse Agreement is s new description requiring a subdivision of land
<br />202 owned by Seller, Buyer shall pay all subdivision expenses and obtain all nacsssery governmental approvals. Sailer makes no warranties or
<br />203 representations that the legal description of the real property to be conveyed has been or will be approved for recording as of the Date of
<br />204 Closing. NOTE: Un/sss the fo#owing costs and charges have been assessed age/nsf the property p~or to the data of this P~rchass
<br />205 Agreement by the governments/ unit having ju~fsd/cdon (and therefore ~rem~y covered by the provisions for payment of specie/
<br />206 assessments/, Buyer sha// assume the payment of municipal charges for deve/opment on, construct/on on, or improvement of ~e subject
<br />207 property re/ated to access fees, connect/on fees and "hook up' fees for connections to sewer, water, and other uti/it/es.
<br />206
<br />209 18. MINNESOTA LAW. This contract shall be governed by the laws of the State of Minnesota.
<br />210
<br />211 19. WEjI. L DISCLOSURE. [Chack one of the fo//owing:/
<br />212 ~ Seller cettiflee that Seller does not know of any wells on the property.
<br />213 __ Walle on the property era disclosed by Seller on the ettached Wall Disclnaure fom~.
<br />214
<br />215 20. SEWAGE TREATMENT SYSTEM DISCLOSURE.
<br />216 [Check either A or B:J
<br />217 __ A. Seller certifies that Sewage generated at the property goes to a facility permitled by the Minnesota Pollution Contrcl Agency
<br />218 (for example, a city or municipal sewer ~ystem}.
<br />219 ~ B. Seller certifies that sewage generated at the property does not gu to a facility permitted by the Minnesota Pollution Control
<br />220 Agency end Seller's Disclosure of Individual Sewage Treatment System is attached (attach form).
<br />221 [Check either C or D:/
<br />222 C. Seller does not know if there is an abandoned individual sewage treatment system on the property.
<br />223 ~7- D. Seller knows that there [strike one:])~K/are no abandoned individual sewage treatment systems on the property. If Seller
<br />224 discloses the existence of an abandoned individual sewage treatment m/stem on the property, then Minnem)ta law requires
<br />226 that the location of the system be disclosed to Buyer with e map. [Attach Se//er's Disc/osure of/ndividua/Sewage Treatment
<br />226 System with map comp/etsd./
<br />227
<br />228 21. SELLER'S AFFIDAVIT. At closing, Seller shall supplement the warranties and representations in this Purchase Agreement by
<br />229 executing and delivering a Minnesota Uniform Conveyenclng Blank [Form No. 116-M, 117-M, or 118-MI Affidavit of Seller.
<br />230
<br />231 22. CONTINGENCIES. This Purchase Agreement is subject to the following contingencies which must be performed or occur before the
<br />232 Date of Closing of this transection or such other date specified herein I"gerformenca dsta"l.
<br />233
<br />234 A. BUYER'S DEVELOPMENT EVALUATION. This Purchase Agreement is contingent upon Buyer obtaining by [dare]
<br />235 ell necessary approvals, architectural reviews, licenses, zoning, conditJonal use permits, variances, building permits, environmental
<br />236 permits, environmental approvals, and all other necessary permits, licenses end approvals (or has obtained reasonable assurances
<br />237 acceptable to Buyer, in its sole discretion, that such approvals will be available} for the intended development of /briefly describe/:
<br />238 Thi~ ~,.nnfin~o~ney i.~ waive1 h.v hu.ver.
<br />239 Buyer shell promptly proceed to obtain luch permits, licensee, ipprovall end/or assurances. Seller shill assist 9~,lyer in applying for
<br />240 rezoning, necessary licensee, conditional use permits, variances, building permits, environmental permits, and all other necessary
<br />241 permita for the development of the property as Buyer may determine to be necessary, but at no cost to Seller.
<br />242 This Purchase Agreement is also contingent upon Buyer determining by [data/ NA that the proposed development can be
<br />243 conetmcted on the property without the use of piling, extraordinary filling, or elmller extraordinary lend preparation etape which would
<br />244 make it financially impractical for Buyer's intended uss. All testa and inspections shall be conducted in such · manner so ss to prevent
<br />245 any damage to the property. Buyer shall promptly determine the soil conditions of the ~'operty and make the nece~ary calculations.
<br />246 Buyer shall promptly pay for all services rendered in conducting such tests and inepectiona and will not allow any mechanic's llene to
<br />247 attach to the property. Buyer shall indemnify Seller from ell such costa, expenses and liens. Buyer and its authorized agents, shell
<br />248 have the limited right (pursuant to Paragraph 12, above) from the date of thil Purchase Agreement, to enter upon the property to make
<br />249 such m~rvsys, measurements, soil tests, end other tests ss Buyer deems necessary, but without expense to Seller.
<br />260
<br />251 B. SURVEY. Buyer's obligation to close under this Purchase Agreement is contingent upon Buyer ohtaining, et Buyer's expense, by
<br />252 [date] Jul? 19_ ~(~ e survey of the property certified to Buyer aa of a current date (no earlier then the data of this Purchase
<br />263 Agreement} evidencing conditions satisfactory to Buyer and containing certif';etlone meeting the following minimum itanderds:
<br />254
<br />255 (a) Prepared, dated and elgnad by a Minnesota Registered Land Surveyor with his or her seal affixed.
<br />266 (b) Inciudss legal description properly identifying the property described in this Purchase Agreement.
<br />
<br />
<br />
|