6. HRSR 12-04-2006 - Laserfiche WebLink

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CONTRACT FOR DEED Minnesota Uniform Conveyancing Blanks Business Entity Seller Form No. 55-M (2000) No delinquent taxes and transfer entered; Certificate of Real Estate Value ( )filed ( )not required. Certificate of Real Estate Value No. (Date) County Auditor by: Deputy D reserved for THIS CONTRACT FOR DEED (the "Contract") is made on the above date by Houlton Investment Company, a corporation under the laws of Minnesota ("Seller") and Housing and Redevelopment Authority in and for the City of Elk River ("Purchaser") Seller and Purchaser agree to the following terms: PROPERTY DESCRIPTION. Seller hereby sells, and Purchaser hereby buys, the real property legally described on Exhibit A, together with all hereditaments and appurtenances belonging thereto (the "Property"). Unless otherwise specified, Seller hereby delivers possession of the Property to Purchaser on the date hereof. Seller check applicable box: ^ The Seller certifies that the Seller does not know of any wells on the described real property. ^ A well disclosure certificate accompanies this document. ^ I am familiar with the property described in thin instrument and I certify that the status and number of wells on the described real property have not changed since the last previously filed well disclosure certificate. 2. TITLE. Seller warrants that title to the Property is, on the date of this Contract, subject only to the following exceptions: (a) Reservation of minerals or mineral rights by the State of Minnesota, if any; (b) Applicable laws, ordinances and regulations; (c) The lien of real estate taxes and installments of special assessments which are payable by Purchaser pursuant to paragraph 6 of this Contract; and (d) The following liens or encumbrances: [to be completed with "Permitted Encumbrances" determined per Section 10 of the Purchase Agreement]] DELIVERY OF DEED AND EVIDENCE OF TITLE. Upon Purchaser's full performance of this Contract, Seller shall: (a) Execute, acknowledge and deliver to Purchaser a Warranty Deed, in recordable form, conveying marketable title to the Property to Purchaser, subject only to the following exceptions: (i) Those exceptions referred to in paragraph 2(a), (b), (c) and (d)of this Contract; and (ii) Liens, encumbrances, adverse claims or other matters which Purchaser has created, suffered or permitted to accrue after the date of this Contract. 4. PURCHASE PRICE. Purchaser shall pay to Seller the sum of Seven Hundred Twenty Thousand and No/100 Dollars ($720,000), as and for the purchase price (the "Purchase Price") for the Property, payable as follows: (a) $216,000.00 contemporaneously with execution of this Contract, payable by wire transfer; (b) The balance of the Purchase Price, in the amount of Five Hundred Four Thousand and No/100 Dollars