Agenda - Council - 10/22/1996 - Laserfiche WebLink

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PURCHASE AGREEI~ENT ~ 107. Page 3 Date ,,~(:~ ;/~. ,c:~.~_.~ 109. Buyershaltpa~PRORATE~.[LEBJ3J~, AYOFCL._.~.~., 12THS, ALL~NONE real estate ta~xes due and payable in the year l9 . 110. Sellershall~ CLOslN~_..~__12THS, ALL, NONE real estale taxes due and payable in the year19 . lithe I 111. closing dat~e real es!ale lax~.e--~d shall, if proraled, be adjusted to the new closing date. Seller warrants taxes due and 112. payable in Ihe year 19 ~ill b~'FU_~,I,zPART-NON -homestead classification. If part or non-home$1ead classification is circled. ~(circ~e one)~ ~ 113. Seller agrees Io pay Buyer al closirt, g $ . 114. toward the non-homestead real estl~le taxes. Buyer agrees to pay any remaining balance of non-homestead taxes when they become 11S. due and payable. No representation',i are made concerning the amount of subsequent real estate taxes. 116. POSSESSION: Seller shall deliver~possession of the property not later lhan a~terclosing. 117. All interest, homeowner association (~ues, rents, fuel oil, liquid petroleum gas and all charges for city water, city sewer, electricity, and natural 118. gas shall be prorated between the p~rties as of date of closing. Sailer agrees Io remove ALL DEBRIS AND ALL PERSONAL PROPERTY 119. NOT INCI' UDED HEREIN from the property by possession date. 120. ENVIRONMENTAL CONCERNS: To me best of the Selle,~s ~<nowtedge there are no hazardous substances, or underground storage tanks, excepl 121. herein noted: I I i I 123. SELLER WARRANTS THAT THE PI~PERTY IS DIRECTLY CONNECTED TO: CITY SEWE~YES [] NO CITY WATER,[~YES [] NO 124. SELLER/BUYER AGREESTO PROVIDE WATER QUAI. JTYTEST RESULTS IF REQUIRED BY~O~VERNING AUTHORITY AN[~,/~R LENDER, -- (c~rcJe one)-- 125.SELLER/BUYER AGREESTO PROVI~IE SEPT)C SYSTEM CERTIFICATION IF REQUIRED BY GOVERNING AUTHORITY AND/OR LENDER. -- (c~rde one)-- 126.SELLER WARRANTS THAT CENTR,AL AIR CONDITIONING, HEATING, PLUMBING AND WIRING SYSTEMS USED AND LOCATED ON 127.SAID PROPERTY WILL BE IN WORI~ING ORDER ON DATE OF CLOSING. EXCEPT AS NOTED IN THIS AGREEMENT. 128.BUYER HAS THE RIGHT TOAWA~K-THROUGH REVIEW OF THE PROPERTY PRIOR TO CLOSING TO ESTABLISH THAT THE 129.PROPERTY IS IN SUBSTANTIALt.YTHE SAME CONDITtON AS OF THE DATE OF PURCHASE AGREEMENT. 130. BUYER ACKNOWLEDGES THAT NO'ORAL REPRESENTATIONS HAVE BEEN MADE REGARDING POSSIBLE PROBLEMS OF WATER 131. IN BASEMENT, OR DAMAGE CAI,~SED BY WATER OR ICE BUILD-UP ON ROOF OF THE PROPERTY AND BUYER RELIES 132. SOLELY IN THAT REGARD ON THE ~OLLOWING STATEMENT 134.OR ICEBUILD-UP. BUYER HAS~ECEIVED A SELLER'S PROPERTY DISCLOSURE STATEMENT. ~ (c~rcJe o~e)~ - 135.BUYER HAS RECEIVED THE INSP~CTION REPORTS, IF REQUIRED BY MUNICIPALITY. 136.BUYER HAS RECEIVED THE WELL~ISCLOSURE STATEMENT OR A STATEMENT THAT NO WELL EXISTS ON THE PROPERTY, 137.AND A SEPTIC SYSTEM DISCLOSURE STATEMENT OR A STATEMENT THAT NO SEPTIC SYSTEM EXISTS ON OR SERVES THE 138.PROPER'T-Y, AS REQUIRED BY MIN~IESOTA STATUTES. 139. 140. 141. SELLER(S) BUYER(S) 1142. SELLER(S) BUYER(S) I ACKNOWLEDGE THAT I HAVE R~CEIVED AND HAD THE OPPORTUNITY TO REVIEW THE ARBITRATION DISCLOSURE AND RESIDENTIAL REAL PROPERTY A~IBITRATION AGREEMENT. 143. DUAL AGENCY REPRESENTATION 144. DUAL AGENCY REPRESENTATION DOE~~PPLY IN THIS TRANSACTION. [45. Broker represents bolh Ihe Seller(s) and the Buyer(s) of the property involved in this transaction, which creates a dual agency. This 146. means thal Broker and Its salespemonl~ owe fiduciary duties to Ix)Ih Seller(s) and Buyer(s). Because the parties may have conllicling 147. interests, Broker and its salespemons ~re prohibiled from advocating exclusively lor either party, Broker cannot act as a dual agent in this 148. bansaction wJthoul the consent of both!Seller(s) and Buyer(s). Seller(s) and Buyer(s) acknowledge thai[ 149. (1)conlidenlial information comm~Jnicated Io Broker which regards price, terms, or motivalion to buy or sell wil~ remain confidential 150. unless Seller(s) or Buyer(s) in~tmcts Broker in writing to disclose this information. Other information will be shared; 151. (2)Broker and its salespemons w~ll not represent the inlerest of either party to the detriment of the other;, and 152. (3)wilhin the limits of dual agenc~ Broker and its salespersons will work diligently to facilitale the mechanics of the sale. 153.With the knowledge and understanding!of Ihe explanation above, Seller(s) and Buyer(s) authorize and inslroct Broker and its salespemons 154.to act as dual agents in IhJs Iransactior 155. Seller Buyer Buyer Date 156. Seller !57. Date FORM~ BUR 1042 (13/96) /¢?