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MINNESOTA STANDARD RESIDENTIAL PURCHASE AGREEMENT/PAGE 2
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<br /> 82. 11. DISCLOSURE OF NOTICES. Seller has not received any notice from any governmental autl~ority as to violation of any law. ordinance or regula-
<br /> 83. lion. It me property is Subject to restrictive covenants, Sel~er has not received an), notice from any person as to a breach of the covenants.
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<br /> 84. 12, TRUTH-IN-HOUSING, Buyer acknowledges receipt of the Truth-in-Housing Disclosure Report or other inspection report if required by the munic-
<br /> 85. ipality in which the property is located.
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<br /> 86. 13. POSSESSION. Seller shall deliver possession of the property not later than Da~e of ClosinK
<br /> 88. ;~ar'J~x~'
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<br /> 89. 14, EXAMINATION OF TITLE. Within a reasonable time after acceptance of this Agreement Seller shall furnish Buyer with an Abstract of Title or a
<br /> 93. Registered Property Abslract certihed to date including proper searches covenng bankruptcies and State and Federal judgments, liens, and levied
<br /> 91. and pending special assessments. Buyer shall have ten (10) business days after receipt of the Abstract of Title or Registered Properly Abstract either
<br /> 92. to have Buyers attorney examine the title and provide Seller with written objections or. at Buyer~ own expense, to make an apDhcation for a Title
<br /> 93. Insurance Policy and notify Seller of the application. Buyer shall have ten (10) business days aher receipt ol the Commitment for Till6 insurance tc
<br /> 94. provide Seller wilh a copy of the Commitment and written objections. Buyer shall be deemed to have waived any title objections not made within the
<br /> 95. applicable ten (10) day period for above, except that this shall not operate as a waiver of Seller~ covenant to deliver a statutory Warranty Deed, unless
<br /> 96. a Warranty Deed is not specified above.
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<br />97. 15, TITLE CORRECTIONS AND REMEDIES, Seller shall have 120 days from receipt of Buyer's wrirlen title objections to make title marketable. Upon
<br />98~ receipt of Buyer's title objections, Seller shall, within ten (10) business days, notify Buyer of Seller's intention to make title marketable within the 120
<br />99. day period. Liens or encumbrances for liquidated amounts which can be released by payment or escrow from proceeds of closing shall not delay the
<br />100. closing. Cure of the defects by Seller shall be reasonable, diligent, and prompt. Pending correction of title, all payments required herein and the
<br />101. closing shall be postponed.
<br />102. A. Ii notice is given and Seller makes title marketable, then upon presentation to Buyer and proposed lender of documentation establishing that
<br />I03. title has been made marketable, and if not objected to in the same time and manner as the original title objections, the closing shall take place
<br />t04. within ten (10) bus~ness days or on the scheduled closing date, whichever is later.
<br />105. B. If notice is given and Seller proceeds in good laith to make title marketable but ~he 120 day period expires without title being made marketable,
<br />106. Buyer may declare this Agreement null and void by nolice to Seller, neither party shall be liable for damages hereunder to the other, and
<br />107. earnest money shall be refunded to Buyer.
<br />108. C. tf Seller does not give notice of intention to make title marketable, or if notice is given but the 120 day period expires without title being made
<br />109. marketable due to Seller's failure to proceed in good faith, Buyer may seek. as permitted by la,,',', any one or more of the following:
<br />110. 1. Proceed to closing without waiver or merger in the deed of the object~ons to title and without waiver of any remedies, and may:
<br />11 t. (a) Seek damages, costs, and reasonable attorney's tees from Seller as permitted by law (damages under this subparagraph (a) shall
<br />112. be limited to the cost of curing objections to title, and consequential damages are excluded); or,
<br />113. lb) Undertake proceedings to correct the objections to title;
<br />114. 2. Rescission of this Purchase Agreement by notice as provided herein, in which case the Purchase Agreement shall be null and void
<br />115. and all earnest money paid hereunder shall be refunded to Buyer;
<br />116. 3. Damages from Seller including costs and reasonable attorney's fees, as permitted by ~aw;
<br />117. 4. Specific pedormance within six months after such right of action arises.
<br />118. D. If title is marketable, or is made marketable as provided herein, and Buyer defaults in any of the agreements herein, Seller may elect either of
<br />119. the following options, as permitted by law:
<br />120. 1. Cancel this contract as provided by statute and retain all payments made hereunder as liquidated damages. The parties acknowledge
<br />121. their intention that any note given pursuant to this contract is a down payment note, and may be presented for payment notwithstanding
<br />122. cancellation;
<br />123. 2. Seek specific performance within six months after such right of action arises, including coals and reasonable attorney's fees, as
<br />124. permitted by law.
<br />125. E. If title is marketable, or is made marketable as provided herein, and Seller defaults in any of the agreements herein, Buyer may, as permitted by
<br />126. la,,';:
<br />127. 1. Seek damages from Seller including costs and reasonable attorney's fees;
<br />~25. 2. Seek specific performance within six months aher such right of action arises.
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<br />129. TIME IS OF THE ESSENCE FOR ALL PROVISIONS OF THIS CONTRACT.
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<br />', 30. 16, NOTICES, All nolices required herein shall be in writing and Oeiivered personally or mailed to the address as shown at Paragraph 1., above and
<br />13 !. if mailed, are effective as of the date of mailing.
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<br />132. 17. AGENCY DISCLOSURE. tName of selling agent or selling bro~(er) Nolle ,DIS-
<br />:33. CLOSES HE OR SHE IS REPRESENTING THE (BUYER OR SELLER) IN THIS TRANSACTION. THE LISTING
<br />;:;-'.AGENTOR BROKER DISCLOSES THAT HE OR SHE IS REPRESENTING THE SELLER IN THIS TRANSACTION.
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<br />137.
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<br />139.
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<br />*.42.
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<br />i;3.
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<br />SELLER'S SELLER'S BUYER'S BUYER'S
<br />INITIALS. INITIALS. INITIALS tN;TIALS
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<br />(Da;e iDate, IDa;ed (Da;e;
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<br />18, SUBDIVISION OF LAND, If this sale constitutes or reduires a suodivision of land owned by Seller. Seller shall pay all Subdivisior' expenses and
<br />obtain a? necessary governmental approvals. Seller warrants that the legal description of the reai property to be conveyed has been or will be
<br />approved for recording as of the date of closing.
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<br />19, MINNESOTA LAW. This contract shall De governed by the laws of me State of Minnesota.
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<br />20. ADDITIONALTERMS. CONTINGENCY - This azreement is contingent on the approval of the
<br /> Ramsey City Council~ which approval shall be required on or before Hatch 1, 1989.
<br /> In the event approval to this agreement is not given by the Ramsey City Council by said
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<br /> date, this aKreement shall be null and void and all earnes~ m.o. nies paid h¢reunder
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<br />145.
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<br />21. ADDENDA. A~acned are (numb¢,~ 0 addenda whic~ are made a Dad of *~"~ 22' "+
<br />-., ,, ,1~ A~, eS.~. e ....
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<br />THIS IS A LEGALLY BINDING CONTRACT. BEFORE SIGNING. CONSULT A LAWYER.
<br />Minnesota taw permh, s licensed real e~ate bro,(ers and sams a~nta to breoare pu~hase agreements. No recommenOa-
<br />Uon or reDresemat~on is made by either me listing broker or selling broker as to the iegai sufficiency, t~e legal effect, or
<br />the tax conseouences of this contract. These are ~uestions for your lawyer.
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<br />; agree to seli tnr-._ probe.q}' ;or the Dr~Ce ar~c
<br />terms and ,2on.Ditlons Set fo~ aDOre.
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<br />O¢oslng snal~ be a: :ne o~:ce c'
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<br />', agree to Durcnase ~e probe. ,~y for the price and
<br />terms and conc, itlon5 sel to~ above.
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<br />7e::n i .2?odrish
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<br />:sz~ess "l/[' Four:h Avenue Ncrth
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