Agenda - Council - 02/11/2014 - Laserfiche WebLink

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PURCHASE AGREEMENT: VACANT LAND (RESIDENTIAL) 122. Page 4 Date 01/08/14 123. Property located at 6203 Rivlyn Ave Ramsey 55303 124. TITLE AND EXAMINATION: Within a reasonable time period after Final Acceptance Date of this Purchase Agreement, 125. Seller shall provide one of the following title evidence options, at Seller's selection, which shall include proper searches 126. covering bankruptcies, state and federal judgments and liens, and levied and pending special assessments to Buyer 127. or Buyer's designated title service provider: 128. (1) A commitment for an owner's policy of title insurance on a current ALTA form issued by an insurer licensed to write 129. title insurance in Minnesota as selected by Buyer. Seller shall be responsible for the title search and exam costs 130. related to the commitment. Buyer shall be responsible for all additional costs related to the issuance of the title 131. insurance policy(ies), including but not limited to the premium(s), Buyer's name search and plat drawing, if any. 132. Seller shall surrender a copy of any owner's title insurance policy and Abstract of Title, if in Seller's possession or 133. control, for this Property to Buyer or Buyer's designated title service provider. 134. (2) An Abstract of Title certified to date if Abstract Property or a Registered Property Abstract (RPA) certified to date 135. if Registered (Torrens) Property. Seller shall pay for the abstracting or RPA costs and surrender any abstract for 136. this Property in Seller's possession or control to Buyer or Buyer's designated title service provider. If Property is 137. Abstract and Seller does not have an Abstract of Title, Option (1) will automatically apply. 138. Seller shall use Seller's best efforts to provide marketable title by the date of closing. In the event that Seller has not 139. provided marketable title by the date of closing, Seller shall have an additional 30 days to make title marketable or, in 140. the alternative, Buyer may waive title defects by written notice to Seller. In addition to the 30-day extension, Buyer 141. and Seller may by mutual agreement further extend the closing date. Lacking such extension, either party may declare 142. this Purchase Agreement canceled by written notice to the other party, or licensee representing or assisting the other 143. party, in which case this Purchase Agreement is canceled. If either party declares this Purchase Agreement canceled, 144. Buyer and Seller shall immediately sign a Cancellation of Purchase Agreement confirming said cancellation and 145. directing all earnest money paid hereunder to be refunded to Buyer. 146. SUBDIVISION OF LAND, BOUNDARIES, AND ACCESS: If this sale constitutes or requires a subdivision of land 147. owned by Seller, Seller shall pay all subdivision expenses and obtain all necessary governmental approvals. This 148. provision deals with the necessity of subdividing land to complete the sale of the Property described herein in contrast 149. to the subdivision provision of lines 54-55 which deals with the future development plans of Buyer. Seller warrants the 150. legal description of the real Property to be conveyed has been or shall be approved for recording as of the date of 151. closing. Seller warrants that there is a right of access to the Property from a public right of way. 152. MECHANIC'S LIENS: Seller warrants that prior to the closing, payment in full will have been made for all labor, 153. materials, machinery, fixtures or tools furnished within the 120 days immediately preceding the closing. 154. NOTICES: Seller warrants that Seller has not received any notice from any governmental authority as to condemnation 155. proceedings or violation of any law, ordinance or regulation. If the Property is subject to restrictive covenants, Seller 156. warrants that Seller has not received any notice from any person or authority as to a breach of the covenants. Any 157. such notices received by Seller shall be provided to Buyer immediately. 158. DIMENSIONS: Buyer acknowledges any dimensions, square footage or acreage of land or improvements provided 159. by Seller, third party, or broker representing or assisting Seller are approximate. Buyer shall verify the accuracy of 160. information to Buyer's satisfaction, if material, at Buyer's sole cost and expense. 161. ACCESS AGREEMENT: Seller agrees to allow Buyer reasonable access to the Property for performance of any 162. surveys, inspections or tests or for water, sewer, gas or electrical service hookup as agreed to herein. Buyer shall 163. restore the premises to the same condition it was in prior to the surveys, inspections or tests and pay for any restoration 164. costs relative thereto. 165. RISK OF LOSS: If there is any loss or damage to the Property between the date hereof and the date of closing for 166. any reason, including fire, vandalism, flood, earthquake or act of God, the risk of loss shall be on Seller. If the Property 167. is destroyed or substantially damaged before the closing date, this Purchase Agreement is canceled, at Buyer's 168. option, by written notice to Seller or licensee representing or assisting Seller. If Buyer cancels this Purchase Agreement, 169. Buyer and Seller shall immediately sign a Cancellation of Purchase Agreement confirming said cancellation and 170. directing all earnest money paid hereunder to be refunded to Buyer. 171. TIME OF ESSENCE: Time is of the essence in this Purchase Agreement. 172. CALCULATION OF DAYS: Any calculation of days begins on the first day (calendar or Business Days as specified) 173. following the occurrence of the event specified and includes subsequent days (calendar or Business Days as specified) 174. ending at 11:59 P.M. on the last day. MN:PA:VL-4 (8/13) ipoSntrisfiCt