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<br />Minnesota Sale/Lease Disclosures
<br />
<br />Property
<br />: City of Ramsey Land
<br />
<br />Seller/Landlord Disclosure of Material Facts, Delivery of Reports, and Compliance with Laws.
<br /> Sellers/landlords are
<br />hereby requested to disclose directly to buyers/tenants all facts known to sellers/landlords that materially affect the value or
<br />desirability of the Property and are not readily observable nor known to the buyer/tenant, including, but not limited to, facts
<br />regarding hazardous materials, zoning, construction, design, engineering, soils, title, survey, fire/life safety, proneness to natural
<br />hazards such as earthquakes, and other matters, and to provide buyers/tenants with copies of all reports in the possession of or
<br />accessible to sellers/landlords regarding the Property. Sellers/landlords and buyers/tenants must comply with all applicable
<br />federal, state and local laws, regulations, codes, ordinances and orders, including, but not limited to, the 1964 Civil Rights Act
<br />and all amendments thereto, the Foreign Investment in Real Property Tax Act, the Comprehensive Environmental Response
<br />Compensation and Liability Act, and The Americans With Disabilities Act.
<br />
<br />Americans with Disabilities Act (ADA)
<br />. The Americans With Disabilities Act (42 United States Code §12101 et seq.) and
<br />other federal, state and local requirements may require changes to the Property. Have your experts investigate and evaluate
<br />these matters.
<br />
<br />Taxes
<br />. Sales, leases and other real estate transactions can have federal, state and local tax consequences. In sales transactions,
<br />Internal Revenue Code §1445 requires buyers to withhold and pay to the IRS 15% of the gross sales price within 20 days of
<br />the date of a sale unless the buyers can establish that the sellers are not foreigners, generally by having the sellers sign a Non-
<br />Foreign Seller Affidavit. Depending on the structure of the transaction, the tax withholding liability can exceed the net cash
<br />proceeds to be paid to sellers at closing. Have your experts investigate and evaluate these matters.
<br />
<br />Flood Zones.
<br /> Many lenders require flood insurance for properties located in flood zones, and government authorities may
<br />regulate development and construction in flood zones. Whether or not located in a flood zone, properties can be subject to
<br />flooding and moisture problems, especially properties on a slope or in low-lying areas. Buyers/tenants should have their experts
<br />confirm whether the Property is in a flood zone and otherwise investigate and evaluate these matters.
<br />
<br />Fires
<br />. Properties, whether or not located in a fire hazard zone, are subject to fire/life safety risks and may be subject to state
<br />and local fire/life safety-related requirements, including retrofit requirements. Have your experts investigate and evaluate these
<br />matters.
<br />
<br />Hazardous Materials and Underground Storage Tanks
<br />. Due to prior or current uses of the Property or in the areas or the
<br />construction materials used, the Property may have hazardous or undesirable metals (including but not limited to lead-based
<br />paint), minerals (including but not limited to asbestos), chemicals, hydrocarbons, petroleum-related compounds, or biological
<br />or radioactive/emissive items (including but not limited to electrical and magnetic fields) in soils, water, building components,
<br />above or below-ground tanks/containers or elsewhere in areas that may or may not be accessible or noticeable. Such items may
<br />leak or otherwise be released. If the Property was built before 1978 and has a residential unit, sellers/landlords must disclose
<br />all reports, surveys and other information known to them regarding lead-based paint to buyers/tenants and allow for inspections
<br />(42 United States Code §4851 et seq.). Have your experts investigate and evaluate these matters.
<br />
<br />Property Inspections and Evaluations
<br />. Buyers/tenants should have the Property thoroughly inspected and all parties should
<br />have the transaction thoroughly evaluated by the experts of their choice. Ask your experts what investigations and evaluations
<br />may be appropriate as well as the risks of not performing any such investigations or evaluations. Information regarding the
<br />Property supplied by the real estate brokers has been received from third party sources and has not been independently verified
<br />by the brokers. Have your experts verify all information regarding the Property, including any linear or area measurements,
<br />the availability of all utilities, applicable zoning, and entitlements for the intended use. All work should be inspected and
<br />evaluated by your experts, as they deem appropriate. Any projections or estimates are for example only, are based on
<br />assumptions that may not occur, and do not represent the current or future performance of the property. Real estate brokers are
<br />not experts concerning, nor can they determine if any expert is qualified to provide advice on, legal, tax, design, ADA,
<br />engineering, construction, soils, title, survey, fire/life safety, insurance, hazardous materials, or other such matters. Such areas
<br />require special education and, generally, special licenses not possessed by real estate brokers. Consult with the experts of your
<br />choice regarding these matters.
<br />
<br />
<br />CONSULT YOUR ADVISORS This document has legal consequences. No representation or recommendation is made by Broker as to the
<br />
<br />legal or tax consequences of this Agreement or the transaction(s) which it contemplates. This form is not intended to substitute for any
<br />
<br />disclosures the law requires that the parties maketo each other. These are questions for your attorney and financial advisors.
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