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CBRE
<br /> Minnesota Sale/Lease Disclosures
<br /> Property:City of Ramsey Land
<br /> Seller/Landlord Disclosure of Material Facts, Delivery of Reports, and Compliance with Laws. 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 /> Americans with Disabilities Act(ADA). 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 /> Taxes. 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 /> Flood Zones. 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 /> Fires. 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 /> Hazardous Materials and Undernround Storaee Tanks. 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 /> Property Inspections and Evaluations. 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 /> CONSULT YOUR ADVISORS—This document has legal consequences. No representation or recommendation is made by Broker as to the
<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 /> disclosures the law requires that the parties make to each other. These are questions for your attorney and financial advisors.
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