04-13-2022 Council Packet - Laserfiche WebLink

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COMMERCIAL PURCHASE AGREEMENT 36. Page 2 Date 37.Property located at . 38.DEED/MARKETABLE TITLE: Subject to performance by Buyer, Seller agrees to execute and deliver a: (Check one.) 39. W ARRANTY DEED L IMITED WARRANTY DEED C ONTRACT FOR DEED 40. OTHER: DEED conveying marketable title, subject to: 41.(a) building and zoning laws, ordinances, and state and federal regulations; I YLZ[YPJ[PVUZYLSH[PUN[V\ZLVYPTWYV]LTLU[VM[OL7YVWLY[`^P[OV\[LɈLJ[P]LMVYMLP[\YLWYV]PZPVUZ" 43.(c) reservation of any mineral rights by the State of Minnesota or other government entity; 44.(d) utility and drainage easements which do not interfere with existing improvements; and LV[OLYZT\Z[ILZWLJPÄLKPU^YP[PUN! 46. 47.TENANTS/LEASES: Property IS IS NOT subject to rights of tenants (if answer is IS, see attached Addendum -------(Check one.)------ 48.to Commercial Purchase Agreement: Due Diligence). 49.Seller shall not execute leases from the Date of this Purchase Agreement to the date of closing, the term of which lease 50.extends beyond the date of closing, without the prior written consent of Buyer. Buyer's consent or denial shall be 51.provided to Seller within KH`ZVM:LSSLYZ^YP[[LUYLX\LZ[:HPKJVUZLU[ 52.shall not be unreasonably withheld. 53.REAL ESTATE TAXES: Real estate taxes due and payable in the year of closing shall be prorated between Seller and 54.Buyer on a calendar year basis to the actual date of closing unless otherwise provided in this Purchase Agreement. 55.Real estate taxes, including penalties, interest, and any associated fees, payable in the years prior to closing shallILWHPKI`:LSSLY9LHSLZ[H[L[H_LZWH`HISLPU[OL`LHYZZ\IZLX\LU[[VJSVZPUNZOHSSILWHPKI`)\`LY 57.SPECIAL ASSESSMENTS: 58. BUYER AND SELLER SHALL PRORATE AS OF THE DATE OF CLOSING SELLER SHALL PAY ----------------------------------------------------------------------------------------(Check one.)----------------------------------------------------------------------------------------- VU[OLKH[LVMJSVZPUNHSSPUZ[HSSTLU[ZVMZWLJPHSHZZLZZTLU[ZJLY[PÄLKMVYWH`TLU[^P[O[OLYLHSLZ[H[L[H_LZK\LHUK 60.payable in the year of closing. 61. BUYER SHALL ASSUME SELLER SHALL PAY ON DATE OF CLOSING all other special assessments -----------------------------------------------------------------(Check one.)---------------------------------------------------------- 62.levied as of the Date of this Purchase Agreement. 63. BUYER SHALL ASSUME SELLER SHALL PROVIDE FOR PAYMENT OF special assessments pending as --------------------------------------------------------------(Check one.)-------------------------------------------------------- 64.of the Date of this Purchase Agreement for improvements that have been ordered by any assessing authorities. (Seller’s 65.provision for payment shall be by payment into escrow of up to two (2) times the estimated amount of the assessments 66.or less, as allowed by Buyer’s lender.) 67.Buyer shall pay any unpaid special assessments payable in the year following closing and thereafter, the payment of 68.which is not otherwise here provided. 69.As of the Date of this Purchase Agreement, Seller represents that Seller HAS HAS NOT received a notice ------------(Check one.)------------ 70.regarding any new improvement project from any assessing authorities, the costs of which project may be assessed 71.against the Property. Any such notice received by Seller after the Date of this Purchase Agreement and before 72.closing shall be provided to Buyer immediately. If such notice is issued after the Date of this Purchase Agreement 73.and on or before the date of closing, then the parties may agree in writing, on or before the date of closing, to pay, 74.provide for the payment of, or assume the special assessments. In the absence of such agreement, either party may 75.declare this Purchase Agreement canceled by written notice to the other party, or licensee representing or assisting the 76.other party, in which case this Purchase Agreement is canceled. If either party declares this Purchase Agreement JHUJLSLK)\`LYHUK:LSSLYZOHSSPTTLKPH[LS`ZPNUH^YP[[LUJHUJLSSH[PVUVM7\YJOHZL(NYLLTLU[JVUÄYTPUNZHPK 78.cancellation and directing all earnest money paid here to be refunded to Buyer. MNC:PA-2 (8/21) March 29 2022 2750 Rice Street Little Canada 55113MN 8 8 NA 8 8 8 8