01-12-2005 Council Agenda - Laserfiche WebLink

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FOR INFORMATIONAL PURPOSES ONLY THIS IS A PARTIAL REPRINT OF MINNESOTA UNIFORM CONTRACT FOR DEED BLANK WHICH WILL BE USED AT CLOSING 69. 5. PREPAYMENT. Unless otherwise provided in this contract, Purchasers shall have the right t0 fully or partially prepay this contract at any 70. time without penalty. Any partial prepayrnent shall be applied first to payment of amounts then due under this contract, including unpaid 71. accrued interest, and the balance shall be applied to the principal installments to be paid in the inverse order of theft maturity. Partial 72. prepayment shall not postpone the due date of the installments to be paid pursuant to this contract or change the arnount of such installments. 73. 7. PROPERTY INSURANCE. 74. (a)INSURED RISKS AND AMOUNT. Purchasers shall keep all buildings, improvements and fixtures now or later located on or a part of the 75. Property insured against loss by lire, extended coverage perils, vandalism, malicious mischief and, if applicable, steam boiler explosion 76. for at least the amount of ,S247 Mad. ao , If any of the buildings, improvements or fixtures are located In a federally designated flood prone 77. area, and If flood insurance is available for that area, Purchasers shall procure and maintain flood insurance in amounts reasonably 78. satisfactory to Seller 79. (b) OTHER TERMS. The insurance policy shall contain a loss payable clause in favor of Seller which provides That Seller's right to recover 80. under the insurance shall not be impaired by any acts or omissions of Purchasers or Seller, and that Seller shall otherwise be afforded all 81. rights and privileges customarily provided a mortgagee under the so- called standard mortgage clause. 82. (c) NOTICE OF DAMAGE. In the event of damage to the Properly by fire or other casualty, Purchasers shall promptly give notice of such 83. damage to Seller and the insurance company. 84. 8. DAMAGE TO THE PROPERTY 85. (a)APPLICATION OF INSURANCE PROCEEDS. if the Property is damaged by fire or other casualty, the insurance proceeds paid on 86. account of such damage shall be applied to payment of the amounts payable by Purchasers under this contract, even if such amounts 87. are not Then due to be paid, unless Purchasers make a permitted election described in the next paragraph. Such amounts shall he first 88. applied to unpaid accrued interest and next to the installments to be paid as provided in this contract in the inverse order of their 89, maturity. Such payment shall not postpone the due date of the installments to he paid pursuant to this contract or change the amount of 90. such installments. The balance of insurance proceeds, it any, shall be the property of Purchasers. 91, (b) PURCHASERS' ELECTION TO REBUILD. If Purchasers are not in default tinder this contract, or alter curing any such default, and if 92. the mortgagees in any prior mortgages and sellers in any prior contracts for deed do not require otherwise, Purchasers may elect to 93, have That portion of such insurance proceeds necessary to repair, replace or restore the damaged Property he repair work) deposited 94. in escrow with a hank or title insurance company qualified to do business in the State of Minnesota, or such other party as may bo 95, mutually agreeable to Seiler and Purchasers. The election may only be made by written notice to Seller within sixty days alter the 96. damage occurs. Also, the election will only be permitted it the plans and specifications and contracts for the repair work are approved by 97. Seller, which approval Seller shall not unreasonably withhold or delay. it such a permitted election is made by Purchasers, Seller and Purchasers shall jointly deposit, when paid, such insurance proceeds into such escrow. tf such insurance proceeds are insufficient lot 9P, the repair work, Purchasers shall, before the commencement of the repair work, deposit into such escrow sufficient additional money to 00. insure the full payment for the repair work. Even if the insurance proceeds are unavailable or are insufficient to pay the cost of the 01. repair work, Purchasers shall at all limes be responsible 10 pay the lull cost of the repair work. All escrowed funds shall he disbursed 02. by the escrowee in accordance with generally accepted sound construction disbursement procedures. The costs incurred or to he 03. incurred on account of such escrow shall be deposited by Purchasers into such escrow before the commencement of the repair work, 04. Purchasers shall complete the repair work as soon as reasonably possible and in a good and workmanlike manner, and in any even) the 05. repair work shall be completed by Purchasers within one year alter the damage occurs. If, following the completion of and payment for 06. the repair work, there remain any undisbursed escrow funds, such funds shall be applied to payment of the amounts payable by 07. Purchasers under this contract in accordance with paragraph 8(a) above. - 08. 9. INJURY OR DAMAGE OCCURRING ON THE PROPERTY A9. r (a)LIABILITY. Seller shall be free from liability and claims for damages by reason of injuries occurring on or alter the dale of this 10. contract to any person or persons or property while on or about the Properly. Purchasers shall defend and indemnity Seller Pram all 11, liability loss, costs and obligations, including reasonable attorneys' fees, on account of or arising out of any such injuries, However, 12. Purchasers shall have no liability or obligation to Seller for such injuries which are caused by the negligence or intentional wrongful 13. acts or omissions of Seller. 14. (b) LIABILITY INSURANCE. Purchasers shall, at their own expense, procure and maintain liability insurance against claims for bodily 15. injury, death and properly damage occurring on or about the Property in amounts reasonably satisfactory 10 Seller and naming Seller 16. as an additional insured. 17. 10, INSURANCE GENERALLY. The insurance which Purchasers are required to procure and maintain pursuant to paragraphs 7 and 9 of 18. This contract shall be issued by an insurance company or companies licensed to do business in the State of Minnesota and acceptable to 19. Seller. The insurance shall be maintained by Purchasers at all limes while any amount remains unpaid under This contract. The insurance 20. policies shall provide for not less than ten days written notice to Seller berme cancellation, non-renewal, termination or change in 21. coverage, and Purchasers shall deliver to Seller a duplicate original or certificate of such insurance policy or policies. 22. 11. CONDEMNATION. If all or any part of the Properly is taken in condemnation proceedings instituted under the power of eminent 23. domain or is conveyed in lieu thereof under threat of condemnation, the money paid pursuant to such condemnation or conveyance in 24. lieu (hereof shall he applied to payment of the amounts payable by Purchasers under this contract, even it such amounts are not then 25. due to be paid. Such amounts shall he applied first to unpaid accrued interest and next to the installments to be paid as provided in 26. This contract in the inverse order of their maturity. Such payment shall not postpone the due dale of the installments to be paid 27. pursuant to This conlracl or change the amount of such installments. The balance, it any, shall be the property of Purchasers. 28. 12. WASTE, REPAIR AND LIENS, Purchasers shall not remove or demolish any buildings, improvements or fixtures now or later located 29. on or a part of the Property, nor shall Purchasers commit or allow waste of the Property. Purchasers shall maintain the Properly in good 30. condition and repair. Purchasers shall not create or permit to accrue liens or adverse claims against the Property which constitute a 31. lien or claim against Seller's interest in the Properly. Purchasers shall pay to Seller all amounts, costs and expenses, including reason 32. able attorneys' lees, incurred by Seller to remove any such liens or adverse claims. 33. 13. DEED AND MORTGAGE REGISTRY TAXES. Seller shall, upon Purchasers' full performance of this contract, pay the deed lax due 34, upon the recording or tiling of the deed to be delivered by Seller to Purchasers. The mortgage registry tax due upon the recording or 35. filing of This contract shall he paid by the party who records or tiles this contract; however, This provision shall not impair the right of 36. Seller to collect from Purchasers the amount of such lax actually paid by Seller as provided in the applicable law governing default 37. and service of notice of termination of this contract. 38. 14. NOTICE OF ASSIGNMENT. If either Seller or Purchasers assign their interest 01 the Property, a copy of such assignment shall 39. promptly be furnished to the non- assigning party. 40. 15. PROTECTION OF INTERESTS. If Purchasers tail to pay any sum of money required under the terms of this contract or fail to 41. perform any of their obligations as set forth in This contract, Seller may, at Seller's option, pay the same or cause the swine to be 42. performed, or both, and the amounts so paid by Seller and the cost of such performance shall be payable at once, with interest at the 43. rata stated in paragraph 4 of this contract, as an additional amount due Seller under this contract. If (here now exists, or if Seller 44, hereafter creates suffers or perrnits to accrue, any mortgage, contract for deed, lien or encumbrance against the Property which is not 45. herein expressly assumed by Purchasers, and provided Purchasers are not in default under this contract, Seller shall Timely pay all 46. amounts due thereon, and if Seller fails to do so, Purchasers may, at their option, pay any such delinquent amounts and deduct the 47. amounts paid from the installment(s) next coming due under this contract, 48. 16. DEFAULT The time of performance by Purchasers of the terms of This contract is an essential part of this contract. Should Purchasers 49. fait to timely perform any of The terms of this contract, Seller may, at Seller's option, elect to declare this contract cancelled and 50. terminated by notice to Purchasers in accordance with applicable law. All right, title and interest acquired under this contract by 51. Purchasers shall then cease and terminate, and all improvements made upon the Property and all payments made by Purchasers 52. pursuant to this contract shell belong to Seller as liquidated damages for breach of this contract. Neither the extension of the lime for 53. payment of any sum of rnoney to he paid hereunder nor any waiver by Seller of Seller's rights to declare this contract forfeited by 54. reason of any breach shall in any manner affect Seller's right to cancel this contract because of defaults subsequently occurring, and 55. no extension of time shall be valid unless agreed to in writing. After service of notice of default and failure to cure such default within 56. the period allowed by law, Purchasers shall, upon demand, surrender possession of the Property to Selle6 but Purchasers shall be 57. entitled to possession of the Properly until the expiration of such period. 58. 17. BINDING EFFECT The terms of This contract shall run with the land and bind the parties hereto and their successors in interest. 59. 18.HEADINGS. Headings of the paragraphs of This contract are for convenience only and do not define, limit or construe the contents of 60. such paragraphs. 61. 19.ASSESSMENTS BY OWNER'S ASSOCIATION. If the Properly is subject to a recorded declaration providing for assessments I0 be levied 62. against the Property by any owners` association, which assessments may become a hen against the Property if not paid, then: 63. (a) Purchasers shall promptly pay, when due, all assessments imposed by the owners' association or other governing body es required 64. by the provisions of the declaration or other related documents: and 65, (b) So long as the owners' association maintains a master or blanket policy of insurance against fire, extended coverage perils and 66. such other hazards and in stroll amounts as are required by this contract, (hen: 67. (I) Purchasers' obligation 111 this contract to (maintain hazard insurance coverage on the Properly is satisfied: and 68. (11) The provisions In paragraph 8 of (Inc i contract regarding application of insurance proceeds shall be superseded by the provisions 69. of the declaration or other related documents; and 70. (tall] the event of a distribution of Insurance proceeds in lieu of restoration or repair following an insured casualty loss to the 71. Property, any such proceeds payable to Purchasers ero horob - 3 - ed and shall be paid to Seller for application to the SUM secured 72. by (his contract. with the excess. if any. paid to Purchasers.