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M.S.B.A. Real Property Form No. 1 (1994; Rev. 1996; Rev. 1997; Rev. 2002) Minnesota Standard Residential Purchase Agreement PURCHASE AGREEMENT / PAGE 2 91 B. Require Seller to pay the pending special assessment (or escrow for payment of same as provided above) and Buyer shall pay a commensurate 92 increase in the purchase price of the real property, which increase shall be the same as the estimated amount of the assessment: or, 83 C. Declare this Purchase Agreement void by notice to Seller, and earnest money shall be refunded to Buyer. e4 [Strike one:) .8- * . -- _. / SELLER SHALL PAY ON DATE OF CLOSING any deferred real estate taxes (including "Green Acres" taxes 85 under MINN. STAT. §273.111) or special assessments payment of which is required as a result of the closing of This sale. 86 Buyer shall pay real estate taxes due and payable in the year following closing and thereafter and any unpaid special assessments payable therewith and 97 thereafter, the payment of which is not otherwise provided herein. Seller makes no representation concerning the amount of future real estate taxes or of 88 future Special aasossmente, 99 90 8. DAMAGES TO REAL PROPERTY. If the real property is substantially damaged prior to closing. this Purchase Agreement shall terminate and the earnest 91 money shall be refunded l0 Buyer. 11 the real property is damaged materially but less Than substantially prior to closing, Buyer may rescind This Purchase 92 Agreement by notice to Seller within 21 days after Seller notifies Buyer of such damage, during which 21-day period Buyer may inspect the real property. 91 and in the event of such rescission. the earnest money shall be refunded to Buyer. 94 .1 , /`✓t, f t /c ..• 95 9. SELLER'S BOUNDARY LINE, ACCESS, RESTRICTIONS AND LIEN WARRANTff1EEES. Seller warrants that buildings, if any, are entirely within the 90 boundary lines of the real property. Seller warrants that there is a right of accesslo the real property from a public right of way. Seller warrants that there 97 has been no labor or material furnished to the real property for which paymenthat not be made. Seller warrants that there are no present violations of 98 any restrictions relating to the use or improvement of the real property. These warranties shall survive the delivery of the Deed or Contract for Deed. 99 00 10. CONDITION OF PROPERTY. 01 02 fe—S Iler warrants that all appliances, fixtures, heating and air conditioning equipment, fireplaces (including mechanisms, dampers, flues, and dp08sC 03 wirin bndpplumbing used and located on the real properly will be in working order on the Dale of Closing. Seller shall remove all dobdrand all 04 personal prop'e11yAQt included in this sale from the real property before possession dale. Seller has no knowledge of any Dulchbolmdisease, oak will. 05 or other disease of anylre05 on the real properly. 00 07 B. Seller knows of no hazardous subs tance or.pae.Ifoleum products having been placed, stored, or red sed GOm or on the real properly by any person 09 d3a 09 in violation of any law, nor of any undergrountore 1p� oaks having been located on thesool properly at any time, except as follows', 10 II 12 • � 14 C. Seller's warranties and representations contained in this paragraph 10 shall survive the delivery of Idelised.qr, Contract for Deed. Any actienlhased I7 upon these warranties and representations must be commenced within two years after the dale on which the hurierdosed on the purchase of the real 10 property. "` 17 . 18 D. Buyershall Have the right lo havo inspections of the properly conducted prior to closing. Unless required by local ordinance orlendngrc tlations, 19 Seder does not plan to have the property inspected. 20 21 E. Statutory Disdosure. Pursuant80 Minnesola Statutes sections 513.52- 513.60 (effective January L 2003), Seller must provide a written disclosure 22 [ see (1) below], or Buyer must have received an inspection report [ see (2) below[, or Buyer and Seller may waive the written disclosure requirements 23 [see (3) holed). 24 75 Minnesota Statutes Scelion 913.57, Subd. 2. LIABI LI'PY. A ShcerWho fails to make a disclosure as required by sections 513.52 to 513.60 and was amore of 26 the condition of the real property is liable to the prospective buyer. A person injured by a violation of this section may bring a civil action and recover damages 27 and receive other equitable relief as determined by the court. An action ender tbissu bdivisiml mmsl be commenced within two years alter the dam on which the 29 prospective buyer closed the purchase or transfer f the real property. 29 30 (Select only one of these three.) .31 [X] (1) Sellers Disclosure. Seller has provided a wrilten disclosure to Buyer. A copyof Seller's disclosure l4 silached Seller shall correct in-eilhny 32 any inaccuracies in the disclosure as soon as reasonably possible before closing. 33 34 Minnesola Statutes Section 513.55. GENERAL DISCLOSURE. REQUIREMENTS. 35 Subdivision 1. CONTENTS. 30 (a) Before sign ing an agreement to sell or transfer residential real property, the seller shall make a written disclosure to the prospective buyer. The disclosure 37 must include all material fact pertaining to adverse physical conditions in the property of which the seller is aware that eeald adversely and significantly 38 affect: 39 (1) an ordinary buyer's use and enjoyment f the property; or, 40 (2) any intended 990 of the property of which the seller is aware, 41 (b) The disclosure must be made in prod faith and based upon the best of the seller's knowledge as the time of the disclosure. '12 43 Minnesota Statutes Section 513.58. AMENDMENT TO DISCLOSURE. 44 Subdivision 1. NOTICE, A seller must notify the prospective buyer in writing as soon as reasonably possible, but in any event beforechosinp, Mt teams 13 dint he seller's disclosure required by section 513.55 was inaccurate. 46 Subdivision 2. FAILURE TO NOTIFY; LIABILfrY. A seller vho fails to notify the prospective buyer of any amendments to theinitinl disdosnrc satire 17 under subdivision 1 is liable to the prospective buyer as provided in section 51 3.57. 18 99 50 Seller shall disclose to Buyer matedal facts known to Seller that contradict any information in the inspection report. N S2 Minnesota Statutes Section 513.56 Subd. 3. INSPECTIONS. 53 (a) Except as provided in paragraph (b), a seller is not required to disclose infonnalion relating to the physical condition orthe teal properly if a written report 54 that d8810885 the information has been prepared by a qualified third party and provided to the prospective buyer. For purposes of this paragraph, "qualified 55 third party' means a federal, state, or local governmental agency, or any person wham 1198 seller, or prospective buyer, reasonably believes has the expertise 56 necessary 10 meet he industry standards of practice for the type of inspection or investigation that has been conducted by de third party in order to prepare 57 the wrilten 089017. 58 (b) A seller 911911 disclose to the prospective buyer material facts known by the seller that contradict any information included in a written report under 59 paragraph (a) if a copy of the report is provided to the seller. O0 61 [_I (3) Waiver of Disclosure. 62 63 Minnesota Statutes Section 513.60. WAIVER. The written disclosure required under seclie105135210 513.60 may be waived if the seller the prospective 64 buyer agree in writing. 1Vaiver of die disclosure required under sections 513.52 to 50.60 does not waive. limit, or abridge any obligation t'rsetler disclosure 65 created by any other law. 166 167 Seller and Buyer waive the written disclosure required under sections 513.52 to 513.60. 164 160 170 SELLER: BUYER: 1971 172 173 tR SELLER: $ BUYER: [J (2) Inspection Report. Buyer has received an inspection report by a qualified third- party. If a copy of the inspectionreport is pro ed to Seller, ❑5