|
M.S.U.A. Real Property Form No. 1 (1994; Rev. 1996; Rev. 1997; Rev. 2002)
<br />Minnesota Standard Residential Purchase Agreement PURCHASE AGREEMENT / PAGE 3
<br />70 Other than the warranties and representations made in this paragraph 10, the property is being sold "AS IS" with no express or implied representations or
<br />77 warranties by Seller as to physical conditions, quality of construction, workmanship, or fitness for any particular purpose. (This paragraph is not intended
<br />7A to waive or limit any provisions of MINI4. STS., Chapter 327A.)
<br />i9
<br />xo 11. DISCLOSURE OF NOTICES. Seller has not received any notice from any governmental authority as to violation of any law, ordinance or regulation
<br />81 affecting the real property, If the real properly is subject to restrictive covenants, Seller has not received any notice from any person as to a breach of the
<br />s2 covenants. Seller has not received any notice from any governmental authority concerning any eminent domain, condemnation, special taxing district, or
<br />sa rezoning proceedings.
<br />84
<br />85 12. TRUTH -IN- HOUSING. Buyer acknowledges receipt of the Trulh-in.Housing Disclosure Report or other inspection report if required by the municipality
<br />in which the real properly is located.
<br />.x
<br />13. POSSESSION Seller shall deliver possession of the property not later than the date 0) closing All interest, fuel oil, liquid petroleum
<br />gas, and all charges for city water, city sewer, electricity, and natural gas shall be prorated between the parties as of the dale of closing •
<br />9
<br />911
<br />91 14. EXAMINATION OF TITLE. Tadaamaslralaiha! Selle8sJdla .N.good.arulmarketaWe.o(reo d wfllwr.a reasonabledime offer- aoeeplenoeroFJhis
<br />P Hurohaso Agraement�Solleasha8tunish BuyeawithanAbelacloTitleora Register ed8mpedyAbstrectoeufedto dateinoludilg propersearcnescovering L
<br />93 baokruploies and stele end federal judgmenle federelcourtjudgmenlliens in-favor/3f theU.S:;liens,:and levied and pending special assessments: Buyer
<br />'J4 shaLLbavalon( 10 }businossdaysaflocr0caipin00ho .Abstract of tiilleucRegisloredPr opertyAbstract 011176i to have Buyer's lawyer examine lhe'lille'ond
<br />95 provideSelloswilhwritlon objeo+ionsor, at Buye+eown oxpenserlomekean.applioatienf ore title insurance policy andnoti fyeolleeef- he application. Buyer
<br />96 shall have ten (10) business days after receipt of the Commitment f or Title Insurance to provide Seller with a copy of the Commitment and written objections.
<br />9 "r Buyer shall be deemed to have waived any title objections not made within the ten (10) day period above, except That this shall not operate as a waiver of
<br />'58
<br />9 Seller's covenant to deliver a statutory Warranty Deed, unless a Warranty Deed is not specified above, If Buyer obtains title Insurance, Buyer is not waiving
<br />9 the right to obtain a goad and marketable Idle of record from Seller,
<br />200
<br />201 15, TITLE CORRECTIONS AND REMEDIES. Seller shall have 120 days from receipt of Buyer's written title objections to make title marketable. Upon
<br />202 receipt of Buyer's title objections, Seller shall, within ten (10) business days, notify Buyer of Seller's intention to make title marketable within the 120 day
<br />203 period. Liens or encumbrances for liquidated amounts which can be released by payment or escrow from proceeds of dosing shall not delay 8870 0108181g.
<br />20h Cure of the defects by Seller shall be reasonable, diligent, and prompt. Pending correction of title, all payments required herein and the closing shall be
<br />205 postponed.
<br />206 A. If notice is given and Seller makes title marketable, then upon presentation to Buyer and proposed lender of documentation establishing that tille has
<br />207 been made market able, and if not objected to in the same time and manner as the original title objections, the closing shall lake place within ten (10)
<br />208 business days or on the scheduled closing date, whichever is later.
<br />209 . B. If notice is given and Seller proceeds in good faith to make title marketable but the 120 day period expires without title being made marketable, Buyer
<br />2IO may declare This Purchase Agreement void by notice to Seller, neither party shall be liable for damages hereunder lo the other, and earnest money
<br />211 shall be refunded to Buyer.
<br />212 C. If Seller doesnotglve notice of intention to make title marketable, or if notice is given but the 120 day period expires without title being made marketable
<br />213 due to Seller's failure to proceed in good faith, Buyer may seek, as permitted by law, one or more of the fallowing:
<br />214 1. Proceed to closing without waiver or merger in the Deed of the objections to title and without waiver of any remedies, and may:
<br />215 (a) Seek damages, costs, and reasonable lawyer's fees from Seller as permitted by law (damages tinder this subparagraph (a) shall be limited
<br />286 to the cost of curing objections to title, and consequential damages are excluded); or
<br />217 (b) Undertake proceedings to correct the objections to tide;
<br />218 2. Rescission of this PurchaseAgreement by notice as provided herein, in which case the Purchase Agreement shall be null and void and all earnest
<br />219 money paid shall be refunded to Buyer;
<br />220 3. Damages from Seller together with costs and reasonable lawyer's fees, as permitted by law:
<br />221 4. Specific performance within six months after such right of action arises.
<br />222 U. If title is marketable, or is made marketable as provided herein, and Buyer defaults in any of the agreements herein. Seller may elect either of the
<br />223 following options, as permitted by law:
<br />224 1. Cancel this contract as provided by statute and retain all payments made hereunder as liquidated damages. The parties acknowledge their
<br />225 intention that any note given pursuant to this contract is a down payment note, and may be presented for payment notwithstanding cancellation;
<br />226 2. Seek specific performance within six months after such right of action arises, including costs and reasonable lavryees fees, as permitted by law.
<br />227 E. If title is marketable, or is made marketable as provided herein, and Seller defaults in any of the agreements herein, Buyer may, as permitted by law:
<br />228 1. Seek damages from Seller including costs and reasonable lawyer's fees;
<br />229 2. Seek specific performance within six months alter such right of action arises.
<br />220
<br />231 16. NOTICES. All notices required herein shall be in writing and delivered personally or mailed to the address as shown at Paragraph 1 above and, if mailed,
<br />232 are effective as of the dale of mailing.
<br />233
<br />234 17. SUBDIVISION OF LAND. If Ibis sale constitutes or requires a subdivision of land owned by Seller, Seller shall pay all subdivision expenses and ob lain
<br />235 all necessary governmental approvals. Sellerwarrants that thelegaldescription of the real properlylo be conveyed has been or will be approved for recording
<br />236 as of the Dale of Closing.
<br />237
<br />238 18. MINNESOTA LAW. This contract shall be governed by the laws of the Slate of Minnesota.
<br />239
<br />210 19. WELL DISCLOSURE. (Check one of the fallowing:)
<br />w Seller certifies that Seller does not know of any wells on the real properly.
<br />242 X Wells on the real properly are disclosed by Seller on the attached Well Disclosure form.
<br />213
<br />2.11 20. SEWAGE TREATMENT SYSTEM DISCLOSURE.
<br />2+5 [Check either A or 8:1
<br />2,80 X _ A. Seller certifies that sewage generated al the properly goes to 8 (acility permitted by the Minnesota Pollution Control Agency (for example, a city
<br />2A or municipal sewer system).
<br />24k B. Seller certifies that sewage generated at the property does not go to a facility permilled by the Minnesota Pollution Control Agency and Seller's
<br />249 Disclosure of Individual Sewage Treatment System Is attached (attach form).
<br />250 (Check caber C or 0: J
<br />258 _ _ C. Seller does not know if (here is an abandoned individual sewage treatment system on the properly.
<br />252 X D. Seller knows that there [slake one:/ are / am no abandoned individual sewage treatment systems on the properly. If Seller discloses the
<br />253 existence of an abandoned individual sewage treatment system on the properly, then Minnesota law requires that the location of the system
<br />254 be disclosed to Buyer with a map, [Attach Seller's Disclosure of Individual Sewage Trealrnan( System with map comple(ed.J
<br />255
<br />256 21. LEAD PAINT DISCLOSURE. (Check one of (ho following)
<br />157 Seller represents that the dwelling was constructed on the real properly in 1978 or later.
<br />358 X Seller represents That the dwelling was constructed on 1110 real properly before 1970, (If such housing is located on the real property, alts ched
<br />2279 and made a part of this Purchase Agreement is "LEAD PAINT ADDENDUM FOR HOUSING CONSTRUCTED BEFORE 1978 ".)
<br />2688
<br />261 22. WETLANDS. SHORELAND, AND FLOOD PLAIN CONCERNS. Currently the lawdoes not require Seller to disclose Seller's knowledge, if any, of the
<br />362 existence of wetlands, siloreland, or flood plain on or affecting th0 real property. If Buyer has not already investigated These concerns, Buyer might want to
<br />263 include Sellers disclosures regarding these concerns, [Check the box ,f l/o following provision applies to this Purchase Agreement?
<br />164 l_] ADDENDUM TO PURCHASE AGREEMENT: WETLANDS, SHORELAND AND FLOOD PLAIN DISCLOSURE,
<br />265 M.S.BA. Real Properly Form No. 8 (1997), a included as an addendum lo this Purchase Agreement.
<br />206
<br />:be 23. SELLER'S AFFIDAVIT. Al closing, Seller shall supplement the warranties and representations lnlhls Purchase Agreement by executing and delivering
<br />268 a Minnesota Uniform Conveyancing Blank (Form No. 118 -M, 117 -M, or 179.ne Affidavit of Seller.
<br />269 p -
<br />
|