07-28-1982 Council Agenda - Laserfiche WebLink

Home Browse Search

CONTRACT FOR DEED This Contract is made this !�%�/. , 1982 by Naegele, Inc., a Minnesota corpora- tion ('sei1er "), and Tex -Sota Construction, Inc., a Minnesota corporation ( "Purchaser "). Seller, in consideration of the covenants and agree- ments of Purchaser, hereinafter contained, hereby sells and agrees to convey to Purchaser by warranty deed, accompanied by an abstract evidencing good title in Seller at the date hereof, subject to the encumbrances described in Paragraph 1, below, upon prompt and full performance by Purchaser of this Contract, the tract of land Lying and being in the County of Ramsey, State of Minnesota legally described on Exhibit A attached hereto and °made - a part hereof ( "Subject Property"). - -- -- ...... Purchaser, in consideration for the covenants and agreements of Seller, hereby agrees to pay Seller as and for the purchase price for the Subject Property, the sum of Two Hundred Thirty Thousand and No /100 Dollars ($230,000.00) in the following (a) Ten Thousand Dollars (S16,b00.00) " " "in cash 'as" "" earnest money, receipt of which is hereby acknowledged. (b) Two Hundred Twenty Thousand Dollars ($220,000.00) Contract Balance, together with interest at 13.0435% per annum, payable in installments of $2391.31 per month con- stituting interest only, commencing thirty days after the date of closing and on the corresponding day of each month thereafter until one year from the date of closing, or at the time of placement of permanent financing upon the Subject Property, whichever occurs first, when the entire balance of principal and interest shall be due and payable in full. /I/4 day of (c) In the event Purchaser shall ever be in default in the payment of any sums due hereunder or in default as described in subparagraphs b and c of Paragraph 12 hereof and Seller shall, following the mailing of notices provided in Paragraph 12, commence a cancellation of this Contract, the interest rate shall accrue on the principal and be payable hereunder from and after the effective date of the notice of such default at a rate equal to two percentage points above the Prime Rate, as publicly announced by First National Bank of St. Paul, Minnesota, without any maximum, it being agreed by the parties that the Lower rate provided in paragraph (b) above is a discounted rate resulting from the representation and warranty of Purchaser that it will promptly make all payments due hereunder. (d) This Contract may be. prepaid in whole or in part from time to time without penalty. Any prepayment shall be applied first toward accrued interest and the remainder to the first due principal. This Contract is subject to the following terms, covenants and conditions; 1. Encumbrances. The Property will be transferred subject to the following encumbrances: (a) Building, zoning and subdivision ordinances, and State and Federal regulations, save and except as is herein- after more specifically set forth. 24