06-22-1988 Council Agenda - Laserfiche WebLink

Home Browse Search

O r (iii) The following liens or encumbrances: none and (b) Deliver to Purchasers the abstract of title to the Property or, if the title is registered, the owner's duplicate certificate of title. 4 PURCHASE PRICE. Purchasers shall pay to Seller, at 2500 West count y Roar] "r" Roseville, Minnesota 55113 Ninety -Sim as and for the purchase »-ice for he Property, payable as follows: $ 1,000.00 certifi d funds, receipt of which is hereby acknowledged; a�1d • • • , the sum of V1 SQf.,'Ylf nn ) 5 95,316.00 together with interest thereon-at—'4e annual rate of eleven and one -half per6ent (11.5%))rom the date hereof, payable in full on May 157- 1989".' Purchaser shall not, without the prior written consent of Seller, sell, transfer or convey any interest in the Property or construct any improve- ments or structures or take any other action which might subject the Property to a mechanic's lien claim. 5. PREPAYMENT. Unless otherwise provided in this contract, Purchaser shall have the right to fully or partially prepay this contract at any time without penalty. Any partial prepayment shall be applied first to payment of amounts then due under this contract, including unpaid accrued interest, and the balance shall be applied to the principal installments to be paid in the inverse order of their maturity. Partial prepayment shall not postpone the due date of the installments to be paid pursuant to this contract or change the amount of such installments. 6. REAL ESTATE 'TAXES AND ASSESSMENTS. Purchaser shall pay, before penalty accrues, all real estate taxes and installments of special assessments assessed against the Property which are due and payable in the year 19-4-fl and in all subsequent years. Real estate taxes and installments of special assessments which are due and payable in the year in which this contract is dated shall be paid as follows: by Seller, together with all special assessments levied but payable after 1988. Real estate taxes payable in 1989 shall be prorated between the parties. Seller warrants that the real estate taxes and installments of special assessments which were due and payable in the years preceding the year in which this contract is dated are paid in full. 7. PROPER'L'Y INSURANCE. (a) INSURED RISKS AND AMOUNT. Purchaser shall keep all buildings, improvements and fixtures now or later located on or a part of the Property insured against loss by fire, extended coverage perils, vandalism, malicious mischief and, if applicable, steam boiler explosion for at least the amount of full replacement cost - If any of the buildings, improvements or fixtures are located in a federally designated flood prone area, and if flood insurance is available for that area, Purchaser shall procure and maintain flood insurance in amounts reasonably satisfactory to Seller. (b) OTHER TERMS. The insurance policy shall contain a loss payable clause in favor of Seller which provides that Seller's right to recover under the insurance shall not be impaired by any acts or omissions of Purchaser or Seller, and that Seller shall otherwise be afforded all rights and privileges customarily provided a mortgagee under the so'called standard mortgage clause. (c) NOTICE OF DAMAGE. In the event of damage to the Property by fire or other casualty, Purchaser shall promptly give notice of such damage to Seller and the insurance company. 8. DAMAGE TO THE PROPERTY. (a) APPLICATION OF INSURANCE PROCEEDS. If the Property is damaged by fire or other casualty, the insurance proceeds paid on account of such damage shall be applied to payment of the amounts payable by Purchaser under this contract, even if such amounts are not then due to be paid, unless Purchaser makes a permitted election described in the next paragraph. Such amounts shall be first applied to unpaid accrued interest and next to the installments to be paid as provided in this contract in the inverse order of their maturity. Such payment shall not postpone the due date of the installments to be paid pursuant to this contract or change the amount of such . nctali.nnnla Thn {.olonnn :tangy n2/4nde :f an.. e{.oll hn ll.o nrnnnrin of Pnrrhnenr