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PURCHASE AGREEMENT:
<br />VACANT LAND (RESIDENTIAL)
<br />123. Page 4 Date Sp lrYIII,P %Gi } 20(l.1
<br />124. Property located at 3046 Lahore Road Little Canada MN 55109
<br />125. TITLE AND EXAMINATION: Within a reasonable time period after Final Acceptance Date of this Purchase Agreement,
<br />126. Seller shall provide one of the following title evidence options, at Seller's selection, which shall include proper searches
<br />127. covering bankruptcies, state and federal judgments and liens, and levied and pending special assessments to Buyer
<br />128. or Buyer's designated title service provider:
<br />129. (1) A commitment for an owner's policy of title insurance on a current ALTA form issued by an insurer licensed to write
<br />130. title insurance in Minnesota as selected by Buyer. Seller shall be responsible for the title search and exam costs
<br />131. related to the commitment. Buyer shall be responsible for all additional costs related to the issuance of the title
<br />132. insurance policy(ies), including but not limited to the premium(s), Buyer's name search and plat drawing, if any.
<br />133. Seller shall surrender a copy of any owner's title insurance policy and Abstract of Title, If in Seller's possession or
<br />134. control, for this Property to Buyer or Buyer's designated title service provider.
<br />135. (2) An Abstract of Title certified to date if Abstract Property or a Registered Property Abstract (RPA) certified to date
<br />136. if Registered (Torrens) Property. Seller shall pay for the abstracting or RPA costs and surrender any abstract for
<br />137. this Property in Seller's possession or control to Buyer or Buyer's designated title service provider. If Property is
<br />138. Abstract and Seller does not have an Abstract of Title, Option (1) will automatically apply.
<br />139. Seller shall use Seller's best efforts to provide marketable title by the date of closing. In the event that Seller has not
<br />140. provided marketable title by the date of closing, Seller shall have an additional 30 days to make title marketable or, in
<br />141. the alternative, Buyer may waive title defects by written notice to Seller. In addition to the 30 -day extension, Buyer
<br />142. and Seller may by mutual agreement further extend the closing date. Lacking such extension, either party may declare
<br />143, this Purchase Agreement canceled by written notice to the other party, or licensee representing or assisting the other
<br />'144. party, in which case this Purchase Agreement Is canceled. If either party declares this Purchase Agreement canceled,
<br />145. Buyer and Seller shall immediately sign a Cancellation of Purchase Agreement confirming said cancellation and
<br />146, directing all earnest money paid hereunder to be refunded to Buyer.
<br />147, SUBDIVISION OF LAND, BOUNDARIES, AND ACCESS: If this sale constitutes or requires a subdivision of land
<br />148. owned by Seller, Seller shall pay all subdivision expenses and obtain all necessary governmental approvals. This
<br />149, provision deals with the necessity of subdividing land to complete the sale of the Property described herein in contrast
<br />150. to the subdivision provision of lines 55-56 which deals with the future development plans of Buyer. Seller warrants the
<br />151. legal description of the real Property to be conveyed has been or shall be approved for recording as of the date of
<br />152. closing. Seller warrants that there is a right of access to the Property from a public right of way.
<br />153. MECHANIC'S LIENS: Seller warrants that prior to the closing, payment in full will have been made for all labor,
<br />164. inaterials, machinery, fixtures or tools furnished within the 120 days immediately preceding the dosing.
<br />155. NOTICES: Seller warrants that Seller has not received any nolice 1 rom any gover'nrnentat authority as to condemnation
<br />156. proceedings or violation of any law, ordinance or regulation. If the Property is subject to restrictive covenants, Seller
<br />157. warrants that Seller has not received any notice from any person or authority as to a breach of the covenants. Any
<br />158. such notices received by Seller shall be provided to Buyer immediately.
<br />159. DIMENSIONS: Buyer acknowledges any dimensions, square footage or acreage of land or improvements provided
<br />160. by Seller, third party, or broker representing or assisting Seller are approximate. Buyer shall verify the accuracy of
<br />161. information to Buyer's satisfaction, if material, at Buyer's sole cost and expense.
<br />162. ACCESS AGREEMENT: Seller agrees to allow Buyer reasonable access to the Property for performance of any
<br />163. surveys, inspections or tests or for water, sewer, gas or electrical service hookup as agreed to herein, Buyer shall
<br />164, restore the premises to the same condition it was in prior to the surveys, inspections or tests and pay for any restoration
<br />165. costs relative thereto.
<br />166, RISK OF LOSS: If there is any loss or damage to the Property between the date hereof and the date of closing for
<br />167. any reason, including fire, vandalism, flood, earthquake or act of God, the risk of loss shall be on Seller. If the Property
<br />168, is destroyed or substantially damaged before the closing date, this Purchase Agreement is canceled, at Buyer's
<br />169. option, by written notice to Seller or licensee representing or assisting Seller. 11 Buyer cancels this Purchase Agreement,
<br />170. Buyer and Seller shall immediately sign a Cancellation of Purchase Agreement confirming said cancellation and
<br />171, directing all earnest money pald hereunder to be refunded to Buyer.
<br />172, TIME OF ESSENCE: Time is of the essence in this Purchase Agreement.
<br />173. CALCULATION OF DAYS: Any calculation of days begins on the first day (calendar or Business Days as specified)
<br />174. following the occurrence of the event specified and includes subsequent days (calendar or Business Days as specified)
<br />175. ending at 11:59 P.M. on the last day.
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