10-08-2014 Council Agenda - Laserfiche WebLink

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ADDENDUM TO PURCHASE AGREEMENT: CONVENTIONAL OR PRIVATELY INSURED CONVENTIONAL MORTGAGE FINANCING This form approved by the Minnesota Association of REALTORS°', which disclaims any liability arising out of use or misuse of this form. 02013 Minnesota Association of REA170RSe, Edina, MN 1. Date aerr v 7.Dk 2. Page 3. Addendum to Purchase Agreement between parties, dated S`'-P*fUvl i- ?P , 20 1.4 , pertaining to the 4. purchase and sale of the Property at 3046 Labors Road 5, Little Canada, MN 55109 6. Financing will be a ❑ FIRST MORTGAGE only ❑ FIRST MORTGAGE AND SUBORDINATE FINANCING. (Check one.) 7. Buyer shall apply for and secure, at Buyer's expense, a 1 L ) k' \,cc1. b 8. ❑ CONVENTIONAL ❑ PRIVATELY INSURED CONVENTIONAL First Mortgage (Check one.) (e.9., lixed, AAM) 9. amortized monthly'alnn over a period of not more than T l years, with an initial mortgage interest ram at ^ 10. no more than I Y \CJ Q percent (%) per annum. 11. The mortgage application IS TO BE MADE WITHIN FIVE (5) BUSINESS DAYS after the Final Acceptance Date of this 12. Purchase Agreement. Buyer agrees to use best efforts to secure a commitment for such financing and to execute all 13. documents required to consummate said financing. 14. SELLER'S CONTRIBUTIONS TO BUYER'S COSTS: Seller ❑ IS,Q IS NOT contributing to Buyer's costs. If 19, see (Chock one.) 15. attached Seller's Contributions to Buyer's Costs Addendum, 16. FINANCING CONTINGENCY: This Purchase Agreement is contingent upon the following and applies to the first 17. mortgage and any subordinate financing. 18. (Check one.) 19. j If Buyer cannot secure the financing specified in this Purchase Agreement, and this Purchase Agreement does not 20. close on the closing date specified, this Purchase Agreement is canceled. Buyer and Seller shall immediately 21. sign a Cancellation of Purchase Agreement confirming said cancellation and directing all earnest money to be 22. jj REFUNDED TO BUYER ❑FORFEITED TO SELLER. (Check one.) 23. ❑ Buyer shall provide Seller, or licensee representing or assisting Seller, with the Written Statement, on 24. or before , 20 25. For purposes of this Contingency, "Written Statement" means a Written Statement prepared by Buyer's mortgage 26. originator(s) or lender(s) after the Final Acceptance Date that Buyer is approved for the loan(s) specified in this 27. Purchase Agreement, including both the first mortgage and any subordinate financing, if any, and stating that an 28. appraisal, satisfactory to the lender(s), has been completed and stating conditions required by lender(s) to close 29. the loan. 30. Upon delivery of the Written Statement to Seller, or licensee representing or assisting Seiler, the responsibility 31. for satisfying all conditions, except work orders, required by mortgage originator(s) or lender(s) are deemed 32. accepted by Buyer. Upon delivery of the Written Statement, if this Purchase Agreement does not close on the 33. stated closing date for ANY REASON relating to financing, other than Seller's failure to complete work orders to 34. the extent required by this Purchase Agreement, including but not limited to interest rate and discount points, if 35. any, Seller may, at Seller's option, declare this Purchase Agreement canceled, in which case this Purchase Agreement 36. Is canceled. It Seller declares this Purchase Agreement canceled, Buyer and Seller shall immediately sign a 37. Cancellation of Purchase Agreement confirming said cancellation and directing all earnest money paid hereunder' 38. to be forfeited to Seller as liquidated damages. In the alternative, Seller may seek all other remedies allowed by 39, law. 11