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PURCHASE AGREEMENT:
<br />VACANT LAND (RESIDENTIAL)
<br />123, Page 4 Date a 't('k'4' 791 f 10(1-4
<br />124. Properly located al 3046 Labore noxa Little Canada 697 55109
<br />125. TITLE AND EXAMINATION: W ithIn a reasonable time period after Final Acceptance Date of this Purchase Agreement,
<br />126. Seiler 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 levled 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 hsurance 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(les), 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 (brans) 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 />136, 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 Seiler. 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 parry 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 thls 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 />154. materials, machinery, fixtures or tools furnished within the 120 days immediately preceding the closing.
<br />155. NOTICES: Seller warrants that Seller has not received any notice from any governmental 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 />156. 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 aro 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 riskof 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 SellerorllcenseerepresentingorassistingSeller.ifBuyercancelsthisPurchaseAgreement,
<br />170, Buyer and Seller shall immediately sign a Cancellation of Purchase Agreement confirming said cancellation and
<br />171, directing all earnest money paid hereunder to be refunded to Buyer.
<br />172, TIME OF ESSENCE: Time Is of the essence In thls 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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