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2 <br />LA515\146\976114.v4 <br /> <br />3. CONTINGENCIES. This Agreement is subject to the following contingencies: <br /> <br />A. Buyer having determined, on or before the expiration of the Due Diligence Period, <br />as defined in paragraph 9 of this Agreement, that it is satisfied with the result of all <br />matters disclosed by Buyer’s investigations, surveys, soil tests, inspections, and any <br />environmental reviews of the Property. <br /> <br />B. Buyer being satisfied with the condition of the Property’s title in accordance with <br />paragraph 8 of this Agreement. <br /> <br />C. A determination by Buyer’s governing body, prior to the end of the Due Diligence <br />Period, that the provisions of Minnesota Statutes Section 462.356, subdivision 2 <br />are duly satisfied. <br /> <br />If the contingencies above are satisfied, based on the timing requirements contained herein, <br />then Buyer and Sellers shall proceed to close the transaction as contemplated herein. If, <br />however, any of the contingencies is not satisfied, Buyer may terminate this Agreement by <br />written notice to be received by Sellers within the time requirements for the satisfaction of <br />a contingency, in which event the Title Company shall return the Earnest Money to Buyer, <br />and Buyer and Sellers shall execute and deliver to each other the termination of this <br />Agreement. As a contingent purchase agreement, the termination of this Agreement is not <br />required pursuant to Minnesota Statutes Section 559.21, et seq. <br /> <br />4. PURCHASE PRICE AND TERMS: <br /> <br />A. PURCHASE PRICE: The total purchase price for the Property is One Million <br />Seven Hundred Thousand and 00/100ths Dollars ($1,700,000.00) (the “Purchase <br />Price”). <br /> <br />B. TERMS: <br /> <br />(1) EARNEST MONEY. Earnest money in the amount of Five Thousand <br />Dollars ($5,000.00) (“Earnest Money”) is payable within five business <br />days following the Effective Date. The Earnest Money shall be held by <br />Land Title, Inc. (the “Title Company”). <br /> <br />(2) BALANCE DUE SELLERS. Buyer agrees to pay by certified check or <br />wire transfer of funds on the Closing Date the remaining $1,695,000.00 <br />balance due according to the terms of this Agreement. <br /> <br />(3) DEED/MARKETABLE TITLE. Subject to performance by Buyer, Sellers <br />agree to execute and deliver at closing a Limited Warranty Deed (“Deed”) <br />conveying marketable title to the Property to Buyer, subject only to the <br />Permitted Encumbrances as defined herein. <br />