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<br /> 82.
<br /> 93
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<br /> 85 '
<br /> 86. 13. POSSESSION.Seller shall deliver possession of the property not later than the date of
<br /> 87 closing.All Interest,fuel oil,liquid petroleum gas,and all charges for dry water,city sewer,electricity,and natural gas shall be prorated DerNeen the
<br /> '8. partiesasof the date of closing
<br /> 14. EXAMINATION OF TITLE.Within a reasonable time after acceptance of this Agreement Seller shall furnish Buyer with a
<br /> Registered Property Abstract Certified to date including proper searches covering bankruptcies and State and Federal judgments,liens.and levied
<br /> and pending special assessments.Buyer shall have ten(10)business days after receipt of the Abskeet•ef`-- erRegistered Property Abstract either
<br /> �= to have Buyers attorney examine the title and provide Seller with written objections or,at Buyer's own expense,to make an application for a Title
<br /> 53 Insurance Policy and notify Seller of the application.Buyer shall have ten(10)business days alter receipt of the Commitment for Title Insurance to
<br /> z)4 provide Seller with a copy of the Commitment and written objections.Buyer shall be deemed to have waived any title objections not made within the
<br /> 95 applicable ten(10)day period for above,except that this shall not operate as a waiver of Seller's covenant to deliver a statutory Warranty Deed,unless
<br /> 6 a Warranty Deed is not specified above.
<br /> 9: 15. TITLE CORRECTIONS AND REMEDIES.Seller shall have 120 days from receipt of Buyers written title objections to make title marketable.Uon
<br /> p
<br /> 98. receipt of Buyer's title objections.Seller shall,within ten(10)business days,notify Buyer of Sellers intention to make title marketable within the 120
<br /> 99 day period.Liens or encumbrances for liquidated amounts which can be released by payment or escrow from proceeds of closing shall not delay the
<br /> 100. closing.Cure of the defects by Seller shall be reasonable,diligent,and prompt.Pending correction of title,all payments required herein and the
<br /> 10 t closing shall be postponed.
<br /> 102. A. If notice is given and Seller makes title marketable,then upon presentation to Buyer and proposed lender of documentation establishing that
<br /> 103 title has been made marketable,and if not objected to In the same time and manner as the original title objections,the closing shall take place
<br /> 104 within ten(10)business days or on the scheduled closing date,whichever is later.
<br /> 105- B. If notice is given and Seller proceeds In good faith to make title marketable but the 120 day period expires without title being made marketable,
<br /> 106 Buyer may declare this Agreement null and vold by notice to Seller,neither parry shell be liable for damages hereunder to the other,enb
<br /> 107.
<br /> 109 C. If Seller does not give notice of Intention to make title marketable,or 11 nolle Is Ivan but the 120 da
<br /> 109 marketable due to Sellers failure to proceed in good faith,Bu er ma seek,as 9 y period expires without title being made
<br /> 1 10. 1. Proceed to closing without waiver or merger In the dead of the objections to tit elifteand without by law,any
<br /> alveone rol any remediesore of the . may:
<br /> 1 1 1 (a)Seek damages,costs,and or
<br /> attorneys fees from Seller as
<br /> t 12 Permitted by law(damages under this subparagraph(a)shell
<br /> be limited to the cost of curing objections to title,and consequential damages are excluded);or,
<br /> 'j (b)Undertake proceedings to correct the objections to title;
<br /> 1 i 2. Rescission of this Purchase Agreement by notice as provided herein,In which case the Purchase Agreement shall be null and void
<br /> 115 and all earnest money paid hereunder shall be refunded to Buyer;
<br /> 3. Damages from Seller including costs and reasonable attorneys fees,as permitted by law;
<br /> 4. Specific performance within six months after such right of action arises.
<br /> D. 11 title is marketable,or is made marketable as provided herein,and Buyer defaults in any of the agreements herein.Seiler may elect either of
<br /> We-kWwiw9.apUawF as permitted by law:
<br /> 1. Cancel this contract as provided by statute and retain all payments made hereunder as liquidated damages.The parties acknowledge
<br /> their intention that any note given pursuant to this contract Is a down payment note,and may be presented for payment notwithstanding
<br /> -- cancellation:
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<br /> 1= E. If title is marketable,or is made marketable as provided herein,and Seller defaults In any of the agreements herein,Buyer may,as permitted by
<br /> - law:
<br /> 1. Seek damages from Seller including costs and reasonable attorneys fees:
<br /> '• 2. Seek specific performance within six months after such right of action arises.
<br /> TIME IS OFTHE ESSENCE FOR ALL PROVISIONS OFTHIS CONTRACT.
<br /> 16. NOTICES.All notices required herein shall be In writing and delivered personalty or mailed to the address as shown at Paragraph 1.,above and
<br /> if mailed.are effective as of the date of mailing.
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<br /> 18. SUBDIVISION OF LAND.11 this sale constitutes or requires a subdivision of land owned by Seller,Seller shall pay all subdivision expenses and
<br /> =�_ obtain all necessary governmental approvals.Seller warrants that the legal description of the real property to be conveyed has been or will be
<br /> approved for recording as of the date of closing.
<br /> 38 19. MINNESOTA LAW.This contract shalt be governed by the laws of the State of Minnesota.
<br /> 139- 20. ADDITIONAL TERMS. This Purchase Agreement and Buyer's obligations hereunder are
<br /> 1.10 contingent upon the City Council of the City of St. Anthony approving the acquisition
<br /> 141, of the Property by Buyer following required administrative notices and hearings
<br /> 142 The Parties agree that the -date of closing may be extended if necessary to complete the
<br /> 143. City approval process.. if the City does not approve this transaction, this Agreement
<br /> 144. shall be null and void and neither party shall have any further liability or
<br /> 145 obligation hereunder.
<br /> 146 21. ADDENDA.Attached are(number) addenda which are made a part of this Agreement.
<br /> THIS IS A LEGALLY BINDING CONTRACT.BEFORE SIGNING,CONSULT A LAWYER.
<br /> Minnesota law permits licensed real estate brokers and Sales agents to prepare purchase agreements.No recommends-
<br /> tlon or representation Is made by either the listing broker or selling broker as to the legal suffleleney,the legal effect,or
<br /> the tax consequences of this contract.These are questions for your lawyer.
<br /> I agree to sell the property for the priC4A3d I agree to purchase the property for the price and
<br /> terms and condlijons set for�/tb'a/h�wm^' (v�` '/��y terms and conditions set forth above.
<br /> SELLER�mo �lousi:ng and Redevelopment Authority of
<br /> t e1e1 t. Anthony, Minnesota aer.r
<br /> SELLER BUYERB ° — '
<br /> (bws) Its: � foetal
<br /> Closing shall be at the office of:
<br /> Nems Address
<br /> rmmnanv/Firm Name
<br />
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