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DEC-10-03 WED 2:57 PM CLOSE-CONVERSE FAX NO, 1 218 828 4330 P. 2 COMIIZERCTAI,-INOUSTTtIAL Close — Converse PURCHASE AGREEMENT -- This torn approved by the Minnsailta AS.snciation tIF COMMERCIAL t'R1:FERRED PROPERTIES REALTORS&,which disclaims mytiabiltcyeasing out of use or misase of this form. Date: 44.4 --C 3 _ -. . RECEIVED OF City of Pegupt Lakes . the sum of Twiery-Five xhoua ($ 25�000.Ot) )DOLLARS Check to be deposited upon aaeentanoe as earnest money and in part payment for the purchase of property k sat-h ar noro oars whim) -' p [ Y at 4638 County Road 11 situated in the County of Grow Wing State of Minnesota,and legally described as follows:Past of sw r 4 of SW 1 4 Section 11 T136N R29W containine a••roxim-tel 5 Ac =s 'ere or les* together with the following personal property:40M all of which property the undersigned has this day sold to the Buyer for the sum of.- Eight RundrQd ThCIVa and and no/100 ($900,000.00 )DOLLARS,which the Buyer agrees to pay in the following manner: Earnest money herein paid$ 25,000.94 and$2.71,240,0(1___ ,cash,on march 1, 2004 the date of closing and the balance of$ by financing as shown on the attached addendum. l, DEED/MARKETABLE TITLE: Subject to performance by the Buyer,the Seller agrees to execute and deliver a Warranty Deed conveying marketable title to said premises subject only to the following exceptions: (a) ,Building and zoning laws, ordinances, State and Federal regulations. (b) Restrictions relating to use or improvement of the premises without effective forfeiture provision. (c) Reservation of any minerals or mineral rights to the State of Minnesota. (d) Utility and drainage easements which do not interfere with present improvements. (e)Rights of tenants as follows: - • ec to 'xistin. lease with rves Exercise Salon 2. REAL ESTATE TAXES. Real estate taxes due and payable in the year of closing shall be prorated between Seller and Buyer on a calendar year basis to the actual date of closing unless otherwise provided In this Agreement Real estate taxes ayable in the years prior to closing shall be paid by Seller. Real estate taxes payable in the years subsequent to closing shall be paid by Buyer. 3. SPECIAL ASSESSMENN rS. [Check one.] ® BUYER AND SELLER SHALL PRORATE AS OF THE DATE OF CLOSING © SELLER SHALL PAY on the date of closing all installments of special assessments certified for payment with the real estate taxes due and payable in the year of closing. [Check one.) © BUYER SHALL ASSUME D SELLER SHALL PAY ON DATE OF CLOSING all other special assessments levied as of the date of this Agreement. [Cheek one.] Q BUYER SHALL ASSUME 0 SELLER SHALL PROVIDE FOR PAYMENT OF special assessments pending as of the date of this Agreement for improvements that have been ordered by the City Council or other governmental assessing authorities. (Seller's provision for payment shall be by payment into escrow of 1 1/2 times the estimated amount of the assessments) if a special assessment becomes train after the date of this Agreement and before the date of closing, Buyer may at Buyer's option: (a)Assume payment of the special assessment without adjustment to the purchase price;or(b)Require Seiler to pa the pending special assessment(or esetow for payment of same a sum equal to 1. 1/2 times the projected pending assessment)and Buyer shall pay a commensurate increase in the purchase price of the property, which increase shall be the same as the estimate amount of the assessment; or(c) Declare this Agreement null and void by notice to Seller, and earnest money shall be refunded to uyer. Seiler shall pay on date of closing any deferred real estate taxes or special assessments payment of which is required as a result of the closing of This sale. 4. PRORATION$, All items customarily prorated and adjusted in connection with the closing of the sate of the property herein including but not limited to rents, operating expenses, interest on any debt assume by Buyer, shalt be prorated as of the daft of closing. It shall be assumed that the buyer will own the property for the entire date of the closing. S. DAMAGES TO REAL PROPF.RTV.lf there is any loss or dams to the property between the date hereof and the date of closing, for any reason, the risk of loss shall be on the Seiler. It—the property is destroyed or substantially damaged before the closing, this Purchase Agreement shall become null and void, at Buyer's option_ Buyer shall have the right to terminate ibis Purchase Agreement within 30 days after Seller notifies Buyer of such damage. Upon said termination,the earnest money shall be refunded to-Buyer and Buyer and Seiler agree to sign a cancellation of Purchase Agreement. ;21 C harle�Screer"2.01 • 13,x 327 • RrAincrd.Mi.nnesota 56401 Phone i2l8) 828.33344 • Fix 1218)8284330 Produc¢d with ZieFtrtri by ptE Fcrtn7Not,I-1C+8025 F4tcan M is Road.Gision rt,>,rnie*,Michigan 43035.(5 3n3-9(16 [I.Vt,[aavvra.)ac 521['Sprits S,,col fir ) 5 .,u n,...,• �.,r.1 cw., .. • .. ... .. .#41.02.$5{pc Si eel talt;stT�,':tit.corRmirei ref, tnt'es tt eat.6 dive lo�irrtenrr real'as .e „ l t, h + )