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M.S.B.A. Real Property Form No. 31 (1997)
<br /> Minnesota Vacant Land Purchase Agreement-- Multiple Dwelling PURCHASE AGREEMENT/PAGE 1
<br /> MINNESOTA VACANT LAND PURCHASE AGREEMENT -- MULTIPLE DWELLING
<br /> ©Copyright 1997,by Minnesota State Bar Association,Minneapolis,Minnesota.
<br /> BEFORE YOU USE OR SIGN THIS CONTRACT, YOU SHOULD CONSULT WITH A LAWYER TO DETERMINE THAT THIS CONTRACT
<br /> ADEQUATELY PROTECTS YOUR LEGAL RIGHTS. Minnesota State Bar Association disclaims any liability arising out of use of this form.
<br /> 1 1. PARTIES. This Purchase Agreement is made on May ,2007 , by and between
<br /> L■r2 The City of Pequot Lakes,a municipal corporation 7.-ftneritai-sfatos1
<br /> 3 of[seller's address] 4638 County Road 11, Pequot Lakes,MN 56472 ,SELLER,and
<br /> 4 ,as joint tenants [strike joint tenants"if tenancy-in-common is intended]
<br /> 5 of[buyer's address] ,BUYER.
<br /> 6
<br /> 7 2. OFFER/ACCEPTANCE. Buyer offers to purchase and Seller agrees to sell real property legally described as
<br /> 8
<br /> 9 Lot 3,Block 4,Pequot Lakes Industrial Park
<br /> 10
<br /> 11
<br /> 12
<br /> 13
<br /> 14 [Property Tax Identification Number or Tax Parcel Number
<br /> �A6 located at ,City of Pequot Lakes ,
<br /> 17 County of Crow Wing ,State of Minnesota,Zip Code 56472 ,
<br /> 18
<br /> 19 3. ACCEPTANCE DEADLINE. The acceptance date of this Purchase Agreement is the date it is delivered by the last party signing to the other
<br /> 20 party. This offer to purchase,unless accepted sooner,shall be void at 11:59 A.M.,[date] ,and in such
<br /> 21 event all earnest money shall be refunded to Buyer.
<br /> 22
<br /> 23 4. PERSONAL PROPERTY AND FIXTURES INCLUDED IN SALE. The following items of personal property and fixtures owned by Seller and
<br /> 24 currently located on the property are included in this sale[Strike out items not included]: garden bulbs, plants,shrubs,trees,fences,gates,
<br /> 25 culverts,survey monuments,and also the following property:
<br /> 26 NONE
<br /> 27
<br /> 28 Upon delivery of the Deed, Seller shall also deliver a Warranty Bill of Sale for the above personal property. [Check the box if the following
<br /> 29 provision applies to this Purchase Agreement:/ [_1 Seller shall use M.S.B.A. Real Property Form No. 90 (1997),Warranty Bill of Sale.
<br /> 30
<br /> 31 5. PRICE AND TERMS. The price for the real and personal property included in this sale is
<br /> 32 forty-nine thousand eight hundred Dollars ($ 49,800.00 ),
<br /> 33 which Buyer shall pay as follows:
<br /> 34
<br /> 35 Earnest money of $2,500.00 by[CASH, CHECK, NOTE-state which] , receipt of which is hereby
<br /> 36 acknowledged(to be deposited the next business day after acceptance in trust account of listing broker,unless otherwise specified in writing)
<br /> 37 and $ cash on or before June 15,2007 ,the DATE OF CLOSING,and the balance of
<br /> 38 S by financing as shown on the attached Financing Addendum.
<br /> 39
<br /> 40 6. DEED/MARKETABLE TITLE. Upon performance by Buyer,Seller shall execute and deliver a Warranty Deed,joined in
<br /> 41 by spouse, if any,conveying marketable title of record,subject to:
<br /> 42 A. Building and zoning laws,ordinances,state and federal regulations;
<br /> 43 B. Exceptions to title which constitute encumbrances, restrictions,or easements which have been disclosed to Buyer and accepted by
<br /> 44 Buyer in this Purchase Agreement (must be specified in writing.):
<br /> 45
<br /> 5 7. REAL ESTATE TAXES AND SPECIAL ASSESSMENTS. Real estate taxes due and payable in and for the year of closing shall be prorated
<br /> between Seller and Buyer on a calendar year basis to the actual Date of Closing,unless otherwise provided in this Purchase Agreement. If tax
<br /> 48 statements for such taxes are not available on the Date of Closing,the amount to be prorated shall be %of the prior year's taxes,
<br /> 49 and such estimated proration shall be[strike one]FULL AND FINAL BETWEEN SELLER AND BUYER/ADJUSTED UPON RECEIPT OF THE
<br /> 50 ACTUAL TAX STATEMENTS FOR SUCH YEAR(in which case the party entitled to a credit as a result of the adjustment shall receive the amount
<br /> 51 of such credit from the other party within 30 days of issuance of the tax statements). Seller represents the taxes due and payable in the
<br /> 52 year(s)
<br /> 53 2007 will be[FULL,PART,NON-] NON -homestead classification, unless Buyer changes the tax classification for taxes
<br /> 54 payable in the year following closing by taking possession of the property as Buyer's homestead and filing a new homestead declaration within
<br /> 55 the time required by law. If the taxes due and payable in the year of closing are PART or NON-homestead classification, Seller shall pay to
<br /> 56 Buyer at closing $ ,in addition to Seller's prorated share of the taxes. If the taxes due and payable in the year
<br /> 57 following closing are PART or NON-homestead classification and the closing takes place after the date by which Buyer must take possession
<br /> 58 of the property as Buyer's homestead to file for homestead tax status for taxes due and payable in such year,Seller shall pay to Buyer at closing
<br /> 59 $ as Seller's share of such taxes.
<br /> 60
<br /> 61 [Strike out one:] BUYER AND SELLER SHALL PRORATE AS OF THE DATE OF CLOSING /SELLER SI IALL PAY on Date of Closing all
<br /> 62 installments of special assessments certified for payment with the real estate taxes due and payable in the year of closing.
<br /> 63 [Strike out one:] BUYER SHALL ASSUME/CELLE £I IALL PAY ON DATE or CLOSING all other special assessments levied as of the date of
<br /> 64 this Purchase Agreement.
<br /> 65 [Strike out one:] BUYER SHALL ASSUME/SELLER SI IALL PROVIDE 1011 PAYMENT or special assessments pending as of the date of this
<br /> 66 Purchase Agreement for improvements that have been ordered by the City Council or other governmental assessing authorities. (Seller's
<br /> 67 provision for payment shall be by payment into escrow of 13/4 times the estimated amount of the assessments.) As of the date of this Purchase
<br /> 68 Agreement, Seller represents that Seller has not received a Notice of Hearing of a new public improvement project from any governmental
<br /> 69 assessing authority,the costs of which project may be assessed against the property. If a special assessment becomes pending after the date
<br /> 70 of this Purchase Agreement and before the Date of Closing, Buyer may,at Buyer's option:
<br /> 71 A. Assume payment of the pending special assessment without adjustment to the purchase price of the property;or,
<br /> 72 B. Require Seller to pay the pending special assessment (or escrow for payment of same as provided above) and Buyer shall pay a
<br /> 73 commensurate increase in the purchase price of the property, which increase shall be the same as the estimated amount of the
<br /> 74 assessment;or,
<br /> 75 C. Declare this Purchase Agreement null and void by notice to Seller,and earnest money shall be refunded to Buyer.
<br /> 76 [Strike out one:]BUYER SHALL ASSUME/CELLER SHALL PAY ON DATE Or CLOCINC any deferred real estate taxes(including "Green Acres"
<br /> 77 taxes under MINN.STAT. §273.111) or special assessments payment of which is required as a result of the closing of this sale.
<br /> 78 Buyer shall pay real estate taxes due and payable in the year following closing and thereafter and any unpaid special assessments payable
<br /> therewith and thereafter,the payment of which is not otherwise provided herein. Seller makes no representation concerning the amount of
<br /> �u future real estate taxes or of future special assessments.
<br /> 81
<br /> 82
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