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<br /> Page 3 of 6 Minnesota Uni(orm Conveyancing Blanks Form 30.1.1 �
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<br /> 6, Real Estate Taxes and Asaessments. Real estate taxes and installments of special assessments whlch are due and payable In �
<br /> the year in which this Contract Is dated shall be paid as follows: ;
<br /> + Taxes and(nstellments of special assessments,if any,due and payab�e In 2015 shall be prorated as of the date of closing. �
<br /> Taxes and installments of special assessments payable In 2016 and thereafter shall be pald by Purchaser. �
<br /> Purchaser shall pay,before penalty accrues,all real estate taxes and instaliments of special assessments assessed against ihe Property �
<br /> which are due and payable in all subsequent years. Seller warrants that the reai estate taxes and instalimants of special assessments which ;
<br /> were due and payable in the years precetling the year(n which this Contract is dated are pald fn full. If the Property is subject io a recorded �
<br /> declaration provlding for assessments to be levied against lhe Property by any owners'associatlon,Purchaser shall promplly pay,when due, '
<br /> all assessments fmposed by the owriers'associaifon or other governing body as requlred by the provislons oi fhe declaration orother related �
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<br /> documents. �
<br /> 7. Property Insurance. �
<br /> (a) insured Risks and Amounts, Purchaser shall keep all buildings,improvements,and fixtures now ar laier located on or a part of
<br /> the P�operty insured against loss by fire,Iightning and such other perils as are included in a standard"all-risk"endorsement,and
<br /> against loss or damage by all oiher risks and hazards covered by a standard extended coverage insurance policy,including,without
<br /> limltatlon,vandalism,maliclous mischief,burglary,theft and,if appHcable,steam boiler explosion. Such insurance shall be ln an �
<br /> amount no less ihan the full replacement cost of the bulidings,improvements,and flxtures,without deduction for physical depreciation. ;
<br /> If any of ihe buildings,improvements,or flxtures are located in a federally designated tlood prone area,and ff flood insurance is �
<br /> available for that area,Purchaser shall procure and mafntain flood insurance fn amounts reasonably satisfactory to Seller. �
<br /> � (b) Other rms. The insurance policy shall contaln a loss payable clause in favor of Seller which provides that Seller's right to
<br /> recover under the insurance shall not be impaired by any acts or omisslons ot Purchaser or Seller,and that Seller shall otherwise be `
<br /> ' afforded all rights and pnvileges customarily provided a mortgagee under the so-called standard mortgage clause.
<br /> (c) Notice of Damaae, In the event of damage to the Property by flre or other casualty,Purchaser shall promptly give notice of
<br /> such damage to Seller and the insurance company,
<br /> 8, Damage to the Property.
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<br /> (a) A�plication of Insurance Proceetls. If the Prope�ty is damaged by fire or other casualty,the Insurance proceeds paid on
<br /> account of such damage shall be applied to payment of the amounts payable by Purchaser under this Coniract,even if such amounts �
<br /> are not then due ta be paid,unless Purchaser makes a permitted election desoribed in the next paragraph. Such amounts shali be first �
<br /> applietl to unpaid accrued Interest and nexf to the instaliments to be paid as provided in ihis Contract in the inverse order of their
<br /> maturity, Such payment shali not posipone the due date of the Installments to be pafd pursuant to lhis Contract or change the amount
<br /> of such installmenis, The balance of insurance proceeds,if any,shall be the property of Purchaser. �:
<br /> (b) Purchaser's Election to Rebuiid. If Purchaser Is not in default under this Contract,or after curing any such default,and if the �
<br /> mortgagees fn any prior mortgages and sellars in any prior contracts for deed do not require oiherwise,Purchaser may elect to have F
<br /> that portion of such Insurance proceeds necessary to repair,replace,or restore the damaged Property(the"Repalrs")deposited in �
<br /> escrow with a bank or title Insurance company qualitied to do business In the State ot Minnesota,or such other party as may be �
<br /> mutuaily agreeable to Seller and Purchaser. The electlon may only be made by writien notice to Seller within sixty(60)days after ihe �
<br /> damage occurs. Also,ihe election wfll only be permilted if the plans and specfficatlons and contracls for the Repafrs are approved by F
<br /> Seller,which approval Seller shall not unreasonably withhold or delay. If such a permftted election)s made by Purchaser,Seller and �
<br /> Purchaser shall jointly deposit,when paid,such insurance proceeds Into such escrow. If such insurance proceeds are insu�cient for �
<br /> the Repairs,Purchaser shall,before the commencement of the Repairs,deposit into such escrow su�clent additfonal money to insure t
<br /> the full payment for the Repairs, Even if the insurance proceeds are unavallable or are insufficient to pay the cost of the Repafrs,
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<br /> ' Purchaser shall at all times be responsible to pay the full cost of the Repairs. All escrowed funds shall be disbursed by the escrowee in
<br /> accordance with generally accepted sound construction disbursement procedures. The costs incurred or to be incurred on account of
<br /> . such escrow shall be deposited by Purchaser into such escrow before the commencement of the Repalrs. Purchaser sha�l complete
<br /> lhe Repairs as soon as reasonably possible and in a good and workmanlike manner,and in any event the Repairs shall be completed
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