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<br /> Page 3 of 6 Minnesola Unf(orm Conveyandng Blanks Form 30.1,1 �
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<br /> 6, Real Estate Taices and Assessments. Real estate taxes and instaliments of speclal assessments which are due and payable in d
<br /> the year in which this Contract Is deted shall be paid as follows: ;
<br /> j Taxes and installments of speclal assessments,If any,due and payable In 2015 shall be prorated as of the date of closing. �
<br /> Taxes end installments of speclal assessments payable In 2016 and thereafter shall be pald by Purchaser. �
<br /> Purchaser shall pay,beiore penalty accrues,all real estate taxes and Installments of special assessments assessed against the Property �
<br /> which are due and payable in all subsequeni years. Seller warrants that the real estaie taxes and installments of speciai assessmenls which �
<br /> were due and payable in the years preceding the year(n which thls Contract is dated are paid in full. If the Prope�ty fs subject to a recorded t
<br /> deciaration providing for assessments to be levied against lhe Property by any owners'association,Purchaser shall promplly pay,when due, ;
<br /> all assessments imposed by the owriers'association or other governing body as requlred by the provisions oi the declaration orother related �
<br /> documenls,
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<br /> 7. Property Insurance. �
<br /> (a) Insured Risks and Amounts, Purchaser shall keep ail buildings,improvements,and fixtures now ar later located on or a part of �
<br /> the P�operty insured agafnst loss by fire,Ilghlning and such other perils as are included in a standartl"ali-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 /> limitation,vandalism,malicious mischief,burglary,theft and,if applicable,s(eam boiler expiosion. Such insurance shall be ln an �
<br /> amount no less lhan the full replacement cost of the bulldings,improvemenis,and fixtures,without deduction for physical depreciation.
<br /> If any of ihe buildings,improvements,or ilxtures are located in a federally dasignated ilood prone area,and if flood insurance is i
<br /> available for that area,Purchaser shall procure and maintain flood insurance In amounts reasonably satisfactory to Seller. i.
<br /> (b) Other rms. The insurance policy shall contaln a loss payable clause in favor of Seller which provides ihat Sellers right to `
<br /> recover under the insurance shall not be impaired by any acts or omisslons of Purchaser or Seller,and that Seiler shall otherwise be �.
<br /> ' afforded all rights and privileges customarlly provided a mortgagee under the so-called standard mortgage clause. �
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<br /> (c) Notice of Damaqe, In the event of damage to the Property by fire or other casualty,Purchaser shall prornptly give notice of �
<br /> such damage to Seller and the insurance company. R
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<br /> 8. Damage to the Property. �
<br /> (a) Aonlication of Insurance Proceeds. If the Property is damaged by fire or other casualry,the insurance proceeds paid on �
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<br /> account of such damage shall be applied to payment of the amounts payable by Purchaser under this Conlract,even If such amounts �
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<br /> are not lhen due to be paid,unless Purchaser makes a permitted election described in the next paragraph, Such amounts shall be first �
<br /> applied to unpaid accrued interest and next to the instaliments to be paid as provided in ihis Contract in the Inverse order of their �
<br /> maturity. Such payment shali not postpone the due date of the Installments to be pafd pursuant to(his Contract or change the amount
<br /> of such installments. The balance of insurance proceeds,if any,shall be the property of Purchaser. :
<br /> (b) Purchaser's Election to Rebuild. If Purchaser is not in default under this Contract,or after curing any such default,and if the �
<br /> mortgagees in any prior mortgages and sellers in any prior contracts for deed do not require otherwise,Purchaser may elect to have t
<br /> that portion of such insurance proceeds necessary to repalr,replace,or restore the damaged Prope�ty(the"Repafrs")deposited in
<br /> escrow with a bank or Gtle Insurance company qualified to do buslness in the State of Minnesota,or such other parry as may be
<br /> mutually agreeable to Seller and Purchaser. The electlon may only be made by wr(tten notice to Seller within slxty(60)days after ihe
<br /> damage occurs. Also,ihe election will only be permltted if the plans and speciflcations and coniracts for the Repairs are approved by
<br /> Seller,which approval Seller shall not unreasonably withhold or delay. if such a permitted election fs made by Purchaser,Seller and
<br /> Purchaser shall jofntly deposit,when paid,such insurance proceeds Into such escrow. If such insurance proceeds are insu�cient for
<br /> the Repalrs,Purchaser shall,before the commencement of the Repairs,deposit Into such escrow sufficient additional money to insure
<br /> the full payment for the Repairs. Even if the lnsurance proceeds are unavailable or are insu�icient to pay the cost of the Repafrs,
<br /> ` Purchaser shall at all times be responsible to pay ihe full cost of the Repairs, All escrowed funds shall be disbursed by the escrowee in
<br /> accordance with generally acceptetl sound construction disbursement procedures. The costs incurred or to be incurred on account of
<br /> such escrow shall be deposlied by Purchaser into such escrow before the commencement of the Repairs. Purchasar shall complete
<br /> Ihe Repafrs as soon as reasonably possible and in a good and workmanlike manner,and in any event the Repairs shail be completed
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