|
r Fotm No COMMCRCIAl. FA Purchase A greement / PAGE 1
<br />MINNESOTA COMMERCIAL PURCHASE AGREEMENT
<br />BEFORE YOU USE OR SIGN THIS CONTRACT. YOU SHOULD CONSULT WITH AN ATTORNEY TO DETERMINE
<br />THAT THIS CONTRACT ADEQUATELY PROTECTS YOUR LEGAL RIGHTS.
<br />1. PARTIES. This Purchase Agreemenl is made on November 13.2001. by and betwe«n City of Orono. P O Box 66.
<br />Crystal Bay. MN SS323 0066. SELlF.R, and Professional Properties of Orono LLP or itr. assigns. 13988 Maple Knoll
<br />Way #102. Maple Grove. MN 55369-7004. BUYER
<br />2. OFFER/ACCEPTANCE. Buyer offers to purchase and Setter agrees to sell real property lepally descnbed as
<br />Lot 1, Block 1. Willow Properties Addition
<br />located at 2765 Kelley Parkway. City of Orono. County of Hennepin. State of Minnesota
<br />3. ACCEPTANCE DEADLINE. The acceptance date of this Agreement is the date it is delivered by the last party signing
<br />to the other party This offer to purchase, unless accepted soorter. shall be void at 11 59 P M . December 14. 2001.
<br />and in such event all earnest ntoney shall be refunded to Buyer
<br />4. PERSONAL PROPERTY INCLUDEO IN THE SALE Title to personal property passes to Buyer by a bill of sale Any
<br />personal property to be included m the sale must be listed here The following items of personal property owned by Seller
<br />and currently located on the real properly are included in this sale all of the personal property situated in or about the
<br />Real Proper^ owned by Seller' and used in the maintenance or operation of the Real Property: Seller's interest as lessor
<br />in all of the leases desaibed on Exhibit ‘'A” ("Leases'*). Seller's interesi in the service and maintenance contracts,
<br />equipment leases and other contracts regarding the Real Property. Fixtures, and the Personal Property described on
<br />Exhibit “B” rContracts”). Seller's interesi in the permits and licenses necessary to use and operate the property, as
<br />descnbed on Exhibit ‘‘C ("Permits and Licenses"). Seller's interests in all warranties and guaranties given to. assigned
<br />to or benefiting Seller or the Real Property. Fixtures, or the Personal Properly regarding the acquisition, construction,
<br />design, use. operation, management or maintenance of the Real Property and the Personal Property CWarranties'). all
<br />originals and copies of the surveys, as-built bluepnnts. plans and specifications regarding the Real Property. Fixtures, and
<br />the Personal Property in Seller's possession, if any f Plans"), all records of Seller regarding the Real Property and the
<br />Personal Property, including all records regarding ownership, operation, management and leasing of the Property,
<br />including without limitation, current real estate tax statements and special assessment notices, insurance policies,
<br />information regarding tenants, arid records of maintenance, repairs, services and capital improvements to the Property,
<br />but excluding tax returns and such other records as are normally viewed as confidential, provided that such other records
<br />are not necessary, in Buyer's reasonable judgment, to the continued operation, management and leasing of the Real
<br />Property and the Personal Property ("Records"), and the following additional personal property Land Sale Only
<br />Buyer will accept the property 'as is" in its condition at the time of closing
<br />At closing or prior to closing. Seller shall provide for payment of. satisfaction of. or release of any existing liens, claims, or
<br />encumbrances on the personal property or fixtures, except for the following encumbrances which Buyer accepts or
<br />assumes [list hem} Norve
<br />5. PRICE AND TERMS. The price for the real and personal property included in this sale is Four Hundred Thirty Five
<br />Thousand Dollars ($435,000 00 ) which Buyer shall pay as follows
<br />Earnest money of $25,000 00 by Check, receipt of which is hereby acknowledged (to be deposited the next business day
<br />after acceptance in trust account of listing broker, unless otherwise speafied in writing) and $62,000 00 cash within 30
<br />days of final approval of buyers plans and specs for building to be constructed on said lot The balance of $348,000 by
<br />financing as shown on the attached Financing Addendum
<br />6. DEEOfMARKETABLE TITLE. Upon performance by Buyer. Seller shall execute and deliver a Warranty Deed,
<br />joined in by spouse, if any. conveying marketable title, subject to
<br />A. Building and zoning laws, ordinances, state and federal regulations.
<br />B. Restrictions relating to use or improvement of the property without effective forfeiture provisions,
<br />C Reservation of any mineral rights by the Stafo of Minnesota.
<br />O Utility and drainage easements which do not interfere with existing improvements,
<br />E. Exceptions to title vrhich constitute encumbrances, restrictions, or easements which have been dtedosed to Buyer
<br />and accepted by Buyer in this Purchase Agreement (must be specified in writing )
|