#15-3726 Contract for Deed - White to Sylvester

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Page 2 of6 Minnesota Uniform Conveyancing Blanks Form 30.1.1 2. Title. Seller warrants that title to the Property Is, on the date of this Contract, subject only to the following exceptions: {a) Covenants, conditions, restrictions (without effective forfeiture provisions) and declarations of record, If any; {b) Reservation of minerals or mineral rights by the State of Minnesota, If any; {c) Utility and drainage easements which do not Interfere with present Improvements; (d) Applicable laws, ordinances, and regulations; (e) The lien of real estate taxes and Installments of special assessments which are payable by Purchaser pursuant to _paragraph 6 of this Contract; and (Q The following liens or encumbrances: Highway Plat filed as Document No. 9206517. other easements of record. 3. Delivery of Deed and Evidence of Tltle. Upon Purchasets full performance of this Contract, Seller shall: (a) Execute, acknowledge, and deliver to Purchaser a Warranty · Deed, In recordable fqrm, conveying marketable title to the Property to Purchaser, subject only to the f ollowlng exceptions: {I) Those exceptions referred to In paragraph 2(a), (b), (c), (d), and (e) of this Contract; (II) Liens, encumbrances, adverse claims or other matters which Purchaser has created, suffered or permitted to accrue after the date of this Contract; and (Ill) . The following liens or encumbrances: Highway Plat flied as Document No. 9206517. Other easements of record. {b) Deliver to Purchaser the abstract of title to the Property, without further extension, to the extent required by the purchase agreement {If any) between Seller and Purchaser. 4. Purchase Price. Purchaser shall pay to Seller at address designated by Seller from time to time the sum of four hundred ten thousand and No/100 Dollars ($410,000.00 ), as and for the purchase price {the "Purchase Price") for the Property, payable as follows: $205,000.00 The down payment paid on the date hereof; and $205,000.00 The balance, together with Interest thereon al the annual rate of 4.75%, payable In monthly Installments of principal and Interest In the amount of $1 ;324.76, on or before the first day of each month commencing August 1, 2015, and on the first day of each month thereafter until February 26, 2016, when the entire principal balance and all accrued Interest shall be due and payable In full. THIS IS A BALLOON PAYMENT. 5. Prepayment. Unless otherwise provided In this Contract, Purchaser shall have the right to fully or partially prepay this Contract at any time without penalty. Any partial prepayment shall be applied flrst to payment of amounts then due under this Contract, Including unpaid accrued Interest, and the balance shall be applied to the principal Installments to be paid In the Inverse order of their maturity. Partial prepayment shall not postpone the due date of the Installments to be paid pursuant to this Contract or change the amount of such Installments.