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Page 4 of6 Minnesota Uniform Conveyancing Blanks Fonn 30.1.1
<br />by Purchaser within one (1) year after the damage occurs. If, following the completion of and payment for the Repairs, there remains
<br />any undisbursed escrow funds, such funds shall be applied to payment of the amounts payable by Purchaser under this Contract in
<br />accordance with paragraph 8(a) above.
<br />(c) Owners' Association. If the Property is subject to a recorded declaration, so long as the owners' association maintains a
<br />master or blanket policy of insurance against fire, extended coverage perils and such other hazards and In such amount as are
<br />required by this Contract, then: (I) Purchaser's obligation in the Contract to maintain hazard Insurance coverage on the Property Is
<br />satisfied; (ii) the provisions of paragraph 8(a) of this Contract regarding application of insurance proceeds shall be superseded by the
<br />provisions of the declaration or other related documents; and (Ill) In the event of a dlstrlbuUon of Insurance proceeds In lleu of
<br />restoration or repair following an Insured casualty loss to the Property, any such proceeds payable to Purchaser are hereby. assigned
<br />and shall be paid to Seller for application to the sum secured by this Contract, with the excess, If any, paid to Purchaser.
<br />9. Injury or Damage Occurring on the Property.
<br />( a) Llablllty. Seller shall be free f ram liability and claims for damages by reason of injuries occurring on or after the date of this
<br />Contract .to any person or persons or property whlle on or about the Property. Purchaser shall defend and Indemnify Seller from all
<br />llablllty, loss, cost, and obllgatlons, Including reasonable attorneys' fees, on account of or arising out of any such Injuries. However,
<br />Purchaser shall have no liability or obllgatlon to Seller for such Injuries which are caused by the negligence or Intentional wrongful acts
<br />or omissions of Seller,
<br />(b) Liability' Insurance. Purchaser shall, at Purchaser's own expense, procure and maintain liability insurance against claims for
<br />bodily Injury, death and property damage occurring on or about the Property In amounts reasonably satisfactory to Seller and naming
<br />Seller as an additional insured.
<br />10. Insurance Generally, The Insurance which Purchaser is required to procure and maintain pursuant to paragraphs 7 and 9 of this
<br />Contract shall be Issued by an insurance company or companies licensed to do business In the State of Minnesota and acceptable to Seller.
<br />The Insurance shall be maintained by Purchaser at all times while any amount remains unpaid under this Contract. The Insurance policies shall
<br />provide for not less than ten (10) days written notice to Seller before cancellation, non-renewal, tennlnatlon or change In coverage, and
<br />Purchaser shall deliver to Seller a duplicate original or certificate of such insurance policy or policies.
<br />11. Condemnation. If all or any part of the Property Is taken In condemnation proceedings Instituted under power of eminent domain
<br />or Is conveyed In lieu thereof under threat of condemnation, the money paid pursuant to such condemnation or conveyance In lieu thereof shall
<br />be applied to payment oflhe amounts payable by Purchaser under thls·Contract, even if such amounts are notthen.due to be paid. Such
<br />amounts shall be applied In the same manner as a prepayment as provided In paragraph 5 of this Contract. Such payments shall not postpone
<br />the due date of the Installments to be paid pursuant to this Contract or change the amount of such Installments. The balance, If any, shall be
<br />the property of Purchaser.
<br />12. Waste, Repair, and Liens. Purchaser shall not remove or demolish any buildings, improvements, or fixtures now or later located
<br />on or a part of the Property, nor shall Purchaser commit or allow waste of the Property, Purchaser shall maintain the Property in good
<br />condition and repair. Purchaser shall not create or permit to accrue liens or adverse clalms against the Property which constitute a lien or
<br />claim against Seller's Interest In the Property. Purchaser shall pay to Seller all amounts, costs and expenses, including reasonable attorneys'
<br />fees, incurred by Seller to remove any such !lens or adverse claims.
<br />13. Compliance with Laws. Except for matters which Seller has created, suffered, or permitted to exist prior to the date of this
<br />Contract, Purchaser shall comply or cause compliance with all laws and regulations of any governmental authority which affect the Property or
<br />the manner of using or operating the same, and with all restrictive covenants, If any, affecting title to the Property or the use thereof.
<br />14. Recording of Contract; Deed Tax. Purchaser shall, at Purchaser's expense, record this Contract in the Office of the County
<br />Recorder or Registrar of Titles In the county In which the Property is located within four (4) months after the date hereof. Purchaser shall pay
<br />any penalty Imposed under Minn. Stal. 607 .235 for failure to timely record the Contract. Seller shall, upon Purchaser's full performance of this
<br />Contract, pay the d~ed tax due upon the recording of the deed lo be delivered by Seller.
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