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HomeMy WebLinkAbout#15-3726 Contract for Deed - White to Sylvester, .. C.V. filed_X_C.V. not req. __ _ No delinquent taxes Current year taxes for whole parcel are paid Transfer Entered Jul 27, 2015 4 :16 PM Hennepin County, Minnesota Mark Chapin County Auditor and Treasurer PID(s) 06-117-23-12-0007 11111 111111111111111 II Doc No A10219200 Certified, filed and/or recorded on Jul 27, 2015 4:16 PM Office of the County Recorder Hennepin County, Minnesota Martin McCormick, County Recorder Mark Chapin, County Auditor and Treasurer Deputy 81 Pkg ID 1272148C Document Recording Fee $46 .00 Document Total $46.00 This cover sheet is now a permanent part of the recorded document. ,, CONTRACT FOR DEED by lndiYldual(s) DATE: July 9, , 2015 (mon/Wdaylyear) (Top 3 Inches reserved for recording data) Minnesota Uniform Conveyancing Blanks Form 30.1.1 (2006) THIS CONTRACT FOR DEED (the "Contract•) is made on the above. date by Gregory C. White and Lynn M. White also known as (In sett name and mod/a/ s/o/us of each Seller) _L .... yn_n_H_._W_h_ite....:.,_h_us_b_a_nd_a_n_d_w_lfe ________________________ _, ("Seller")1 and Todd G. Sylvester and Lisa M. Sylvester (lnsen name of each Purchaset} ______________________ __, ("Purchaser''), (Checkboxif II Joint tenancy.) Seller and Purchaser agree to the followlng terms: 1. Property Description. Seiler hereby sells and Purchaser hereby buys real property In _H_en_n_e.._pl_n ________ _ County, Minnesota, described as follows: See Exhibit A attached hereto. Check here If all or part of the described real property Is Registered (Torrens) □ together with all hereditaments and appurtenances belonging thereto (the "Property''), Unless otherwise specified, Seller hereby delivers possession of the Property to Purchaser on the date hereof. Check applicable box: 111 The Seller certifies that the Seiler does not know of any wells on the described real property, □ A well disclosure certificate accompanies this document. □ I am familiar with the property described In this Instrument and I certify that the status and number of wells on the described real property have not changed since the last previously flied well disclosure certificate, Page1 of6 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. Page3of6 Minnesota Uniform Conveyancing Blanks Form 30.1.1 6. Real Estate Truces and Assessments. Real estate taxes and installments of special assessments which are due and payable In the year In which this Contract Is dated shall be paid as follows: Taxes and Installments of special assessments, If any, due and payable In 2015 shall be prorated as of the date of closing. Taxes and Installments of special assessments payable In 2016 and thereafter shall be paid by Purchaser. Purchaser shall pay, before penalty accrues, all real estate taxes and Installments of special assessments assessed against the Property which are due and payable In all subsequent years. Seller warrants that the real estate taxes and Installments of special assessments which were due and payable In the years preceding the year In which this Contract is dated are paid In full. If the Property Is subject to a recorded declaration providing for assessments to be levied against the Property by any owners' association, Purchaser shall promptly pay, when due, all assessments Imposed by the owners' association or other governing body as required by the provisions of the declaration or-other related documents. 7. Property Insurance. {a) Insured Risks and Amounts. Purchaser shall keep all bulldlngs, Improvements, and fixtures now or later located on or a part of the Property Insured against loss by fire, lightning and such other perils as are included In a standard "all-risk" endorsement, and against loss or damage by all other risks and hazards covered by a standard extended coverage Insurance policy, including, without llmltatlon, vandalism, malicious mischief, burglary, theft and, if applicable, steam b~ller explosion. Such Insurance shall be In an amount no less than the full replacement cost of the buildings, Improvements, and fixtures, without deduction for physical depreciation, If any of the buildings, Improvements, or fixtures are located In a federally designated flood prone area, and If flood insurance Is available for that area, Purchaser shall procure and maintain flood insurance In amounts reasonably satisfactory to Seller. {b) Other Terms, The Insurance policy shall contain a loss payable clause In favor of Seller which provides that Selle~s right to recover under the Insurance shall not be Impaired by any acts or omissions of Purchaser or Seller, and that Seller shall otherwise be afforded all rights and privileges customarily provided a mortgagee under the so-called standard mortgage clause. {c) Notice of Damage. In the event of damage to the Property by fire or other casualty, Purchaser shall promptly give notice of such damage to Seller and the Insurance company. · 8. Damage to the Property. {a) Applicatlon of Insurance Proceeds. If the Property Is damaged by fire or other casualty, the Insurance proceeds paid on account of such damage shall be applied to payment of the amounts payable by Purchaser under this Contract, even If such amounts are not then due to be paid, unless Purchaser makes a permitted election described In the next paragraph. Such amounts shall be first applied to unpaid accrued Interest and next to the Installments to be paid as provided In this Contract in the Inverse order of their maturity. Such payment shall not postpone the due date of the installments to be paid pursuant to this Contract or change the amount of such Installments. The balance of insurance proceeds, if any, shall be the property of Purchaser. {b) Purchaser's Election to Rebuild. If Purchaser Is not In default under this Contract, or after curing any such default, and If the mortgagees In any prior mortgages and sellers In any prior contracts for deed do not require otherwise, Purchaser may elect to have that portion of such Insurance proceeds necessary to repair, replace, or restore the damaged Property {the "Repairs") deposited In escrow with a bank or title Insurance company qualified to do business In the State of Minnesota, or such other party as may be mutually agreeable to Seller and Purchaser. The electlon may only be made by written notice to Seller within sixty (60) days after the damage occurs. Also, the elecllon will only be permitted If the plans and specifications and contracts for the Repairs are approved by Seller, which approval Seller shall not unreasonably withhold or delay. If such a permitted election Is made by Purchaser, Seller and Purchaser shall jointly deposit, when paid, such insurance proceeds Into such escrow. If such Insurance proceeds are Insufficient for the Repairs, Purchaser shall, before the commencement of the Repairs, deposit Into such escrow sufficient additional money to insure the full payment for the Repairs. Even If the Insurance proceeds are unavailable or are insufficient to pay the cost of the Repairs, 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 accordance with generally accepted sound construction disbursement procedures. The costs Incurred or to be Incurred on account of such escrow shall be deposited by Purchaser Into such escrow before the commencement of the Repairs. Purchaser shall complete the Repairs as soon as reasonably possible and In a good and workmanlike manner, and In any event the Repairs shall be completed Page 4 of6 Minnesota Uniform Conveyancing Blanks Fonn 30.1.1 by Purchaser within one (1) year after the damage occurs. If, following the completion of and payment for the Repairs, there remains any undisbursed escrow funds, such funds shall be applied to payment of the amounts payable by Purchaser under this Contract in accordance with paragraph 8(a) above. (c) Owners' Association. If the Property is subject to a recorded declaration, so long as the owners' association maintains a master or blanket policy of insurance against fire, extended coverage perils and such other hazards and In such amount as are required by this Contract, then: (I) Purchaser's obligation in the Contract to maintain hazard Insurance coverage on the Property Is satisfied; (ii) the provisions of paragraph 8(a) of this Contract regarding application of insurance proceeds shall be superseded by the provisions of the declaration or other related documents; and (Ill) In the event of a dlstrlbuUon of Insurance proceeds In lleu of restoration or repair following an Insured casualty loss to the Property, any such proceeds payable to Purchaser are hereby. assigned and shall be paid to Seller for application to the sum secured by this Contract, with the excess, If any, paid to Purchaser. 9. Injury or Damage Occurring on the Property. ( 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 Contract .to any person or persons or property whlle on or about the Property. Purchaser shall defend and Indemnify Seller from all llablllty, loss, cost, and obllgatlons, Including reasonable attorneys' fees, on account of or arising out of any such Injuries. However, Purchaser shall have no liability or obllgatlon to Seller for such Injuries which are caused by the negligence or Intentional wrongful acts or omissions of Seller, (b) Liability' Insurance. Purchaser shall, at Purchaser's own expense, procure and maintain liability insurance against claims for bodily Injury, death and property damage occurring on or about the Property In amounts reasonably satisfactory to Seller and naming Seller as an additional insured. 10. Insurance Generally, The Insurance which Purchaser is required to procure and maintain pursuant to paragraphs 7 and 9 of this Contract shall be Issued by an insurance company or companies licensed to do business In the State of Minnesota and acceptable to Seller. The Insurance shall be maintained by Purchaser at all times while any amount remains unpaid under this Contract. The Insurance policies shall provide for not less than ten (10) days written notice to Seller before cancellation, non-renewal, tennlnatlon or change In coverage, and Purchaser shall deliver to Seller a duplicate original or certificate of such insurance policy or policies. 11. Condemnation. If all or any part of the Property Is taken In condemnation proceedings Instituted under power of eminent domain or Is conveyed In lieu thereof under threat of condemnation, the money paid pursuant to such condemnation or conveyance In lieu thereof shall be applied to payment oflhe amounts payable by Purchaser under thls·Contract, even if such amounts are notthen.due to be paid. Such amounts shall be applied In the same manner as a prepayment as provided In paragraph 5 of this Contract. Such payments shall not postpone 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 the property of Purchaser. 12. Waste, Repair, and Liens. Purchaser shall not remove or demolish any buildings, improvements, or fixtures now or later located on or a part of the Property, nor shall Purchaser commit or allow waste of the Property, Purchaser shall maintain the Property in good condition and repair. Purchaser shall not create or permit to accrue liens or adverse clalms against the Property which constitute a lien or claim against Seller's Interest In the Property. Purchaser shall pay to Seller all amounts, costs and expenses, including reasonable attorneys' fees, incurred by Seller to remove any such !lens or adverse claims. 13. Compliance with Laws. Except for matters which Seller has created, suffered, or permitted to exist prior to the date of this Contract, Purchaser shall comply or cause compliance with all laws and regulations of any governmental authority which affect the Property or the manner of using or operating the same, and with all restrictive covenants, If any, affecting title to the Property or the use thereof. 14. Recording of Contract; Deed Tax. Purchaser shall, at Purchaser's expense, record this Contract in the Office of the County 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 any penalty Imposed under Minn. Stal. 607 .235 for failure to timely record the Contract. Seller shall, upon Purchaser's full performance of this Contract, pay the d~ed tax due upon the recording of the deed lo be delivered by Seller. Page 5 of 6 Minnesota Uniform Conveyancing Blanks Fonn 30.1.1 15. Notice of Assignment. If either Seller or Purchaser assigns its interest in the Property, the assigning party shall promptly furnish a copy of such assignment to the non-assigning party. 16. Protection of Interests. If Purchaser falls to pay any sum of money required under the terms of this Contract or falls to perform any of the Purchaser's obllgatlons as set forth In this Contract, Seller may, at Seller's option, pay the same or cause the same to be performed, or both, and the amounts so paid by Seller and the cost of such performance shall be payable at once, wlth Interest at the rate stated In paragraph 4 of this Contract, as an additional amount due Seller under this Contract. If there now exists, or If Seller hereafter creates, suffers or permits to accrue, any mortgage, contract for deed, lien or encumbrance against the Property which Is not herein expressly assumed by Purchaser, and provided Purchaser is not In default under this Contract, Seller shall timely pay all amounts due thereon, and if Seller falls to do so, Purchaser may, at Purchaser's option, pay any such delinquent amounts or take any actions reasonably necessary to cure defaults there under and deduct the amounts so paid together with interest at the rate provided In this Contract from the payments next coming due under this Contract. 17. Defaults and Remedies. The time of performance.by Purchaser of the terms of this Contract is an essential part of this Contract. If Purchaser falls to timely perform any term of this Contract, Sell.er may, at Seller's option, elect to declare this Contract cancelled and terminated by notice to Purchaser In accordance with applicable law or elect any other remedy available at law or In equity. If Seller elects to terminate this Contract, all right, title, and Interest acquired under this Contract by Purchaser shall then cease and terminate, and all Improvements made upon the Property and all payments made by Purchaser pursuant to this Contract (Including escrow payments, if any) shall belong to Seller as liquidated damages for breach of this Contract. Neither the extension of the time for payment of any sum of money to be paid hereunder nor any waiver by Seller of Seller's rights to declare this Contract forfeited by reason of any breach shall In any manner affect Seller's right to cancel this Contract because of defaults subsequently occurring, and no extension of time shall be valid unless agreed to In writing. After service of notice of default and failure to cure such default within the period allowed by law, Purchaser shall, upon demand, surrender possession of the Property to Seller, but Purchaser shall be entitled to possession of the Property until the expiration of such period. Failure by Seller to exercise one or more remedies available under this paragraph 17 shall not constitute a waiver of the right to exercise such remedy or remedies thereafter. 18. Binding Effect. The terms of this Contract shall run with the land and bind the parties hereto and the successors In Interest. 19. Headings. Headings of the paragraphs of this Contract are for convenience only and do not define, limit, or construe the contents of such paragraphs. 20. Additional Terms: Check here if ■ an addendum to this Contract containing additional terms and conditions Is attached hereto. Seller (slgnoruroJGregory C, v.Jfi1te 0 Page 6 of6 Minnesota Uniform Conveyancing Blanks Form 30.1.1 State of Minnesota, County of _H_e_n_ne..._p_ln _______ _ This Instrument was acknowledged before me on July 0 , 2015 , by _____________ _ (month/day/year) Gregory C. While and Lynn M. White also known as Lynn H. White, husband and wife {Insert name and morital sla/Us of each Seller) ~(l)R:61&QOR tJAA:t{U~/ (signature or notarial omcer) . 1 ., . · TIUe (and Rank): J..j 'O ttl..L,½4=' My commission expires: ___ I \~3,'--:'--1 .... 1,..,.,...~..,....\.,..rV __ _ (mon1hldaylyear) Staleof.~~ountyof_~ _ ___,_ __ :;,..J ______ _ ~ 1 ~ ' ! I ' ~ E I I This Instrument was acknowledged before me on _J_ul_y_~ __ 2_,01_5_,..~~--_. by :::SSSC::v <--s,'f:;.~~ ~ \:','§g,,,~~~! ~a &ecli'1.C Lui k : Todd G. Sylvester and Lisa M. Sylvester {Insert name of each Purchaser) ,,,,,,,~'ou''1 , RACHEL 80\JTSIKARIS ,f~';. · · • .7:&\', (Seal; ll~iary Public /j;·~o1AA14~· .. i;: for the State of Montana § • -·-· ~ Residing at: \~ .. SEAL_ . .-;/ Big Sky, Montana <;,,;7~ · • . • · ~(, My Commission Expires: ,,,,,,.?/:,¥~-"' March 20, 2019 THIS INSTRUMENT WAS DRAFTED BY: {Insert name and address) John B. Winston Winston Law Office 815 Wayzata Blvd. East Wayzata, MN 55391 {signature or no/aria/ omcer) TIUe (and Rank): ~ .... ~~'-'-:, ~ll' . My commission expires: C~ ;:2& ,~ • (moniWdaylyear) TAX STATEMENTS FOR THE REAL PROPERTY DESCRIBED IN THIS INSTRUMENT SHOULD BE SENT TO: {Insert name and address of Grantee to whom lax statements should be sent) Todd G. Sylvester and Lisa M. Sylvester 4245 BAYSIDE RD MAPLE PLAIN, MN 55359 \f\1JD Gv~L{ t. i\ ~ /L-{. ll)kitt. l}355 f2;a_~co1~ (le\. iL~fLL y(ltJ:V) 1 ~ltU ~ 3S c; Note: Fallure to record this contract for deed may give other parties priority over Purchaser's Interest In the property. CONTRACT FOR DEED ADDENDUM Minnesota Uniform Conveyancing Blanks Form 30,2.1 (2006) · THIS CONTRACT FOR DEED ADDENDUM (this "Addendum") Is attached to and made a part of that certain Contract for Deed dated July q ; 2015 between Gregory C. White and Lynn M. White also known as (monlh/day/year) · {Insert name of Seller) _L.a..yn_n_H_._W_h_lle...;.,_h_us_b_an_d_a_n_d_w_lfe _______________________ _, as {"Seller"), and Todd G. Sylvester and Lisa M. Sylvester , as {"Purchaser''), {Insert nume or Purchaser) The terms and conditions contained In the Addendum shall supersede any conflicting provisions contained In this Contract. Unless defined In this Addendum, all capitalized terms have the same meaning as In the Contract. Only those provisions checked In the "Yes" column, below, shall be included and be part of this Addendum. Yes No • □ • □ □ ■ • □ • □ A. Lat~ Payment Fee, If any payment Is not received by Seller within fifteen (15) days of the date when due, Purchaser shall addltlonally pay to Seller, to the extent allowed by law, a late charge of four percent {4%) of the amount of the delinquent payment. · B, Transfer Restrictions, Purchaser may not sell, assign, or otherwise transfer Purchaser's Interest In this Contract, or the Property, or any part thereof, or if Purchaser Is an entity, the controlling interest In Purchaser may not be transferred without the written consent of Seller, which consent: · (ti .• 1 ba·' ■ shall be granted or wlthheld in the sole discretion of Seller. c ,ec~ onrr one ,., □ shall not be unreasonably wlthheld, or delayed by Seller. C, Escrows. In Addition to the monthly payments of principal and interest, Purchaser shall-deposit with Seller, with each payment, an amount representing one-twelfth (1/12) of the annual real estate taxes, Installments of special assessments, and Insurance premiums with respect to the Property (or such other amount as Seller Is required to deposit under any underlying encumbrance on the Property). The amount of such taxes, special assessments, and Insurance premiums, when unknown, shall be estimated by Seller. Such deposit shall be used by Seller to pay real estate taxes, Installments of special assessments, and Insurance premiums with respect to the Property when due. If Seller falls to do so, Purchaser may, at Purchasers option, pay any such delinquent amounts and deduct the amounts so paid from payments next coming due under this Contract. If the balance deposited with Seller ls Insufficient to pay such real estate taxes, special assessments and insurance premiums when due, Purchaser shall pay the deficiency to Seller upon written demand, D. Property Improvements. Except for work reasonably necessary to permit Purchaser to comply with Purchasers · obllgatlons under this Contract, Purchaser shall not hire or perform any repairs or improvements to or replacements of the Property having an aggregate cost In excess of _F_iv_e_T_ho_u_sa_n_d_a_nd_No_/_1o_o ____________ _ ________ Dollars ($ 5,000.00 ) without securing the prior .written consent of the Seller. Purchaser wlll not cause or permit any mechanics' liens to be recorded against the Property. Purchaser agrees to defend, Indemnify, and hold Seller harmless from any loss, damage, or expense Incurred by Seller with respect to any party asserting a mechanics' lien claim, It being understood and agreed that this undertaking shall survive cancellation of this Contract or the delivery of a deed pursuant to the terms hereof, E. Hazardous Substances. Purchaser shall not bring, store, generate, or treat hazardous wastes or substances or petroleum products upon the Property, except for small quantities which are stored and used In compliance with applicable law. Purchaser hereby agrees to Indemnify, defend and hold Seller harmless from any and all claims, demands, ac;tlons, causes of action, llabllltles or rights which may be asserted against Seller with respect to such substances, or products, it being understood and agreed that this obligation wlll survive the cancellation of this Contract or the delivery of a deed pursuant to the terms hereof, Note: This document must be atlached to a contract for deed and cannot be independently recorded. Page 1 of2 Page 2 of 2 Minnesota Uniform Conveyancing Blanks Form 30;2, 1 ■ □ F. Alternative Acceleration Remedy. If Purchaser fails to timely perform any term of this Contract, Seller may elect, on thirty (30) days written notice given to Purchaser, to declare the entire unpaid Purchase Price, together with accrued interest thereon, Immediately due and payable in full and commence an action against Purchaser to collect all amounts due hereunder. Purchaser shall have the right to reinstate this Contract at any time before entry of final judgment against Purchaser for amounts due hereunder if Purchaser: (I) pays Seller all sums due hereunder as of the date of reinstatement; (II) cures any other defaults existing under this Contract as of the date of reinstatement; and (Ill) pays all expenses Incurred by Seller in enforcing this Contract, including, but not limited to, reasonable attorneys' fees and costs. Seller shall deliver the deed for the Property In the manner required by paragraph 3 of this Contract when all amounts due hereunder have been paid. □ ■ G. Nonrecourse Obligation. Notwithstanding any other provision contained In this Contract to the contrary, If Purchaser defaults In Purchaser's performance of this Contract, Seller's sole remedy shall be to cancel this Contract in accordance with Minn. Stat. 559.21, as the same may from time to time be amended. Seller specifically waives any right it may have to commence an action for the specific performance of this Contract or any right it may have to seek an award of damages against Purchaser. ■ □ H. Additional Provisions. Upon Purchaser's Default, Seller may require the escrows provided for In paragraph C above. Note: This document must be attached lo a contract for deed and cannot be Independently recorded, EXHIBIT "A" Legal Description File No. 15-07260 That part of the West half of the Northeast Quarter of Section 6, Township 117 North, Range 23 West of the 5th Principal Meridian lying southerly of the centerline of Bayside Road, northerly of l'Llne A," sald.''.Llne A"..belng described.as follows: Commencing at.the.Southeast corner-of.said. West Half of the Northeast Quarter; thence north along the East line of said West half a distance of 1167.98 feet to the point of beginning of said "Line A"; thence west perpendicular'to said East line a distance of 427,00 feet to "Point A" and said "Line A" there ending, and lying easterly of a . line described as beginning at said "Point A"; thence northeasterly deflecting right 108 degrees 46 minutes 1 0 seconds when measured from west to north from the proldngation of said "Line A" a . distance of 693,17 feet, more or less, to the centerline of Bayside Road, and said line there ending. Records of Hennepin County, MN. Abstract Property ..