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HomeMy WebLinkAbout18-098CITY OF LAKEVILLE DAKOTA COUNTY, MINNESOTA RESOLUTION NO. 18-98 RESOLUTION APPROVING THE ACQUISITION OF REAL PROPERTY AND DISPENSING WITH STATUTORY REQUIREMENTS FOR REVIEW BY PLANNING COMMISSION OF DISPOSAL OF PROPERTY WHEREAS, the City is proposing to acquire certain property ("Property") legally described in and under the terms of the proposed purchase agreement attached as Exhibit "A" ("Purchase Agreement") between the City of Lakeville ("Buyer") and Timothy R. Pope and Sandra B. Pope ("Sellers"); WHEREAS, Minn. Stat. § 462.356, subd. 2 requires that the Planning Commission review the City's proposed acquisitions and dispositions of property, and; WHEREAS, Minn. Stat. § 462.356, subd. 2 provides for an exception from the Planning Commission review requirement upon 2/3 vote of the City Council dispensing with the requirement and finding that the acquisition or disposal of the property has no relationship to the comprehensive municipal plan. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Lakeville: 1. The City Council finds that the acquisition of the Property under the Purchase Agreement has no relationship to the comprehensive municipal plan and approves the Purchase Agreement; 2. Review by the Planning Commission of the acquisition of the Property is hereby dispensed with; and 3. The Mayor, City Administrator, and City Clerk are authorized and directed to execute all documents, and take all appropriate measures to convey the Property under the terms of the Purchase Agreement. ADOPTED this h day of € � , 2018, by a 2/3 vote of the City Council of the City of Lakeville. CITY OF LAKEVILLE 199004v] BY: �— Douglas P. Anderson, Mayor PURCHASE AGREEMENT This form approved by the Minnesota Association of REALTORSs, which disclaims any liability arising out of use or misuse of this form. 0 2017 Minnesola association of REALTORSs Edina, MN 1. Date 08/06/2018 2. Page 1 3, BUYER (S); City of Lakeville, a Minnesota Municipal corporation 4. 5. Buyer's earnest money in the amount of None 6. Dollars ($ 0.00 7. shall be delivered to listing broker, or, if checked, too no later than two (2) Business --_.............._.��...._--l`Earnest M=W Nadoe)....r._. ...._...... ............ 8. Days after Final Acceptance Date of this Purchase Agreement. Buyer and Seller agree that earnest money shall be 9. deposited in the trust account of Earnest Money Holder as specified above within three (3) Business Days of receipt 1 D. of the earnest money or Final Acceptance Date of This Purchase Agreement, whichever is later. 11. 12. 13. 14. 15. 16, 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. Said earnest money is part payment for the purchase of the property located at Street Address'- 16715 Flagstaff Ave City of Lakeville . County of Dakota , State of Minnesota, legally described as Lot 19, Block 2, Donnay's Valley Faack 7th Addition Said purchase shall include all improvements, fixtures, and appurtenances on the property, if any, including but not limited to, the following (collectively the "Property"): garden bulbs, plants, shrubs, trees, and lawn watering system; shed; storm sash, storm doors, screens, and awnings; window shades, blinds; traverse, curtain, and drapery rods, valances, drapes, curtains, window coverings, and treatments; towel rods; attached lighting and bulbs; fan fixtures; plumbing fixtures; garbage disposals; water softener-, water treatment system; water heating systems, heating systems; air exchange system; environmental remediation system (e.g., radon, vapor intrusion); sump pump; TV antennalcable TV jacks and wiringfrV wall mounts; wafteiling-mounted speakers and mounts; carpeting; mirrors; garage door openers and all controls; smoke detectors; fireplace screens, door, and heatilators; BUILT -114S: dishwashers; refrigerators; wine/beverage refrigerators; trash compactors, ovens; cook -top stoves; warming drawers; microwave ovens; hood fans; shelving; work benches; intercoms; speakers; air conditioning equipment; electronic air filter; humidifier/dehumidifier; liquid fuel tanks (and controls); poollspa equipment; propane tank (and controls); security system equipment;TV satellite dish; AND the following personal property shall be transferred with no additional monetary value, and free and clear of all liens and encumbrances: Notwithstanding the foregoing, leased fixtures are not included. Notwithstanding the foregoing, the following item(s) are excluded from the purchase: 32. Refrigerators, Microwave, washer, dryer 33. PURCHASE PRICE: 34. Seller has agreed to sell the Property to Buyer for the sum of ($ 280,000.00 _ _ ) 35. Two Hundred Eighty Thousand Dollars, 36. which Buyer agrees to pay In the following manner: 37. 1, iao percent (%) of the sale price in CASH, or more in Buyer's sole discretion, which Includes the earnest 38. money; $9. 2. percent ('/a) of the sale price in MORTGAGE FINANCING. (See following Mortgage Financing section.) 40. 3. percent (%) of the sale price by ASSUMING Seller's current mortgage. (See attached Addendum to 41. Purchase Agreement. Assumption Financing.) 42. 4. percent (%) of the sale price by CONTRACT FOR DEED, (See attached Addendum to Purchase 43. Agreement Contract for Deed Financing.) 44. CLOSING RATE: 45. The date of closing shall be on or barore septecbar 27th , 20 1e , u i N N E S o t A MN:PA 1 (8117) AREALTORS' Instanet, opms- PURCHASE AGREEMENT 46. Page 2 Date 08/06/2018 47. Property located at 16715 Flagstaff Ave Lakeville MIT 55044 48. MORTGAGE FINANCING: 49. This Purchase Agreement ❑ 1S [M IS NOT subject to the mortgage financing provisions below. If IS, complete the 50. MORTGAGE FINANCING section below. If IS NOT, proceed to the SELLER'S CONTRIBUTIONS TO BUYER'S 51. COSTS section, 52. Such mortgage financing shall be: (Check one.) 53. ❑ FIRST MORTGAGE only ❑ FIRST MORTGAGE AND SUBORDINATE FINANCING. 54. Buyer shall apply for and secure, at Buyer's expense, a: (Check all that apply.) 55. ❑ CONVENTIONAL 55. ❑ DEPARTMENT OF VETERANS' AFFAIRS ("DVA") GUARANTEED 57. ❑ FEDERAL HOUSING ADMINISTRATION ("FHA") INSURED 56. []MINNESOTA HOUSING FINANCE AGENCY ("MHFA") 59. ❑ PRIVATELY INSURED CONVENTIONAL 60. ❑ UNITED STATES DEPARTMENT OF AGRICULTURE ("USDA") RURAL DEVELOPMENT 61. ❑ OTHER 62. mortgage in the amount stated in this Purchase Agreement, amortized over a period of not more than 63. years, with an initial interest rate at no more percent (%) per annum. The mortgage application IS TO 64. BE MADE WITHIN FiVE (5) BUSINESS DAYS after the Final Acceptance Date of this Purchase Agreement. Buyer 65. agrees to use best efforts to secure a commitment for such financing and to execute all documents required to fib. consummate said financing. 67. MORTGAGE FINANCING CONTINGENCY: This Purchase Agreement is contingent upon the following and applies fib. to the first mortgage and any subordinate financing. (Check one.) fig. ❑ if Buyer cannot secure the financing specified in this Purchase Agreement, and this Purchase Agreement does not 70. close on the closing date specified, this Purchase Agreement is canceled. Buyer and Seller shall immediately 71. sign a Cancellation of PurchaseAgreernentconfirming said cancellation and directing all earnest money paid here to be 72. []REFUNDED TO BUYER ❑ FORFEITED TO SELLER. 73. NOTE: If this Purchase Agreement is subject to DVA or FHA financing, FORFEITEDTO SELLER maybe prohibited. 74. See the following DVA and FHA Escape Clauses. 75. ❑ Buyer shall provide Seller, or licensee representing or assisting Seller, with the Written Statement, on 76. or before , 2Q 77. For purposes of this Contingency,'Written Statement" means a Written Statement prepared by Buyer's mortgage 78. originator(s) or lander(s) after the Final Acceptance Date that Buyer is approved for the loan(s) specified in this 79. Purchase Agreement, including both the first mortgage and any subordinate financing, if any, and stating that an 80. appraisal, satisfactory to the lender(s), has been completed and stating conditions required by lender(s) to close 81. the loan. 82. Upon delivery of the Written Statement to Seiler, or licensee representing or assisting Seller, the obligation for 83. satisfying all conditions required by mortgage originator(s) or lender(s), except those conditions specified below, 84. are deemed accepted by Buyer: 85. (a) work orders agreed to be completed by Seller; 86- (b) any other financing terms agreed to be completed by Seller here; and 87. (c) any contingency for the sale and closing of Buyer's property pursuant to this Purchase Agreement. 88. Upon delivery of the Written Statement, if this Purchase Agreement does not close on the stated closing date for 89. ANY REASON relating to financing, including, but not limited to interest rate and discount points, if any, then Seller 90. may, at Seller's option, declare this Purchase Agreement canceled, in which case this Purchase Agreement is 91. canceled. If Seller declares this Purchase Agreement canceled, Buyer and Seller shall immediately sign a 92. Cancellation of Purchase Agreement confirming said cancellation and directing all earnest money paid here to be 93. forfeited to Seller as liquidated damages. In the alternative, Seller may seek all other remedies allowed by law. MN:PA•2 W17) -MM M r H r: e s o IT a REALTORS EnstanetFORMS' PURCHASE AGREEMENT 94. Page 3 Date os/os/avis 95. Property located at 16915 sa.a xxik" dive Lakeville MN 85044 96. Notwithstanding the language in the preceding paragraph, Seller may not declare this Purchase Agreement canceled 97. if the reason this Purchase Agreement does not close was due to: 98. (a) Seller's failure to complete work orders to the extent required by this Purchase Agreement; 99. (b) Seller's failure to complete any other financing terms agreed to be completed by Seller here; or 100. (c) any contingency for the sale and closing of Buyer's property pursuant to this Purchase Agreement, except as 101. specified In the contingency for sale and closing of Buyer's property. 102. If the Written Statement Is not provided by the date specified on line 76, Seller may, at Seller's option, declare this 103. Purchase Agreement canceled by written notice to Buyer at any time prior to Seller receiving the Written Statement, 104. in which case this Purchase Agreement is canceled. In the event Seller declares this Purchase Agreement canceled, 105. Buyer and Seller shall immediately sign a Cancellation of Purchase Agreement confirming said cancellation and 108. directing all earnest money paid here to be refunded to Buyer. 107. If the Written Statement is not provided, and Seller has not previously canceled this Purchase Agreement, this 108. Purchase Agreement is canceled as of the closing date specified in this Purchase Agreement. Buyer and Seller 109. shall Immediately sign a Cancellation ofPurchase Agreamentconfirming said cancellation and directing all earnest 110. money paid here to be refunded to Buyer. 111. LOCKING OF MORTGAGE INTEREST RATE ("RATE"): The Rate shall be locked with the lender(s) by Buyer: 112. (Check one.) 113. []WITHIN FIVE (5) BUSINESS DAYS OF FINAL ACCEPTANCE DATE OF THIS PURCHASE AGREEMENT; OR 114. ❑ AT ANY TIME PRIOR TO CLOSING OR AS REQUIRED BY LENDER(S). 115. LENDER COMMITMENT WORK ORDERS: Nothing in this Purchase Agreement shall be construed as a warranty 116. that Seller shall make repairs required by the lender commitment. However, Seller agrees to pay up to 117. $ to make repairs as required by the lender commitment. if the lender commitment 118, is subject to any work orders for which the cost of making said repairs shall exceed this amount, Seller shall have the 119. following options: 12D. (a) making the necessary repairs; or 121. (b) negotiating the cost of making said repairs with Buyer; or 122. (c) declaring this Purchase Agreement canceled, in which case this Purchase Agreement is canceled. Buyer and Seller 123. shall immediately sign a Cancellation of Purchase Agreemenf confirming said cancellation and directing all earnest 124. money paid here to be refunded to Buyer, unless Buyer provides for payment of the cost of said repairs or escrow 125. amounts related thereto above the amount specified on line 117 of this Purchase Agreement. 126. ❑ SELLER ❑ BUYER agrees to pay any reinspection fee required by Buyer's lender(s). --(amk ow-} - 127. FHA ESCAPE CLAUSE (FHA Financing only): "it is expressly agreed that, nohvithstanding any other provisions 128. of this contract, the purchaser shall not be obligated to complete the purchase of the Property described here or to incur 129. any penalty by forfeiture of earnest money deposits or otherwise, unless the purchaser has been given in accordance 130. with the Department of Housing and Urban Development ("HUD")/FHA or DVA requirements a written statement by the 131. Federal Housing Commissioner, Department of Veterans' Affairs, or a Direct Endorsement lender setting forth the 132. appraised value of the Property as not less than $ (sore pece) 133. The purchaser shall have the privilege and option of proceeding with consummation of the contract without regard 134. to the amount of the appraised valuation. The appraised valuation is arrived at to determine the maximum mortgage 135. HUD will insure; HUD does not warrant the value nor the condition of the Property.The purchaser should satisfy himself/ 136. herself that the price and condition of the Property are acceptable" 137. LENDER PROCESSING FEES (FHA. DVA Financing Only): Seller agrees to pay Buyer's closing fees and 138. miscellaneous processing fees which cannot be charged to Buyer, not to exceed $ 139. This amount is in addition to Seller's Contributions to Buyer's Costs, if applicable. MN:PA-s (W17) LOIN 18111107A REALTORS' InslanetF4u AS PURCHASE AGREEMENT 140. Page 4 Date 01310112028 141. Properly located at 16715 Flm stuff Aver Lakeville HN 55044 142. DVA FUNDING FEE IDVA Financing„2nlyl: Pursuant to federal regulations, a one-time Funding Fee must be paid 143. at the closing of this transaction as follows: 144. 145. paid by Buyer ❑ AT CLOSING ❑ ADDED TO MORTGAGE AMOUNT paid by Seller 146. NOTE: DVA regulations limit the fees and charges Buyer can pay to obtain a DVA loan. 147. DEPARTMENT OF E AMS" AFFAIRS ESC PE CLJ0.ilSE DVA !`1 a cin onl : "It is expressly agreed that, 148. notwithstanding any other provisions of this contract, the purchaser shall not incur any penalty by forfeiture of earnest 149. money or otherwise be obligated to complete the purchase of the Property described here, if the contract purchase 150. price or cost exceeds the reasonable value of this Property established by the Department of Veterans' Affairs. The 151. purchaser shall, however, have the privilege and option of proceeding with the consummation of this contract without 152. regard to the amount of reasonable value established by the Department of Veterans' Affairs." 153. NOTE: Verify DVA requirements relating to payment of all special assessments levied and pending, and 154. annual Installments of special assessments certified to yearly taxes. 155. OTHER MORTGAGE FINANCING ITEMS: 156. 157. SELLER'S CONTRIBUTIONS TO BUYER'S COSTS: 158. Seller ❑ IS (MIS NOT contributing to Buyer's costs. if answer is IS, Seller agrees to pay at closing, up to: (Check one.) ------(check one) -- 159. ❑ $ 160. ❑ percent (°/*) of the sale price 161- ❑ percent (%) of the mortgage amount 162_ towards Buyer's closing fees, title service fees, title searches, title examinations, abstracting, lender's title insurance, 163. owner's title insurance, prepald Items, other Buyer's costs allowable by lender, if any, and/or mortgage discount points. Any 164. amount of Seller's contribution that exceeds Buyer's allowable costs, or which cannot be used because Seller's 165. contribution exceeds the maximum Seller contribution allowed by law or by mortgage requirements, shall be retained 166. by Seller. 167. NOTE: The amount paid by Seller cannot exceed the maximum Seller contribution allowed by FHA, DVA, or 168. lender. All funds paid by Seller on behalf of Buyer must be stated on the Closing Disclosure at closing. 169. INSPECTiONS: 170. Buyer has been made aware of the availability of Property inspections. Buyer[] Elects © Declines to have a Property 171. inspection performed at Buyer's expense.--{cheac°''�-"'"""' 172. This Purchase Agreement ❑ IS ® IS NOT contingent upon any inspection(s) of the Property obtained by Buyer to ------4Chnck"x.)- - 173. determine its condition, including any non -intrusive testing or any intrusive testing as allowed pursuant to this Purchase 174. Agreement. Any inspection(s) or test(s) shall be done by an inspector(s) or tester(s) of Buyer's choice. Buyer shall 175. satisfy Buyer as to the qualifications of the inspector(s) or tester(s). For purposes of this Purchase Agreement, 176. "intrusive testing" shall mean any testing, inspections), or investigation(s) that changes the Property from its original 177. condition or otherwise damages the Property. 178. Seller ❑ DOES [Z DOES NOT agree to allow Buyer to perform intrusive testing or inspection(s). 179. if answer is DOES, Buyer agrees that the Property shall be returned to the same condition it was in prior to Buyer's 180. intrusive testing at Buyer's sole expense. 181. Seller will provide access to attic(s) and crawlspace(s). MN:PA-4 (8/17) REALTORS InstaneiroRms- PURCHASE AGREEMENT 182. Page 5 Date 08/0612018 183. Property located at -16715 Flagataff Avco Lakeville M 55044 184. All inspection(s), test(s), and resulting negotiations, If any, shall be done within Calendar Days of Final 185. Acceptance Date of this Purchase Agreement ("Inspection Period"). Buyer may cancel this Purchase Agreement based 186. on the Inspection(s) or test result(s) by providing written notice to Seller, or licensee representing or assisting Seller. of 187. Buyer`s Intent to cancel no later than the end of the Inspection Period. If Buyer cancels this Purchase Agreement, 188. Buyer and Seller shall immediately sign a Cancellation of Purchase Agreement confirming said cancellation and 189. directing all eamest money paid here to be refunded to Buyer. If Buyer does not cancel this Purchase Agreement before 190. the end of the Inspection Period, then this Inspection Contingency shall be deemed removed and this Purchase 191. Agreement shall be in full force and effect. 192. Seller, or licensee representing or assisting Seller, ❑ SHALL ❑ SHALL NOT have the right to continue to offer 193. the Property for sale until this Inspection Contingency is removed. 194. OTHER INSPECTION ITEMS: 195. 196. 197. 198. SALE OF BUYER'S PROPERTY: 199. (Check one.) 200. ❑ 1. This Purchase Agreement is subject to an Addendum to Purchase Agreement: Safe of Buyer's Properly 201. Contingency for the sale of Buyer's property. (If checked, see attached Addendum.) 202. OR 203. ❑ 2. This Purchase Agreement is contingent upon the successful closing on the Buyer's property located at 204• , which is scheduled to close on 205. '20 pursuant to a fully executed purchase agreement. If Buyer's 206. property does not close by the closing date specified in this Purchase Agreement, this Purchase Agreement 207. is canceled. Buyer and Seller shalt immediately sign a Cancellation of Purchase Agreement confirming said 208, cancellation and directing all earnest money paid here to be refunded to Buyer.The language in this paragraph 209- supersedes any other provision to the contrary in any financing contingency made a part of this Purchase 210. Agreement, if applicable. 211. OR 212. © 3. Buyer represents that Buyer has the financial ability to perform an this Purchase Agreement without the sale 213. and closing on any other property. 214. REAL_ESTATE TAXESISPECIAL ASSESSMENTS: 215. REAL ESTATETAXES: Seller shall pay on the date of closing all real estate taxes due and payable in all prior years 218. including all penalties and interest. 217. Buyer shall pay 0 PRORATED FROM DAY OF CLOSING ❑ 12ths OF ❑ ALL ❑ NO real estate taxes due ._......._._._��_.,.»»..............-.._..------{Check one j----..._...»... �.-._.,........_..... _..-_._ 218. and payable in the year of closing. 219. Seller shall pay [K PRORATED TODAY OF CLOSINGE:, 12ths OF[:] ALL[:] NO real estate taxes due and ane.T---._.__ 220. payable in the year of closing. 221. if the Property tax status is a part- or non -homestead classification in the year of closing, Seller❑ SHALL [@ SHALL NOT 222. pay the difference between the homestead and non -homestead. 223. Buyer shall pay real estate taxes due and payable In the year following closing and thereafter, the payment of which 224. is not otherwise here provided. No representations are made concerning the amount of subsequent real estate taxes. MMPA5(8117) M1NwE svTA REALTORS lnstanetFo.Rms PURCHASE AGREEMENT 225. Page 6 Date _ 08/06%2018 226. Property located at -16715 Flagstaff Ave Lakeville M 55049 227 DEFERRED TAXES SPECIAL ASSESSMENTS: 228. BUYER SHALL PAY n SELLER SHALL PAY on date of closing any deferred real estate taxes (e.g., Green Acres) or special assessments, payment of which Is required as a result of the closing of this sale. 0. BUYER AND SELLER SHALL PRORATE AS OF THE DATE OF CLOSING ELLER SHALL PAY ON 2 DATE OF CLOSING all installments of special assessments certified for payment, with the real estate taxes due and 232. payable in the year of closing. 233. ❑ BUYER SHALL ASSUME [@ SELLER SHALL PAY on date of closing all other special assessments levied as 234. of the date of this Purchase Agreement. 235. [❑ BUYER SHALL ASSUME © SELLER SHALL PROVIDE FOR PAYMENT OF special assessments pending as 236. of the date of this Purchase Agreement for improvements that have been ordered by any assessing authorities. (Seller's 237, provision for payment shall be by payment into escrow of two (2) times the estimated amount of the assessments 238, or less, as required by Buyer's lender.) 239. Buyer shall pay any unpaid special assessments payable in the year following closing and thereafter, the payment of 240. which is not otherwise here provided. 241. As of the date of this Purchase Agreement, Seller represents that Seller ❑ HAS C HAS NOT received a notice -._-•(chaz,8 ane.} --..._..---- 242. regarding any new improvement project from any assessing authorities, the costs of which project may be assessed 243. against the Property. Any such notice received by Seller after the date of this Purchase Agreement and before closing 244. shall be provided to Buyer immediately. If such notice is issued after the date of this Purchase Agreement and on 245. or before the date of closing, then the parties may agree in writing, on or before the date of closing, to pay, provide 246. for the payment of, or assume the special assessments. in the absence of such agreement, either party may declare 247. this Purchase Agreement canceled by written notice to the other party, or licensee representing or assisting the other 248. party, in which case this Purchase Agreement is canceled. If either party declares this Purchase Agreement canceled, 249. Buyer and Seller shall immediately sign a Cancellation of Purchase Agreement confirming said cancellation and 250. directing all earnest money paid here to be refunded to Buyer. 251• ADDITIONAL PROVISIONS: 252. PREVIOUSLY WRITTEN PURCHASE AGREEMENT: This Purchase Agreement ❑ IS Q IS NOT subject to -----....(Check anc.P------ 253. cancellation of a previously written purchase agreement dated , 20 254. (If answer is IS, said cancellation shall be obtained no later than , 20 255. If said cancellation is not obtained by said date, this Purchase Agreement is canceled. Buyer and Seller shall immediately 256. sign a Cancellation of Purchase Agreement confirmina said cancellation and directing all earnest money paid here to 257. he refunded to Buyer.) 258. DEEDiMARKE:TABLE TITLE: Upon performance by Buyer, Seller shall deliver a: (Check one.) 259. ❑K Warranty Deed, Q Personal Representative's Deed, ❑ Contract for Deed, ❑ Trustee's Deed, or 260. ❑ Other: Deed joined in by spouse, if any, conveying marketable title, subject to 261. (a) building and zoning laws, ordinances, and state and federal regulations; 262. (b) restrictions relating to use or improvement of the Property without effective forfeiture provisions; 263. (c) reservation of any mineral rights by the State of Minnesota; 264. (d) utility and drainage easements which do not interfere with existing improvements; 265. (e) rights of tenants as follows (unless specified, not subject to tenancies): 266. ;and 267. (f) others (must be specified in writing): 268. MN:PA-6 (8197) (tetI K k E S O r n to REAL.TORS' Instanetropt?,s PURCHASE AGREEMENT 269. Page 7 Date - 08/06!2018 270. Property located at 16715 Flagstaff Ave Lakeville M 55044 271, POSSESSION: Seller shall deliver possession of the Property: {Check one.) 272. ❑ IMMEDIATELY AFTER CLOSING; or 273. [MOTHER: see Attached Rent Hack Agreement "Exbibit All 274. Seller agrees to remove ALL DEBRIS AND ALL PERSONAL PROPERTY NOT INCLUDED HERE from the Property 275, by possession date. 276. LINKED DEVICES: Seller warrants that Seller shall permanently disconnect or discontinue Seller's access or service 277. to any device or system on or serving the property that is connected or controlled wirelessly, via Internet protocol CIP") 278. to a router or gateway or directly to the cloud no later than delivery of possession as specified in this Purchase 279. Agreement. 280. PROBATIONS: All interest; unit owners'association dues; rents; and charges for city water, city sewer, electricity, and 281. natural gas shall be prorated between the parties as of date of closing. Buyer shall pay Seller for remaining gallons of 282, fuel oil or liquid petroleum gas on the day of closing, at the rate of the last fill by Seller. 283. TITLE AND EXAMINATION: As quickly as reasonably possible after Final Acceptance Date of this Purchase Agreement: 284. (a) Seiler shall deliver any abstract of title and a copy of any owner's title Insurance policy for the Property, if 285. in Seller's possession or control, to Buyer or Buyer's designated title service provider. Any abstract of title or 286. owner's title insurance policy provided shall be immediately returned to Seller, or licensee representing or 287. assisting Seller, upon cancellation of this Purchase Agreement; and 288. (b) Buyer shall obtain the title services determined necessary or desirable by Buyer or Buyer's lender, including 289. but not limited to title searches, title examinations, abstracting, a title insurance commitment, or an attorney's 290. title opinion at Buyer's selection and cost and provide a copy to Seller. 291. Seller shall use Seller's best efforts to provide marketable title by the date of closing, Seller agrees to pay all costs 292. and fees necessary to convey marketable lisle including obtaining and recording all required documents, subject to the 293. following: 294. In the event Seller has not provided marketable title by the date of closing, Seller shall have an additional thirty 295. (30) days to make title marketable, or in the alternative, Buyer may waive title defects by written notice to Seller. in 296. addition to the thirty (30) -day extension, Buyer and Seller may, by mutual agreement, further extend the closing 297. date. Lacking such extension, either party may declare this Purchase Agreement canceled by written notice to 298. the other party, or Iicensee representing or assisting the other party, In which case this Purchase Agreement is 299. canceled. if either party declares this Purchase Agreement canceled, Buyer and Seller shall immediately sign a 360. Cancellation of Purchase Agreement confirming said cancellation and directing all earnest money paid here to be Sol. refunded to Buyer. 302. SUBDIVISION OF LAND, BOUN DAEIIES, AND ACCESS: If this sale constitutes or requires a subdivision of land 303. owned by Seller, Seller shall pay all subdivision expenses and obtain all necessary governmental approvals. Seller 344. warrants that the legal description of the real property to be conveyed has been or shall be approved for recording as 305. of the date of closing. Seller warrants that the buildings are or shall be constructed entirely within the boundary lines 306. of the Property. Seller warrants that there is a right of access to the Property from a public right-of-way. 307. MECHANIC'S LiENS: Seller warrants that prior to the closing, payment in full will have been made for all labor, materials, 308. machinery, fixtures, or tools furnished within the 120 days immediately preceding the closing in connection with 309. construction, alteration, or repair of any structure on, or improvement to, the Property. 310. NOTICES: Seller warrants that Seller has not received any notice from any governmental authority as to condemnation 311. proceedings, or violation of any law, ordinance, or regulation. If the Property is subject to restrictive covenants, Seller 312. warrants that Seller has not received any notice from any person or authority as to a breach of the covenants. Any 313. such notices received by Seller shall be provided to Buyer immediately. 314. DI11llENSIONS: Buyer acknowledges any dimensions, square footage, or acreage of land or improvements provided 315. by Seller, third party, or broker representing or assisting Seller are approximate. Buyer shall verify the accuracy of 316. Information to Buyer's satisfaction, if material, at Buyer's sole cost and expense. 317. ACCESS AGREEMENT: Seller agrees to allow reasonable access to the Property for performance of any surveys or 318. Inspections agreed to here. WPA-7 (8117] laM rye i s H e s o T R LZREALTORS' Instanet--op.-45 PURCHASE AGREEMENT 319. Page 8 Date asl06/2018 320. Property located at 16715 Flagstaff Ave Lakeville_ , ras 55044 321. RISK OF LOSS: If there is any lass or damage to the Property between the Final Acceptance Date and the date of 322, closing for any reason, including fire. Vandalism, flood. earthquake, or act of God, the risk of loss shall.ba on Seller. If 323. the Property is destroyed or substantially damaged before the closing date, this Purchase Agreement is canceled, 324. at Buyer's option, by written notice to Seller or licensee representing or assisting Seller. If Buyer cancels this Purchase 325. Agreement, Buyer and Seller shall immediately sign a Cancellatlon ofPurchase Agreement confirming said cancellation 326, and directing all earnest money paid here to be refunded to Buyer. 327. TIME OF ESSENCE: Time is of the essence in this Purchase Agreement. 328. CALCULATION OF DAYS: Any calculation of days begins on the first day (Calendar or Business Days as specified) 329. following the occurrence of the event specified and includes subsequent days (Calendar or Business Days as specified) 330. ending at 11:59 P.M. on the last day! 331. BUSINESS DAYS: "Business Days" are days which are not Saturdays, Sundays, or state or federal holidays unless 332. stated elsewhere by the parties in writing. 333. CALENDAR DAYS: "Calendar Days" Include Saturdays, Sundays, and state and federal holidays. 334. RELEASE OF EARNEST MONEY: Buyer and Seller agree that the Earnest Money Holdershall release earnest money 335. from the Earnest Money Holder's trust account: 336. (a) at or upon the successful closing of the Property; 337. (b) pursuant to written agreement between the parties, which may be reflected in a Cancellation of Purchase 338. Agreement executed by both Buyer and Seller; 339. tc) upon receipt of an affidavit of a cancellation under MN Statute 559.217; or 340. (d) upon receipt of a court order. 341. DEFAULT: if Buyer defaults In any of the agreements here, Seller may cancel this Purchase Agreement, and any 342. payments made here, Including earnest money, shall be retained by Seller as liquidated damages and Buyer and Seller 343. shall affirm the same by a written cancellation agreement. 344. if Buyer defaults in any of the agreements here, Seller may terminate this Purchase Agreement under the provisions 345. of either MN Statute 559.21 or MN Statute 559.217, whichever Is applicable. If either Buyer or Seller defaults in any 346. of the agreements here or there exists an un€ulfilled condition after the date specified for fulfillment, either party may 347. cancel this Purchase Agreement under MN Statute 559.217, Subd. 3. Whenever it is provided here that this Purchase 346. Agreement is canceled, said language shall be deemed a provision authorizing a Declaratory Cancellation under MN 349. Statute 559.217, Subd. 4. 350. If this Purchase Agreement is not canceled or terminated as provided here, Buyer or Seller may seek actual damages 351. for breach of this Purchase Agreement or specific performance of this Purchase Agreement; and, as to specific 352. performance, such action must be commenced within six (6) months after such right of action arises. 353. NOTICE REGARDING PREDATORY OFFENDER INFORMATION: Information regarding the predatory offender 354. registry and persons registered with the predatory offender registry under MN Statute 243.166 may be obtained 355. by contacting the local law enforcement offices in the community where the Property Is located orthe Minnesota 355. Department of Corrections at (651) 361-7200, or from the Department of Corrections web site at 357. www.corrstate.mn.us. 358. BUYER HAS THE RIGHT TO A WALK-THROUGH REVIEW OF THE PROPERTY PRIOR TO CLOSING TO 359. ESTABLISH THAT THE PROPERTY IS IN SUBSTANTIALLY THE SAME CONDITION AS OF THE DATE OF 360. THIS PURCHASE AGREEMENT. 361. BUYER HAS RECEIVED A: (Check any that apply.) ❑ DISCLOSURE STATEMENT; SELLER'S PROPERTY 362. DISCLOSURE STATEMEiVTOR A ❑ DISCLOSURE STATEMENT: SELLER'S DISCLOSUREALTERNA7"1VES FORM. 363. DES R1 TION OF PBOPE13TY CONDITION: See Disclosure Statement: Sellers Property Disclosure Statement or 364. Disclosure Statement: Seller's Dlscrosure Alternatives for description of disclosure responsibilities and limitations, if 365. any. 366. BUYER HAS RECEIVED THE INSPECTION REPORTS, IF REQUIRED BY MUNICIPALITY. 367. BUYER IS NOT RELYING ON ANY ORAL REPRESENTATIONS REGARDING THE CONDITION OFTHE PROPERTY 368. AND ITS CONTENTS. MPA -0 (8r17) REALTORS' Instanetmpms PURCHASE AGREEMENT 359. Page 9 Date - 08l06/2018 378. Property located at 16715 Fla staff Ave Lakeville NN 55044 371. (Check appropriate ,boxes.) 372. SELLER WARRANTS THAT THE PROPERTY IS EITHER DIRECTLY OR INDIRECTLY CONNECTED TO: 373. CITY SEWER © YES ❑ NO / CITY WATER © YES ❑ NO 374. SUBSURFACE SEWAGETREATMENT SYSTEM 375. SELLER ❑ DOES © DOES NOT KNOW OF A SUBSURFACE SEWAGE TREATMENT SYSTEM ON OR 376. SERVING SERVING THE PROPERTY. (If answer is DOES, and the system does not require a state permit, see Disclosure 377. Statement: Subsurface Sewage Treatment System.) 378. PRIVATE WELL 379. SELLER [] DOES © DOES NOT KNOW OF A WELL ON OR SERVING THE PROPERTY. 380. (If answer is DOES and well is located on the Property, see Disclosure Statement: Well.) 381. THIS PURCHASE AGREEMENT ❑ IS � IS NOT SUBJECT TO AN ADDENDUM TO PURCHASE AGREEMENT • -(C ckorrej....--. 382. SUBSURFACE SEWAGE TREATMENT SYSTEM ARID WELL INSPECTION CONTINGENCY. 383. (If answer is IS, see attached Addendum.) 384. IF A WELL OR SUBSURFACE SEWAGE TREATMENT SYSTEM EXISTS ON THE PROPERTY, BUYER HAS 385. RECEIVED A DISCLOSURE STATEMENT: WELL AND/OR A DISCLOSURESTATEMENF: SUBSURFACESEWAGE 386. TREATMENT SYSTEM. 387. HOME PROTECTION/w RANTY PLAN: Buyer and Seller are advised to Investigate the various home protection/ 388. warranty plans available for purchase. Different home protection/warranty plans have different coverage options, 389, exclusions, limitations, and service fees. Most plans exclude pre-existing conditions. (Check one.) 390. ❑ A Home Protection/Warranty Plan will be obtained by ❑ BUYER [] SELLER and paid for by (check one }-�................. 391. ❑ BUYER ❑ SELLER to be issued by ..............._�Ch�k ane.} --------- 392. at a cost not to exceed $ 393. ❑X No Home Protection/Warranty Plan is negotiated as part of this Purchase Agreement. However, Buyer may elect 394. to purchase a Home ProtectioniWarranty Plan. 395. AGENCY NOTICE 396. is ❑ Seller's Agent ❑ Buyer's Agent ❑ Dual Agent ❑ Facilitator. (Uconseo ....._... -----(Check orrrr.}---._._._.._...._...._............................... 397. (Real Estate Company Name) 398. Daniel H Wilson is ❑ Seller's Agent [Z Buyer's Agent ❑ Dual Agent I] Facilitator. (Licensee) ........... ........................ 399. Wilson Development services, LLC (Real Estale Companr Name) 400. THIS NOTICE DOES NOT SATISFY MINNESOTA STATUTORY AGENCY DISCLOSURE REQUIREMENTS. MMPA-9 (eJ17) m i N& E a 0 T A REALTORS Instarletros. S PURCHASE AGREEMENT 401. Page 10 Date - _2VO6/2010 402. Property located at 16715 Fla staff Ave Lakeville MN 55044 403. DUAL AGENCY REPRESENTATION 404. PLEASE CHECK [JNE OF THE FOLLOWING SELECTIONS: 405. 0 Dual Agency representation DOES NOTapply In this transaction. Do not complete lines 406-422. 406. ❑ Dual Agency representation DOES apply in this transaction. Complete the disclosure in lines 407`422. 407. Broker represents both the Seller(s) and the Buyer(s) of the Property involved in this transaction, which creates a 408. dual agency. This means that Broker and its salespersons owe fiduciary duties to both Seller(s) and Buyers). Because 409. the parties may have conflicting interests, Broker and its salespersons are prohibited from advocating exclusively for 410. either party. Broker cannot act as a dual agent in this transaction without the consent of both Seller(s) and Buyer(s). 411. Seller(s) and Buyer(s) acknowledge that 412. (1) confidential information communicated to Broker which regards price, terms, or motivation to buy or sell will 413. remain confidential unless Seller(s) or Buyer(s) instructs Broker in writing to disclose this information. Other 414. information will be shared,- 415. hared;415. (2) Broker and its salespersons will not represent the interest of either party to the detriment of the other; and 416. (3) within the limits of dual agency. Broker and its salespersons will work diligently to facilitate the mechanics of 417. the sale. 418. With the knowledge and understanding of the explanation above, Seller(s) and Buyer(s) authorize and instruct Broker 419. and its salesperson to act as dual agents in this transaction. 424. Seller Buyer 421. Seller Buyer 422. Date Date 423. CLOSING COSTS: Buyer or Seller may be required to pay certain closing costs, which may effectively increase the 424. cash outlay at closing or reduce the proceeds from the sale. 425. SETTLEMENT STATEMENT: Buyer and Seller authorize the title company, escrow agent, and/or their representatives 426. to disclose and provide copies of the disbursing agent's settlement statement to the real estate licensees involved in 427. the transaction at the time these documents are provided to Buyer and Seller. 428. FOREIGN INVESTMENT iN REAL PROPERTY TAX ACT ("FIRPTA ): Section 1445 of the Internal Revenue Code 429. provides that a transferee ("Buyer") of a United States real property interest must be notified In writing and must withhold 430. tax if the transferor ("Seller=) is a foreign person and no exceptions from FIRPTA withholding apply. Buyer and Seller 431. agree to comply with FIRPTA requirements under Section 1445 of the Internal Revenue Code. 432. Seller shall represent and warrant, under the penalties of perjury; whether Seller is a "foreign person" (as the same 433. is defined within FIRPTA), prior to closing. Any representations made by Seller with respect to this issue shall survive 434. the closing and delivery of the deed. 435. Buyer and Seller shall complete, execute, and deliver, on or before closing, any instrument, affidavit, or statement 436. reasonably necessary to comply with the FIRPTA requirements, including delivery of their respective federal taxpayer 437. identification numbers or Social Security numbers. 438. Due to the complexity and potential risks of failing to comply with FIRPTA, including the Buyer=s responsibility for 439. withholding the applicable tax, Buyer and Seller should seek appropriate legal and tax advice regarding FIRPTA 440. compliance, as the respective licensee's representing or assisting either party will be unable to assure either 441. party whether the transaction is exempt from FIRPTA withholding requirements. 442. ENTIRE AGREEMENT: This Purchase Agreement and any addenda or amendments signed by the parties shall 443. constitute the entire agreement between Buyer and Seller. Any other written or oral communication between Buyer and 444. Seller, including, but not limited to, e-mails, text messages, or other electronic communications are not part of this 445. Purchase Agreement. This Purchase Agreement can be modified or canceled only in writing signed by Seller and 446. Buyer or by operation of law. All monetary sums are deemed to be United States currency for purposes of this Purchase 447. Agreement. M 1 N N E 3 D T A MPA -11)(W17) REALTORS' Insianel•roti,s PURCHASE AGREEMENT 448. Page 11 Date 08106/2028 449. Property located at 16715 Flagstaff Ave Lakeville HN 55044 450. ELECTRONIC SIGNATURES: The parties agree the electronic signature of any party on any document related to this 451. transaction constitute valid, binding signatures. 452. FINAL, ACCEPTANCE: To be binding. this Purchase Agreement must be fully executed by both parties and a copy 453. must be delivered. 454. SURVIVAL: All warranties specified in this Purchase Agreement shall survive the delivery of the deed or contract 455. for deed. 456. OTHER: - This purchase agreement is subject to City of Lakeville approval at their 457• regular scheduled meeting. 458. _ Buyer agrees to pay all closing costs typically charged to Seller in this 459. transaction, except title issue charges to provide clear title. 460. - The purchase price of $280,004.00 for the subject property is based upon 461. Minimum Compensation. 462. - The Seller is eligible for relocation replacement housing payment differential up to $29,900.00 based upon the comparable replacement home 463. located at 17720 Fortune Trail in Lakeville, M to be paid at closing. 464• - The Seller remains eligible for the following relocation costs, yet to be 455. incurred: l.) Incidental closing costs on replacement home per section 24.401 of 466. URA. 2.j Interest rate differential - 6.6gr existing mortgage per section 467. 24.4 01 of URA. 466 3.) Personal property move per section 24.301 of URA 469. - The Seller is eligible for a $40,000.00 business relocation fixed payment in lieu of moving and reestablishment expenses for Pope Premium Enterprises 470• Inc. located at the subject property to be paid at closing. 471. ADDENDA: The following addenda are attached and made a part of this Purchase Agreement. 472. NOTE: Disclosures and optional Arbitration Agreement are not part of this Purchase Agreement. 473. ❑ Addendum to Purchase Agreement 474. ❑ Addendum to Purchase Agreement: Assumption Financing 475. ❑ Addendum to Purchase Agreement Buyer Purchasing "As Is"and Limitation of Setfer Liability 476. ❑ Addendum to Purchase Agreement: Condominium/To�vnhouselCooperarive Common Interest Community 477. ("CIC') 478. ❑ Addendum to Purchase Agreement: Contract for Deed Financing 479. ❑ Addendum to Purchase Agreement: Disclosure of Information on Lead -Based Paint and Lead -Based Paint 480. Hazards 481. ❑ Addendum to Purchase Agreement. Sale of Buyer's Property Contingency 482. ❑ Addendum to Purchase Agreement: Short Sale Contingency 483. ❑ Addendum to Purchase Agreement Subsurface Sewage Treatment System and Well Inspection Contingency WPA-11 (all 7) REALTORS" { nstanetmizms- PURCHASE AGREEMENT 464. Page 12 Date 00/06/2010 485. Property located at _ 16715 Flagstaff Ave Lakeville MbT 55044 486. I, the owner of the Property, accept this Purchase 487. Agreement and authorize the listing broker to withdraw 486. said Property from the market, unless instructed 489. otherwise in writing. 490. 1 have reviewed all pages of this Purchase Agreement. 491. ❑ if checked, this Purchase Agreement Is subject to 492. attached Addendum to Purchase Agreement: 493. Counteroffer. 494. FIRPTA: Seller represents and warrants, under penalty 495- of perjury, that Seller❑ IS M IS NOT a foreign person (i.e., a ----•--•(Check ana.}­ 496. non-resident alien individual, foreign corporation, foreign 497, partnership, foreign trust, or foreign estate for purposes of 498. income taxation. (See lines 428-441.)) This representation 499. and warranty sh urvive thc losing of the transaction 500. and the a dee 7�' 501. x c-� (Se r' Ign ure) ate) 502, X Timothy R. Pope (Sellers Printed None) 9 503. x {!: arRa1 acus} 504. X ' - �)�2 (Sci:er's Signature) (Da6) 505. X Sandra B . Pope _ (Sel:ers Printed Name) 506. x KAI�rll�4 Waritat Status) I agree to purchase the Property for the price and on the terms and conditions set forth above. have reviewed all pages of this Purchase Agreement. (Buyci's Sigratu (Date) K Douglas P. Anderson (Buyer's Pfinted Name) X Mavor- ";# X (Buyees sigra r (Dale) X Tamara Wallace (Buyer's Printed tame) X Doputy City Clic-irk %t4fiRtAi6k 507. FINAL ACCEPTANCE DATE: 508. is the date on which the fully executed Purchase Agreement is delivered. The Final Acceptance Date 509• THIS IS A LEGALLY BINDING CONTRACT BETWEEN BUYER(S) AND SELLER(S). 510. IF YOU DESIRE LEGAL ORTAX ADVICE, CONSULT AN APPROPRIATE PROFESSIONAL. 511. 1 ACKNOWLEDGETHAT I HAVE RECEIVED AND HAVE HAD THE OPPORTUNITY TOR EVIEWTHE DISCLOSURE 512. STATEIKENT: ARBITRATION DISCLOSUREANDRESIDENTIAL REAL PROP,ERTYARBJTRATIONAGREEMENT, 513. WHICH IS AN OPTIONAL, VOLU1/NT Y AGREEPAENT AND IS NOT PART OF THIS PURL ASE AGREEMENT. 514. SELLER(S) BUYER(S) 'timothy R e 515. SELLER(S) BUYER(S) Sandra H. Pope MN:PA-12 (a ?17) PA i 11 H E S O i A r ,RFAI T0RR- nstcule; :-osry-:.; "Exhibit A" to Purchase Agreement ReBack A regiment Date:1-7 l This Rent Back agreement is entered into in connection with the Purchase Agreement between Timothy R. Poe and Sandra B. Poe ("Seller"), and the City of Lakeville, MN, a Minnesota municipal corporation, ("Buyer"), dated -9 , for the sale and purchase of the property at 16715 Flagstaff Ave., Lakeville, IdIN 55608 ("Property"). The Buyer and Seller agree as follows: NATURE AND PURPOSE: This Rent Back Agreement gives Seller the right to remain in and occupy the Property for a limited time after closing on the purchase of the Property. This Rent Back Agreement remains in effect after the closing. DATE OF POSSESSION: Seller agrees to completely vacate and deliver exclusive physical possession of the Property to Buyer on or before Midnight on the 10' Day Following Closing ("Date of Possession"). SECURITY AND DAMAGE DEPOSIT: On Date of Closing (which shall be the date in which closing occurs under the Purchase Agreement), Seller will deposit Zero dollars ($0.00) with Buyer in certified funds, as a security and damage deposit. The deposit will earn statutory interest at the rate prescribed in Minn. Stat. Section 504.20 subd. 2. The Buyer will refund the deposit, plus interest, to Seller, or after Seller moves out of the Property and gives possession to Buyer. Buyer may keep amounts necessary to cover unpaid rent or to cover the cost of repairing damage to the Property (including personal property and appliances) caused by Seller. If the Buyer keeps all or a part of the deposit, Buyer will provide a written statement within 21 days stating the reason for withholding. MONTHLY RENT: Seller will pay Buyer $0.00 per month beginning on the Date of Closing and continuing through the above Date of Possession. If Seller remains in the Property after the above Date of Possession, Seller will pay additional monthly charges to Buyer in advance. UTILITIES: Seller will continue all utility services in Seller's name and will continue to pay all bills for utility service during the period of the Seller's possession, as they become due. INSURANCE: Seller will maintain homeowner's insurance coverage, at their sole cost, for the Property through the date that the Seller vacates the Property with limits of at least $1,000,000 per occurrence and in the aggregate. Seller shall name the Buyer as the beneficiary in the homeowner's insurance policy. Seller shall obtain and maintain their own liability insurance coverage and personal property insurance coverage during Seller's tenancy of the Property. Buyer reserves the right to review and approve any proposed homeowner's insurance policy for perils to real property and liability coverage for Seller prior to closing. Seller shall provide to Buyer on the Date of Closing a homeowner's insurance policy, and a certificate of insurance naming the Buyer as the beneficiary during the tenancy at will. Seller agrees that Seller shall be responsible and liable for Sellers personal property. MAINTENANCE: Seller will be responsible for all repairs and normal maintenance of the Property and personal property covered by the Purchase Agreement from and after the Date of Closing. Seller will keep the Property in reasonable repair and order. USE OF PROPERTY: Seller will occupy the Property as permitted herein as Sellers personal residence and will not make any changes to the Property other than as authorized in the Purchase Agreement. Seller will not assign nor sublease the Property under this Agreement. HOLD HARMLESS: Buyer shall not be liable for injury or death to any person or damage to property of Seller or of others located in or about the Property, nor for the loss of or damage to any property of Seller or of others by theft, casualty, loss or otherwise, and Seller hereby waives all such claims against Buyer and will hold Buyer exempt and harmless for or on account of such damage, injury or death. Seller shall also indemnify Buyer and its agents against any and all liability, claims, demands, damages, expenses, fees, fines, penalties, suits, proceedings, actions and costs of actions of any kind and nature, including reasonable attorneys' fees, for injury or death to persons or damage to property or property rights in connection with this Rent Back Agreement or Seller's the use and occupation of the Property. The provisions of this Section shall survive the expiration or early termination of the Purchase Agreement and/or this Rent Back Agreement:. DESTRUCTION OF RESIDENCE: In the event that the Residence on the Property is destroyed or otherwise becomes uninhabitable for any reason, this agreement becomes null and void immediately and Buyer has no further responsibility to the Seller. In the event of habitable repair(s) to the Property during the tenancy, Seller may elect to be responsible for such habitable repair(s) at Sellers' cost to continue the tenancy or Seller may elect to terminate the tenancy and vacate the premises immediately. In the event that the Seller elects not to be responsible for such habitable repair(s) to continue the tenancy or that damages to the Property results in it not being habitable, Seller agrees that the tenancy shall terminate immediately and that Seller shall vacate the Property immediately. In any event, Buyer shall not incur any obligation to complete any repairs of any kind to the Property during the tenancy. "AS IS": The Buyer makes no warranties or statements with regard to the condition of the Property nor to its suitability for occupancy by the Seller. The Seller rents the Property "as is", with all faults. In the event the Property is not suitable during the tenancy for occupancy by Seller, Seller agrees that the tenancy shall terminate in accordance with preceding section. If Seller vacates the Property in accordance with the preceding section, they acknowledge it is without any rights and/or any claim, including but not limited to, repair, damages, or costs for the early vacation of the Property. QUIET ENJOYMENT: Buyer promises that upon Seller's performance of Seller's obligation herein, Seller will peacefully and quietly have, hold and enjoy the Property according to this Agreement. TERMINATION: If Seller fails to leave the Property and give possession to Buyer on the Date of Possession specified above, Buyer will provide Seller with seven days advance written notice to leave the Property. Notice is considered given on the date mailed to the Seller at the above address. Seller will leave the Property in the same condition as it was at the time of dosing. if Seller fails to leave the Property, Buyer is authorized to take any action permitted by law to take possession of the Property. Buyer will be entitled to recover damages from Seller for Buyer's loss of use in the amount of N00.0O per day beginning with the Date of Possession specified above, in addition to all charges and reimbursements stated in this Agreement, and all reasonable costs which result from obtaining possession of the Property and enforcing the terms of the agreement, including reasonable attorney's fees. 2 Accepted and Agreed to; /(Date) m