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HomeMy WebLinkAboutEDA AGN 09-13-13AGENDA COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY SPECIAL MEETING Monday May 13, 2013 6:45pm City Hall, Conference room 1 1. Call to Order Gary L. Peterson President Bobby Williams Vice President Bruce Nawrocki Secretary/Treasurer Donna Schmitt Tammera Diehm Gerry Herringer Marlaine Szurek 2. Pledge of Allegiance BUSINESS ITEMS 3. Scattered Site contract Motion: Move to approve and execute the Listing Agreement with Remax Synergy. Motion: Move to approve and execute the Purchase and Redevelopment Agreement with Timbercraft Homes. Motion: Move to approve the model homes as presented. 4. Adjourn The next regular EDA meeting will be Monday, June 3, 2013 at City Hall. COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY (EDA) Special Meeting of: May 13, 2013 AGENDA SECTION: Business Items ORIGINATING EXECUTIVE NO:3 DEPARTMENT: EDA DIRECTOR APPROVAL ITEM: Scattered Site Real Estate Contract BY: Sheila Cartney BY: / ° DATE: May 9, 2013 G BACKGROUND: At the April EDA meeting the Commission met with Pete Hetyla and John Rockwell of Remax and a representative of Timbercraft Homes. At this meeting lot prices, housing styles and contracts were discussed. Staff explained that half the lots were shovel ready while the other half still had to have the water lines redone to meet today's standard of one inch. Timbercraft Homes also presented two concept drawings of homes that could be built on the scattered site lots with the idea that the plan for 4303 Reservoir would come back to the EDA for approval. At the May 6, 2013 meeting the EDA discussed items 1 -3 below and essentially agreed to the items as presented; the Purchase and Redevelopment Agreement was inadvertently left out of the packet so no action was taken on any of the items, a formal action is requested tonight. 1. Remax Synergy listing Agreement. This document is an agreement with the EDA and Pete Heryla and John Rockwell to list the lots for sale at a sales price of $7,500 each with the exception of 4303 Reservoir Blvd, which will be $35,000. There is also a clause in this listing agreement that after one year if the house sales increase the lot listing prices may increase. 2. Purchase and Redevelopment Agreement. This document is an agreement with the EDA and Timbercraft Homes. A Purchase and Redevelopment Agreement will be filled out for the sale of each lot. This agreement determines the sales price, the model home type and completion date. 3. Model Homes. Timbercraft Homes is providing 2 models for buyers to choose from. If the EDA approves the models tonight then the Model Homes become part of the Purchase and Redevelopment Agreement and will be approved as part of the building permit and will not need additional EDA approval. The only lot that will need additional approval is 4303 Reservoir Blvd. RECOMMENDATION:. Staff recommends approval of the agreements as presented. RECOMMENDED MOTION: Motion: Move to approve and execute the Listing Agreement with Remax Synergy. Motion: Move to approve and execute the Purchase and Redevelopment Agreement with Timbercraft homes. Motion: Move to approve the model homes as presented. Attachments: Remax Usting Agreement, Purchase and Redevelopment Agreement, model homes EDA ACTION: AGENCY RELATIONSHIPS IN REAL ESTATE TRANSACTIONS 1. Page 1' 2. MINNESOTA L.AW REQUIRES that early In any relationship, real estate brokers or salespersons discuss with 3. consumers what type otagenoy.reprosentation or relationship thoyclesirefl) The available options are listed below. This 4. Is not a contract. This is an agency disclosure form only. If you desire representation you must enter into a 5, written contract, according to state law (a listing contract or buyer/tenant representation contract). Until such time 6. as you choose to enter into a written contract for representation, you will be treated as a customer and will not receive 7. any representation from the broker or salesperson. The broker or salesperson will be acting as a Facilitator (see 8. paragraph V on page two (2)), unless the broker or salesperson Is representing another party, as desdribed below. 9. ACKNOWLEDGMENT: f/We acknowledge that Uwe have been presented with the below - described options. 10. VWo understand that until Uwe have signed a representation contract, Uwe amfare not represented by the 11. broker/salesperson. VWe understand that written consent is required for a dual agency relationship. 12. THIS IS A DISCLOSURE ONLY, NOT A CONTRACT FOR REPRESENTATION. 13. (signature) (Date) (Date) 14. I. Seller's /Landlord's Broker: A broker who lists a property, ore salesperson who is licensed to the listing broker, 15. represents the Seller /Landlord and acts on behalf of the Seller /Landlord. A Seller's/Landlord's broker owes to 113. the Seller /Landlord the fiduciary duties described on page two (2).r2t The broker must also disclose to the Buyer 17. material facts as defined in MN Statute 82.68, Subd. 3, of which the broker is aware that could adversely and 18. significantly affect the Buyer's use or enjoyment of the property. (MN Statute 82.68, Subd. 3 does not apply to 19. rental/lease transactions.) If a broker orsalesperson workingwith aBuyar/fenant as a customer Is representing the 20. Seller /Landlord, he or she must act In the Seller's /Landlord's best interest and must tell the Seller/Landlord any 21, information disclosedto him or her, except confidential information acquired in a facilitator relationship(see paragraph 22. V on page two (2)). In that case, the Buyer/Tenant will not be represented and will not receive advice and counsel 23, from the broker or salesperson. 24. 11. Subagent: A broker orsalesperson who is working with a Buyer/ 'enant but represents the Seller /Landlord, In this 25. case, the Buyer/Tenant is the broker's customer and is not represented by that broker. If a brokeror salesperson 26, working with a Buyer/Tenant as a customer Is representing the Seller /Landlord, he or she must not in the 27. Seller's /Landlord's best Interest and must tell the Seller /Landlord any information that is disclosed to him or her. 28. In that case, the Buyer /tenant will not be represented and will not receive advice and counsel from the broker or 29. salesperson. 30. Ill, Buyer' s/ renant' sBroker: ABuyer/Tenantmayenterintoanagreementforthebrokerorsalespersontorepresent 31. and act on behalf of the Buyer/Tenant.The broker may representthe Buyer/renantonly, and notthe, Seller /Landlord, 32. even if he or she is being paid in whole or in part by the Seller /Landlord. A Buyees/renarifs broker owes to the 33. BuyerR'enant the fiduciary duties described on page two (2).( 1) The broker must disclose to the Buyermatedid facts 34. as defined in MN Statute 82.68, Subd. 3, of which the broker Is aware that could adversely and significantly affect 35. the Buyers use or enjoyment of theproperty,(MNStatute82.68, Subd. 3doesnotapplytorentaltleasetransactions ) 36. If a broker or salesperson working with a Seller /Landlord as a customer is representing the Buyer/renant, he or 37. she must act in the Buyer's/Tenant's best Interest and must tell the Buyer/Tenant any information disclosed to him 38. or her, except confidential Information acquired in a facilitator relationship (see paragraph V on page two (2)). In 39. that case, the Seller/Landlord will not be represented and will not receive advice and counsel from the broker or 40. salesperson. 41. 1 have had the opportunity to review the "Notice Regarding Predatory Offender Information" on (inlllal) OWN) 42. page two. (2) MN;AGCYDICS•1(11 110) %tl ms� SELLER'S DISCLOSURE ALTERNATIVES 85. Page 3 86, Property located at (Multiple Lote - see Attached Addend= A) 87. F. NOTICE REGARDING CARBON MONOXIDE DETECTORS: 88, MN Statute 299F51 requires Carbon Monoxide Detectors to be located within ten (10) feet from all sleeping 89. rooms. Carbon Monoxide Detectors may or may not be personal property and may or may not be included in the 90. sale of the home. 91. G. WATER INTRUSION AND MOLD GROWTH: Recent studies have shown that various forms of water intrusion 92. affect many homes. Water intrusion may occur from exterior moisture entering the home and /or interior moisture 93. leaving the home.. 94, Examples of exterior moisture sources may be 95. • Improper flashing around windows and doors, 96. • improper grading, 97. • flooding, 98. roof leaks. 99. Examples of interior moisture sources may be 100. • plumbing leaks, 101, • condensation (caused by indoor humidity that is too high or surfaces (hat are too cold), 102. • overflow from tubs, sinks or toilets, 10$. • firewood stored indoors, 104, • humidifier use, 105, • inadequate venting of kitchen and bath humidity, 106. • improper venting of clothes dryer exhaust outdoors (Including electrical dryers), 107. • line- drying laundry indoors, 108. • houseplants - watering them can generate large amounts of moisture. 109. In addition to the possible structural damage water intrusion may do to the property, water intrusion may also result 110. in the growth of mold, mildew and other fungi. Mold growth may also cause structural damage to the property. 111. Therefore, it is very important to detect and remedlate water intrusion problems. 112. Fungi are present everywhere in ourenvlronment, both indoorsand outdoors. Manymoldsarebeneficialtohumans. 113. However, molds have the ability to produce mycotoxins that may have a potential to cause serious health problems, 114. particularly in some immunocompromised individuals and people who have asthma or allergies to mold. 115. To complicate matters, mold growth is often difficult to detect, as it frequently grows within the wall structure. If you 116. have a concern about water intrusion or the resulting mold /mildew /fungi growth, you may want to consider having 117. the property inspected for moisture problems before entering Into a purchase agreement or as a condition of your 118. purchase agreement. Such an analysis is particularly advisable if you observe staining or any musty odors on the 119. property. 120, For additional information about water intrusion, indoor air quality, moisture or mold issues, please view the 121. Minnesota Association of REALTORS® Desktop Reference Guide at www,mnrealtor.com. 122. H. NOTICE REGARDING PREDATORY OFFENDER INFORMATION: Information regarding the predatory 123, offender registry and persons registered with the predatory offender registry under MN Statute 243.166 124. may be obtained by contacting the local law enforcement offices in the community where the property is 125. located or the Minnesota Department of Corrections at (651) 361 -7200, or from the Department of Corrections 126. web site at www.cornstate.mn.us. 127, 1. ADDITIONAL REQUIRED DISCLOSURES(e.g.,city, municipal, county): 128. 129. 130. 131. 132. MMSDA -3 (10/12) /�sta�t orms SELLER'S DISCLOSURE ALTERNATIVES 133. Page 4 134. J. SELLER'S STATEMENT: 135. (To be signed at time of listing.) 136. Seller(s) hereby authorizes any licensee(s) representing or assisting any party(ies) in this transaction to provide 137. a copy of this Disclosure to any person or entity in connection with any actual or anticipated sale of the properly. 138. (Seller) (Date) (Seller) (Dale) 139. K. BUYER'S ACKNOWLEDGEMENT: 140. (To be signed at time of purchase agreement.) 141. I/We, the Buyer(s) of the property, acknowledge receipt of this SELLER'S DISCLOSURE ALTERNATIVES form 142. and agree to the seller's disclosure option selected in this form, 11we further agree that no representations regarding 143, material facts have been made, other than those made in this form. 144. (Buyer) (Date) (Buyer) (Data) 145. L. SELLER'S ACKNOWLEDGEMENT: 146. (To be signed at time of purchase agreement.) 147. AS OF THE DATE BELOW, I/we, the Seller(s) of the property, state that the material facts are the same, except 148. for changes as indicated below, which have been signed and dated. 149. 150. 151. — — 152. 153. _ 154. 155. (Seller) J (Date) (Seller) 156. 157. MN:SDA -4 (10/12) LISTING BROKER AND LICENSEES MAKE NO REPRESENTATIONS AND ARE NOT RESPONSIBLE FOR ANY CONDITIONS EXISTING IN THE PROPERTY. (Date) A Orms � AGENCY RELATIONSHIPS IN REAL ESTATE TRANSACTIONS 43. Page 2 44. IV. Dual Agency- Broker Representing both Soifer /Landlord and Buyer/renant: Dual agency occurs when one 45, broker or salesperson represents both parties to a transaction, or when two salespersons licensed to the same 46. broker each represent a party to the transaction. Dual agency requires the Informed consent of all parties, and 47. means that the broker and salesperson owe the some duties to the Seller/Landlord and the Buyer/t'enant. This 48. role limits the level of representation the. broker and salesperson can provide, and prohibits them from acting 49, exclusivelyforeltherparty, Inadualagency, confidentialInformationaboutprice ,termsandmotivationforpursuing_ 60, a transaction will be kept confidential unless one party Instructs the broker or salesperson in writing to disclose 51, specific information about him or her.Other Information will be shared. Dual agents may not advocate forone party 62. to the detriment of the othenrsl 5$. Within the limitations described above, dual agents owe to both Seller /Landlord and Buyer/renant the fiduciary 54. duties described below.I2r Dual agents musidisclose to Buyersmaterial facts as defined in MN Statute 82.68, Subd. 55. 3, of which the broker Is aware that could adversely and significantly affect the Buyer's use or enjoyment of the 56. property. (MN Statute 82.68, Subd. 3 does not apply to rentablease transactions.) 57. V Facilitator: A broker or salesperson who performs services for a Buyer/Tenant, a Seller /Landlord or both. but 58. does not represent either in a fiduciary capacity as a Buyees/Tenant's Broker, Seller's /Landlord's Broker or Dual 59. Agent THE FACILITATOR BROKER OR SALESPERSON DOES NOTOWEANY PARTY ANYOFTHE FIDUCIARY 60. DUTIES LISTED BELOW, EXCEPT CONFIDENTIALITY, UNLESS THOSE DUTIES ARE INCLUDED IN A 61. WRITTEN FACILITATOR SERVICES AGREEMENT, The facilitator broker or salesperson owes the duty of 62. confidentiality to the party but owes no other duty to the parlyexcept those duties required by law or contained In 63. a written facilllatorservices agreement, if any. In the event a facilitator brokeror salesperson working with a Buyer/ 64. Tenant shows a property listed,by the facilitator broker or salesperson, then the facilitator broker or salesperson 65. must act as a Seller's/Landlord's Broker (see paragraph I on page one (1)). In the event a facilitator broker or 66. salesperson, working with a Seller/ Landlord, accepts a showing ofthe property byaBuyer /Tenant being represented 67. by the facilitator broker or salesperson, then the facilitator broker or salesperson must act as a Buyer's /tenant's 68. Broker (see paragraph III on page one (1)), 69. (1) This disclosure Is required by law in any transaction involving properly occupied or intended to be occupied by 70, one to four families as their residence. 71. (1) The fiduciary duties mentioned above are listed below and have the following meanings: 72. LMIIiv - broker /salesperson will act only In client(s)' best Interest. 73. Obedience • broker /salesperson will carry out all efient(s)' lawlul Instructions, 74. Disslosilip - broker /salesperson will disclose to client(s) all material facts of which broker/salespor8orl has knowledge 75. which might reasonably affect the client(s)' use and enjoyment of the property. 76. Confidentiality - broker /salesperson will keep cllent(s)' confidences unless required by law to disclose specific 77. information (such as disclosure of material facts to Buyers). 78. Reaslinable Care - broker /salesperson will use reasonable care in performing duties as an agent. 79. Accoun - broker /salesperson will account to client(s) for all client(s)' money and property received as agent. 80. (0) If Seller(s) /Landlord(s) declde(s) not to agree to a dual agency relationship, Sellers) / Landlord(s) may give up the 81. opportunity to eall/lease the property to Buyer(s)lrenant(s) represented by the broker /salesperson. If Buyer(s)/ 82. Tenant(s) deckle(s) not to agree to a dual agency relationship, Buyer(s)/Tenant(s) may give up the opportunity to 83. purchase /lease properties listed by the broker. 84. NOTICE REGARDING PREDATORY OFFENDER INFORMATION: Information regarding the predatory offender 85. registry and persons registered with the predatory offender registry under MN Statute 243.166 may be 86, obtained by contacting the local law enforcement offices in the community where the property Is located, 87. cribs Minnesota Department of Corrections at( 651)361- 7200. or from the Department of Corrections Web site at 88. www.corr.state.mmus. MN:AGCYDISCv2 (11/10) IV " EXCLUSIVE RIGHTTO SELL LISTING CONTRACT This form approved by the Minnesota Association of REALTORSe, which disclaims any liability arising out of use or misuse of this form. 02011 Minnesota Assoclation of REALTORS®, Edina, MN 1. Dale 2. Page 1 of 9 pages 3. DEFINITIONS: This Contract involves the properly located at (Multiple Lots see Attached Addendum A) 4. legally described as (Multi le Lots - see Attached Addendum A) 5. (Property). 6. SellerlS Columbia Heiahte Economic Development Authority (EDA) (Seller). 7. Broker is Re/Max synergy (Broker). (Real Estate Company Name) 8. This Contract starts on 20 , and ends at 11:59 p.m, on 9. 20 . 10. This Contract may only be canceled by written mutual agreement of the parties. 11. PRICE: Seller offers the Property for sale for the price of $ upon the following 12. terms: Van VA Conventional, Conventional Tneur d Cash - See Attached Addendum A) 13. LISTING: Seller gives Broker the exclusive right to sell the Property. In exchange, Broker agrees to list and market 14. the Property for sale. Broker may place a "For Sale" sign and a lock box with keys on the Properly, unless prohibited by 15. governing authority. Seller understands this Contract DOES NOT give Broker authority to rent or manage the Property. 16. Seller understands Broker may be a member of a Multiple Listing Service (MLS), and if Broker is a member of MLS, 17, and where available, Broker may give information to the MLS concerning the Properly. Broker may place Information 18. on the Internet concerning the Property, including sold information (except as limited in the Internet Display Options 19. Form). If Broker sells the Property, Broker may notify the MLS and member REALTORS@ of the price and terms of 20. the sale. Seller acknowledges that neither Broker, the MLS, the Minnesota Association of REALTORS@, nor any other 21. broker is insuring Seller or occupant against theft, loss or vandalism. 22. (initial) 23. Seller acknowledges that Seller has received and has had the opportunity to review the Internet (Seller) (seller) 24. Display Options Form. 25. LISTED FOR LEASE: The Property Ej IS []X IS NOT currently listed for lease. It IS, the listing broker is -- - - - - -- (Check onej-- -----`- 26, It IS NOT, Seller ❑ MAY n MAY NOT list the Property for lease during the -- --- - -- --- (Check one.) .......... 27. terms of this Contract with another broker. 28. Nothing in this Contract shall prohibit Broker and Seller from entering Into a listing agreement for the lease of this 29. Property upon terms acceptable to both parties. 30. SELLER'S OBLIGATION: Seller shall notify Broker of relevant information important to the sale of the Properly. 31. Seller shall cooperate with Broker in selling the Property. Seller shall promptly Inform Broker about all inquiries Seller 32. receives about the Property. Seller agrees to provide and pay for any inspections and reports required by any 33. governmental authority. Seller agrees to provide unit owners' association documents, if required. Seller shall remain 34. responsible for security, maintenance, utilities and insurance during the term of this Contract, end for safekeeping, 35. securing and /or concealing any valuable personal property during Property showings or open houses. Seller shall 36, surrender any abstract of title and a copy of any owner's title insurance policy for this Properly, if in Seller's possession 37. or control, to buyer or buyer's designated title service provider. Seller shall take all actions necessary to convey 38. marketable title by the date of closing as agreed to in a purchase agreement. Seller shall sign all documents necessary 39. to transfer to buyer marketable title to the Property. Seller has the full legal right to sell the Property. MN:ERSLC -1 (8111) /tlStAl� f4/7I15 EXCLUSIVE RIGHTTO SELL LISTING CONTRACT 40. Page 2 41. Property located at (Multiple Lots - see Attached Addendum A) 42. Seller authorizes Broker, and any other broker authorized by Broker, to preview and show the Properly at reasonable 43. times and upon reasonable notice and agrees to commit no act which might tend to obstruct Broker's performance 44. hereunder. If the Property is occupied by someone other than Seller, Seller shall comply with Minnesota law and any 45. applicable lease provisions of an existing lease and provide tenant with proper notice in advance of any Property 46. showing. 47. NOTICE: THE COMPENSATION FOR THE SALE, LEASE, RENTAL OR MANAGEMENT OF REAL PROPERTY 48. SHALL BE DETERMINED BETWEEN. EACH INDIVIDUAL BROKER AND THE BROKER'S CLIENT. 49. BROKER'S COMPENSATION: 50. Seller agrees to pay Broker a retainer fee of $ 0100 at the commencement of this Contract, which 51. fee should be kept by Broker whether or not Seller sells the Properly. The retainer fee will apply toward satisfaction of 52, any obligation to compensate Broker. 53. Seller shall pay Broker, as Broker's compensation, 10 percent ( %) of the selling price or 54. $ , whichever Is greater, If Seller sells or agrees to sell the Property during the term of 55. this Contract. 56. Other: seller aerees to pay Broker a 5295 Administrative Compliance Commission at closing. 57. In addition, if before this Contract expires Broker presents a buyer who Is willing and able to buy the Property at the 58. price and terms required in this Contract, but Seller refuses to sell, Seller shall still pay Broker the same compensation. 59. Seller agrees to pay Broker's compensation whether Broker, Seller or anyone sells the Property. Seller hereby permits 60. Broker to share part of Broker's compensation with other real estate brokers, including brokers representing only the 61. buyer. Seller agrees to pay Broker's compensation in full upon the happening of any of the following events: 62. 1. the closing of the sale; 63. 2. Seller's refusal to close the sale; or 64. S. Seller's refusal to sell at the price and terms specified above. 65. If, within leo days (not to exceed six (6) months) after the expiration of this Contract, Seller sells or agrees to sell 66. the Property to anyone who: 67. 1. during this Contract made inquiry of Seller about the Property and Seller did not tell Broker about the Inquiry; 68. or 69. 2, during this Contract made an affirmative showing of Interest in the Property by responding to an advertisement, 70. or by contacting Broker or the licensee involved, or was physically shown the Property by Broker and whose 71. name and address Is on a written list Broker gives to Seller within 72 hours after the expiration of this Contract; 72. then Seller shall still pay Broker the compensation noted herein, even if Seller sells the Properly without Brokers 73. assistance. Seller understands that Seller does not have to pay Broker's compensation If Seller signs another valid 74. listing contract or facilitator services agreement for this Property after the expiration or cancellation of this Contract, 75. under which Seller is obligated to compensate another licensed real estate broker. 76. To secure the payment of Broker's compensation, Seller hereby assigns to Broker the gross proceeds from the sale 77. of the Property in an amount equal to the compensation due to Broker under this Contract. 78. COMPENSATION DISCLOSURE: Broker's compensation to cooperating brokers shall be as specified in the MLS 79. unless Broker notifies Seller otherwise In writing. 80, CLOSING SERVICES: 81. NOTICE: THE REAL ESTATE BROKER, LICENSEE REPRESENTING OR ASSISTING SELLER OR REAL ESTATE 82. CLOSING AGENT HAS NOT EXPRESSED AND, UNDER APPLICABLE STATE LAW, MAY NOT EXPRESS 83. OPINIONS REGARDING THE LEGAL EFFECT OFTHE CLOSING DOCUMENTS OR OFTHE CLOSING 84. ITSELF. 85. After a purchase agreement for the Property is signed, arrangements must be made to close the transaction. Seller 86. understands that no one can require Seller to use a particular person in connection with a real estate closing and that 87. Seller may arrange for a qualified closing agent or Seller's attorney to conduct the closing. MN:ERSLC4 (8111) orms arms EXCLUSIVE RIGHTTO SELL LISTING CONTRACT 88. Page 3 89. Property located at (multiple Lots - See Attached Addendum A) 90. Seller's choice for closing services. (Initial one.) 91. Seller wishes to have Broker arrange for the closing. (Seller) (Seller) 92. Seller shall arrange for a qualified closing agent or Seller's attorney to conduct the closing. (Seller) (Seller) 93. ADDITIONAL COSTS: Seller acknowledges that Seller may be required to pay certain closing costs, which may 94. effectively reduce the proceeds from the sale. 95. Seller understands that mortgage financing services are usually paid for by buyer; however, certain insured government 96. loans may require Seller to pay a portion of the fees for the mortgage loan. Seller understands that Seller shall not be 97, required to pay the financing fees on any mortgage without giving Seller's written consent. 98. WARRANTY: There are warranty programs available for some properties which warrant the performance of certain 00 of n nrnnariv_ whlrh warrantv oroerams Seller may wish to investigate prior to the sale of the Property. too. AGENCY REPRESENTATION: If a buyer represented by Broker wishes to buy the Seller's Property, a dual 101. agency will be created. This means that Broker will represent both the Seller and the buyer, and owe the same 102. duties to the buyer that Broker owes to the Seller. This conflict of interestwill prohibit Broker from advocating exclusively 103. on the Seller's behalf. Dual agency will limit the level of representation Broker can provide. If a dual agency should arise, 104, the Seller will need to agree that confidential information about price, terms, and motivation will still be kept 105, confidential unless the Seller instructs Broker in writing to disclose specific information about the Seller. All other 106. Information will be shared. Broker cannot act as a dual agent unless both the Seller and the buyer agree to It. By 107. agreeing to a possible dual agency, the Sellerwill be giving up the rightto exclusive representation in an In -house transaction. 108. However, if the Seller should decide not to agree to a possible dual agency, and the Seller wants Broker to represent 109. the Seller, the Seller may give up the opportunity to sell the Property to buyers represented by Broker. 110. Seller's Instructians to Broker; 111. Having read and understood this information about dual agency, Seller now instructs Broker as follows: 112. ❑X Seller will agree to a dual agency representation and will consider offers made by buyers represented by 113. Broker. 114. ❑ Seller will not agree to a dual agency representation and will not consider offers made by buyers represented 115. by Broker. 116. Real Estate Company Name: He /max synerw 117 Seller: Columbia Heighta MA 116 By: Seller: (Licensee) 119 Peter Heryla Date: 120. OTHER POTENTIAL SELLERS: Seller understands that Broker may list other properties during the term of this 121. Contract. Seller consents to Broker representing or assisting such other potential sellers before, during and after the 122. expiration of this Contract. 123, PREVIOUS AGENCY RELATIONSHIPS: Broker or licensee representing or assisting Seller may have had a previous 124. agency relationship with a potential.buyer of Seller's Property. Seller acknowledges that Seller's Broker or licensee 125. representing or assisting Seller is legally required to keep information regarding the ultimate price and terms the buyer 126, would accept and the motivation for buying confidential, if known. 127. INDEMNIFICATION: Broker will rely on the accuracy of the Information Seller provides to Broker. Seller agrees 128. to Indemnify and hold harmless Broker from and against any and all claims, liability, damage or loss arising from any 129. misrepresentation, misstatement, omission of fact or breach of a promise by Seller. Seller agrees to indemnify and hold 130. harmless Broker from any and all claims or liability related to damage or loss to the Property or Its contents, or any 131. injury to persons in connection with the marketing of the Property. Indemnification by Seller shall not apply if the damage, 132. loss or Injury is the result of the gross negligence or willful misconduct of the Broker. MMEASI-C -S (8/11) It0%maS ` EXCLUSIVE RIGHTTO SELL LISTING CONTRACT 133. Page 4 134. Property located at (Multiple Lots - see Attached Addendum A) 135. CERTIFICATION INDIVIDUAL TRANSFEROR: Section 1446 of the Internal Revenue Code provides that a 136, transferee (buyer) of a U.S. real property Interest must be notified in writing and must withhold tax If the 137. transferor (Seller) Is a foreign person and the sale price exceeds $300,000. In the event transferor (Seller) is a 138. foreign person and the sale price exceeds $300,000, requirements of the 1980 Foreign Investment in Real 139. Property Tax Act (FIRPTA) will be fulfilled. 140. Seller(s) states and acknowledges the following: Seller is a citizen of the United States or, if a corporation, partnership 141. or other business entity, duly Incorporated in the United States or, if a partnership or business entity, formed and 142, governed by the laws of the United States: ®Yes ❑ No 143. It "No," please state country of citizenship, incorporation or the like: 144. Under the penalties of perjury Seller declares that Seller has examined this certification and, to the best of Seller's 145. knowledge and belief, It Is true, correct and complete. 146. FAIR HOUSING NOTICE: Seller understands that Seller shall not refuse to sell, or discriminate in the terms, conditions 147. or privileges of sale, to any person due to his /her race, color, creed, religion, national origin, sex, marital status, status 148. with regard to public assistance, handicap (whether physical or mental), sexual orientation or famlly status. Seller 149. understands further that local ordinances may Include other protected classes. 150. ADDITIONAL NOTICES ANDTERMS: As of this date Seller has not received notices from any municipality, government 151. agency or unit owners' association about the Property that Seller has not told Broker about. Seller agrees to promptly 152. Inform Broker, in writing, of any notices of such type that Seller receives during the term of this Contract. 153. This shall serve as Seller's written notice granting Broker permission to obtain mortgage Information (e.g., mortgage 154. balance, Interest rate, payoff and /or assumption figures) regarding any existing financing on the Property. A copy of 155. this document shall be as valid as the original. 156. ELECTRONIC SIGNATURES: The parties agree the electronic signature of any party on any document related to this 157. transaction constitute valid, binding signatures. 158. CONSENT FOR COMMUNICATION: Seller authorizes Broker and its representatives to contact Seller by mail, phone, 159. fax, e-mail or other means of communication during the term of this Agreement and anytime thereafter. 160. OTHER: See Attached Addendum 6 161. 162. ACCEPTED BY: Re /Max syneraz BY: (Real Estate company Name) (Licensee) Peter Heryla 163. Date Signed: ,20 164. ACCEPTED BY: ACCEPTED BY: (senor) Columbia Heights EDA (Date) 165. (Addres 166. _ (Phone) (Address) (seller) (Date) 167. THIS IS A LEGALLY BINDING CONTRACT BETWEEN SELLER AND BROKER. 168. IFYOU DESIRE LEGAL OR TAX ADVICE, CONSULT AN APPROPRIATE PROFESSIONAL. MN:ERSLC -4 (8 111) qq �fiO�S A N W W A A A A P A A D N W OJ 00 A O W N N N O a w 1p Ol N 1-� l0 W O to W W N� -� •• •+ m m o m� m io z z m N Z Z m m a m w m m Z m m Z m Z m m � z m 0 0 0 0 0 0 o 0 0 0 0 0 0 0 0 0 0 0 °0 0 0 0 0 0 w w w w w w w w w w w w Vt 01 O� N Vt 4i O1 N In lft lA In W W lu W W W W W W W VJ W O O O O O O O O O O O O N N N N N N N N N N N N I9 W A W W N N N A W N A H O O O O O O O O O O O O O O O O O O O �` O O O O 00 N V V A Vi Ol N A� O� lD A 1p In Ol V A � A O to W 00 0 0 0 0 as as as oa rro 0 m 0 0o ao as oa d 4U N d v v v v S S J^T fD (D fU tD lA VI N V1 ID (D fD fD N fD lD fD m m m m x x x x S S J S 0 as fll D obi s (D d (D tD m x J Q ri D D D D 3 3 D r m d O N N n 0 iz Q Q m C CL c 3 D 0 X n C N A =r rt O N fD r vi rt 7 �Q O 3 ^d^ �F v d rt fD O. OI W RF /MMC® synergy Administrative Compliance Commission Broker's Administrative Commission Federal, state and local governments continue to put into effect regulations that require written disclosures to help protect and inform sellers and buyers on such issues as lead based paint, agency disclosure, septic disclosures, well disclosures and inspection reports. The regulations that protect sellers and buyers in real estate transactions require that the disclosures be retained and stored by the real estate broker and agents for a designated length of time. As a result, we have substantial additional expenses for printing, distributing, processing, handling and storage of these documents. As a result, it has become necessary to charge an Administrative Compliance Com fission of $295.00 to help defray these costs. As a service to our valued customers, if you have a need in the next six years to obtain a copy of a document related to your transaction, we would be happy to provide it for you. Signature Date Signature Date (%9 FR E/kiy b--r 43 L/5teP) NorthstarMLS Disclosures By signing the authorization section below, the Seller acknowledges the following disclosures: 1. The Seller's real estate broker (the Broker) is a participant in the Regional Multiple Listing Service of Minnesota, Inc. (RMLS). 2. The Seller has authorized the Broker to give the information on this form about the Seller's property to RMLS. 3. All data submitted to RMLS becomes the sole property of RMLS. 4. RMLS assumes no responsibility or liability to the Seller for errors or omissions on this form or in the RMLS computer system. 5. The Broker is required to promptly provide information to RMLS about any change in status or price of the Seller's listing. 6. If the Seller's property is sold, the Broker must report to RMLS the price and terms of the sale. 7. Neither the Seller nor any prospective buyer of the property can alter the Broker's responsibility to report all such data to RMLS by agreement among them. 8. RMLS shall retain and make available all such data and photographs to all its participants (real estate brokers, appraisers, and affiliated professionals) for an indefinite period. 9. Under no circumstances will RMLS permit data about the Seller's listing to be deleted from RMLS's systems in order to conceal any information, including information that the property was listed for a period of time by another broker or brokers. 10. The Broker's use of RMLS's systems is subject to the duties imposed on the Broker by the rules and regulations of RMLS and by the Code of Ethics of the National Association of REALTORS®. 11. At the request of the Broker, unless the field called Display Listing on Internet is marked "NO", RMLS will electronically transmit information about the Seller's property to Internet web sites to aid in marketing the property for sale. 12. At the request of the Broker, unless the field called Display Address on Internet is marked "NO ". RMLS will include the address of the Seller's property In transmissions of data to web sites. Authorization: I have read and understood the disclosures above. r_s........a:...... .Hni —A nn lhic fnr. Ic nrtcuratP. to the best of my knowledoe. 1 CerW Inak Lne II II Vr11 a on evuvau— ou r r The Listing Contract Starts u..v ....... ... �.���..� __ _ r and ends at 11:59 P.M. on Owner (Signature) i Owner (type or print) t, Owner (Signature) J iI it Owner (type or print) r. Real Estate Company Re /Max Synergy t By (Agent) Peter Heryla Copydghl 2012 Regional Multiple Listing Semloe of Minnesota, Inc. All rights reserved. Rev. 8112 LOTS & LAND 200 List Number 201 Date Entered 202 Status BLACK BOXES are required,. Q Active Q Comp Sold except on Comp Sold listings. 203 Listing ffice Name 204 Listing Office Phone ® BLACK OVALS Bpe required for 9 Comp Sold listings and all others Re /Max Synergy 651 - 785 -7850 WHITE BOXES are not required .ATI AI r State List Date County Buyer Broker Comp Sub -Agent Comp Municlpaiity Variable Rate Comp ZlpCode 214 Plus4ZipExtension Postal City 9035 • House Number - List Agent Name 217 Stre et Direction Prefix QNone ON QS QE OW QNW ONE USW USE Street Name 506001452 List Agent Phone # Peter Heryla 253 Co -List Agent Phone # 220 Street Suffix Q Avenue U Boulevard Q Circle Q Drive U Lane O Parkway U Place Q Road Q Street Q Trail Q Terrace U Way O Other 2191 Street Direction Suffix U None Q N Q S OE OW QNW ONE QSW USE 221 Fire Number Development Status (choose only one) WSchool District Map Page Map Coordinate Q Other 225 ComplexlDevelopmenf/Subdivision Name . Directfons (200 characters available) Q Yes Q No M Tax with F O Yes Q No Q Unknown Q Yes Q No LIJ I IIYW r List Price List Date Expiration Date Buyer Broker Comp Sub -Agent Comp Facilitator Comp Variable Rate Comp List Office # Q Yes Q No 9035 List Agent ID # - List Agent Name 250 C,.Llst Agent ID # 251 Co -List Agent Name 506001452 List Agent Phone # Peter Heryla 253 Co -List Agent Phone # 254 Appointment Phone (enter 000.000.0000 if BookAShOwing only) 612- 965 -8546 Development Status (choose only one) • Raw Land Q Site Plan Approved U Finished Lot Q Other • Site Plan Filed Q Subdivided List Type (choose only one) ❑ Exclusive Right Q Exclusive Right with Exclusions Q Service Agreement • Exclusive Agency Q Exclusive Agency with Exclusions Q Other In Foreclosure : Lender Owned Potential Short Sale .r Owner is an Agent Q Yes ONO Q Not Disclosed U Yes ONO O Not Disclosed ayes ONO Q Not Disclosed ❑ Yes ONO NJ Auction 262 Auction Type (choose only one, required if aucllon) Q Yes Q No Q Absolute Q Minimum Bid Q Reserve 263 Auctioneer License # (required if auction) 264 Buyer's Premium pf auction) Q Yes Q No Copyright 2012 Regional Multiple Listing service of Minnesota. Inc. All rights reserved. Rev. 0 112 /1011IMS Dims LOTS & LAND Address MULTI -LOT DEVELOPMENT Page 3 of 5 r r Development (multiple lots included In this listing) ❑ Yes ❑ No Front Dimensions If es, these fields required: 301 Total Lots Available 13021 Minimum Price 303 Maximum Price 304 Minimum Acres 305 Maximum Acres P I Display Listing on Internet Display Address on Internet Allow Auto valuation Allow s Ullsumv'vVlulllaur. O Yes Q No F-0 yes Q No - Display ® Yes ❑ No.. I M Yes Q No CIKIA\Ir•IA1 r rrr Association Fee Front Dimensions 321 Association Fee Frequency (required Inherels an Association Feel —i Rear Dimensions - Right Dimensions Q Yearly El Quarterly Q Monthly L1 Other 322 Association Fee Includes (required ifthere is an Association Fee) 338 Wooded Acres 33g Agricultural Water Q Healing O Hazard Insurance Q Security Staff Q Shared Amenities CI Air Conditioning Q Electric Q Security System U Other Q Sanitation Q Cable TV ❑ Professional Management Q None Q Snow /Lawn Care Q Water /Sewer Q Dock Q Abstract Q Outside Maintenance Q Building Exterior Q Beach Access ❑ Torrens 323 Association MgmfCo. Name (required if there is an Association) 324 Assoc Mgmt Co. Phone # (required if there is an Association) Insurance Fee (if separate from Association Fee) 328 Insurance Fee Frequency (required If there is an Insurance Fee) ❑ Electric Q Yearly Q Quarterly Q Monthly Q Other Terms (seller will accept) Q Natural Gas Q Storm Sewer Q Cable TV • FHA Q Conventional Q Adj. Rate /Gr. Payment Q Cash • FHA Rehab 203k Q Rural Development ❑ Contract For Deed Q Contract(Deed w /Assumption Q OVA Q Assumable Q Special Funding Q Other env r Acres Front Dimensions ft Dimensions —i Rear Dimensions - Right Dimensions 335 Minimum Lot Size 7336Pastura Acres 337 Tillable Acres 338 Wooded Acres 33g Agricultural Water Q Well Q Pond Q Other Land Inclusions Q Survey Q Easements Q Soil Test Available Q For Sale Sign • Survey Stakes Q Abstract Q Perk Test Q Other • Platted ❑ Torrens Q Topographic Map Q None RM Available Utilities _ ❑ Electric t7 Sewer Q Telephone Q Other Q Natural Gas Q Storm Sewer Q Cable TV Q None Q Water On -Site Utilities Q Electric Q Sewer Q Telephone Q Other Q Natural Gas Cl Storm Sewer Q Cable TV Q None Q Water = improvements Q Curbs Q Unimproved Streets ❑ Storm Sewer Q Other Q Paved Streets Q Sidewalks Q Fence Q None Copyright 2012 Regional Multiple Listing service of Minnesota, Inc. All rights reserved. � Rev. 8112 /�stan�--- t Aims Page 4 of 6 LAND continued .rr Restrictions /Covenants 0 Easements El Rentals Not Permitted Q Right of First Refusal 0 Horses /Livestock Allowed Q Architecture Committee Q Other Building Restrictions Q Land Leased Q Minimum Lot Size Q Other Covenants Q Mandatory Owner's Association Q Unspecified Q Other - 0 None Mr Topography r Zoning Q Rolling Q Solar Oriented Q Residential - Single Family Q Industrial • Level 0 Flood Plain Q Residential- Mulli- Family 0 Lot • Sloped Q Walkout Q Bus /Commercial 0 Shoreline • Hilly Q Ravine ❑ Agriculture Q Other • Low Land Q Other • High Ground only one) IM Builder Restriction 14041 Restricted to these Builders (it Bailad or Clesed guilder RoNdckrir NOTE: ThIe space for usihsg Builder names ONLY. 0 Open Q FHA Rehab 203k 0 Rural Development 0 Contract for Deed 0 Limited • DVA Q Closed 413 Farm Type Eiraai yr r writ � rrwr 410 Assumable 0 Not Assumable Q Yes w/ Qual. (approval) Q Yes w/ Rate Change 0 Information Coming O Yes w/ NO Qualifying 411 Crop Type Q Corn Ll Hay /Alfalfa 0 Other Q None Q Wheat Q Beans 412 Existing Financing (choose only one) Q FHA Q Conventional 0 ARM /GPM Q Special Funding Q FHA Rehab 203k 0 Rural Development 0 Contract for Deed 0 Free and Clear • DVA 413 Farm Type • Hobby Q Dairy El Beef Q Other Q Crop Q Horse 0 Tree Q None 414 Fencing Cl Wood 0 Chain Link 0 Invisible Q Other 0 Wire Q Rail Q Full Q None Q'Electrlc 0 Privacy Q Partial 416 Lotoescription 0-Irregular Lot Q Tree Coverage- Medium 0 Zero Lot Line Q On Golf Course Q Corner Lot Q Tree Coverage -Heavy Q City Bus (w /in six blks) 0 Sod Included In Price Q Tree Coverage -Light Q Additional Land Available Q No T.C. Metro Phone 0 Other 417 Out Buildings ❑ Stables 0 Barn 0 Hen House Q Bunk House Q Indoor Arena Cl Silo Q Storage Shed Q Guest House Q Additional Garage Q Machine Shed Q Dog Kennel Q Other - Q Shop Q Grain Bin Q Gazebo Q Pole Building 0 Hog House Q Boat House 418 Road Frontage Q Private Q State Q Paved Streets O Curbs Q City Q US Highway 0 Unpaved Streets Q Sidewalks Q Township Q Interstate Q Unimproved Q None Q County Q Cut De Sac Q No Outlet/Dead End Q Other 419 Soil Type Q Sand Q Loam _- 0 Clay 0 Other copyright 2012 Regional Multiple Listing Servile of Minnesota, Inc. All rights reserved. Si9/. Rev. 0112 %Of� fforms LOTS & LAND Address WATFRFRONT INFORMATION Page 5 of 6 5001 Lake/Waterfront • Lake Front G Lake View U Creek(Stream U Association Access • River Front U River Vlew U Dock O Shared _ • Deeded Access U Pond U Channel Shore U Other 501 Lake/Waterfront Name 502 Waterfront Frontage (feet) 503 DNR Lake ID # 504 Lake Acres 505 Lake Depth (feet) 506 Lake Chain Name 16071 Lake Chain Acreage 5o6 Road Btwn WF & Home? 17 1 U Yes O No 509 Elevation Highpoint to Waterfront Slope U Gradual U Level U Steep 510 Elevation Highpoint to Waterfront Feet ❑ 0-4 U 10 -15 ❑ 26-40 ❑ 40+ U 4.10 ❑ 15 -26 511 Lake Bottom U Gravel Cl Sand U Undeveloped U Wetland U Hard U Excellent Sand U Weeds U Rocky U Soft U Reeds 512 Waterfront View U Bay Cl Harbor U River U South U City Lights U Lake U See Remarks U East U Golf Course U Panoramic U North U West .CINAOvc Agent Remarks (generally foragent toagent communication Public Remarks (additional property information - do NOT include contact information, or marketing or promotional messages made on behalf of the listing broker, seller or third art Financial Remarks (generally for agent to agent communication regarding financial information -do NOT include contact information, or marketing or promotional messages) Copydght 2D12 Regional Multiple Listing Service of Minnesota, Inc. All rights resrvotl. Rev. 8112 rFatar�t Fatal C.SAMOW - Foe 1981 lv7 ,ps Ly57�D� INTERNET DISPLAY OPTIONS This form approved by the Minnesota Association of REALTORS°, whlan disclaims any flabllity arising out of use or misuse of this form.. 02011 Minnesota Association of REALTORSm, Edina, MN 1. Pagel 2. This form Is Seller's/Owner's instructions pertaining to the Internet display of the MLS input data for the property 3. located 4. City of 5. Listing Contract 6. EXPLANATIONS AND DEFINITIONS County of , State of Minnesota: 20 7. "IDX site" means a web site operated by a broker participating in the MLS on which the broker can advertise the 8, listings of other brokers In MLS, subject to certain MLS rules. The consumer visiting an IDX site is not required to 9. register on the site or to have a brokerage relationship with the broker displaying listings on the site. 10. "Virtual office web site ( VOW)" means a web site operated by a broker participating In the MLS that delivers brokerage 11. services to consumers over the world wide web. Visitors to a VOW are required to register on the site (with their name 12. and a real e-mail address) and enter a brokerage relationship with the broker operating theVOW.The broker operating 13. the VOW can then show the visiting customer /client nearly all of the information available to the broker in MLS. The 14. seller(s) /owner(s) of a listing have the right to opt outof certain kinds of data display under the MLS'S VOW polfcy.The 15. MLS imposes various other rules and restrictions on VOWS. 16. Option 1. Listing display on the Internet. 17. If Seller /Owner selects "No." this listing will notbo included in MLS data feeds to Internet web sites 18. that display property listing data, whether Intended for advertising the property or providing online 19. brokerage services (e.g.,VOWs). Brokers participating in MLScanstlll disclose the listing to customers/ 20, clients via other means, including e-mail, fax, mail, hand delivery and orally. 21. Option 2. Listing address (house and unit numbers and street name) display on the Internet. 22, If Seller /Owner selects "No;' the address of the property will be hfdden on web sites 23, receiving data feeds from MLS that result in Internet listing display, whether intended for advertising 24. the properly or providing online brokerage services (e.g., VOWs). Brokers participating in MILS can 25. still disclose the address to customers /clients via other means, including e-mail, fax, mail, hand 26. delivery and orally. 27. Option 3. An automated valuation of the property listing or a link to an automated valuation of it may 28. - be displayed adjacent to the listing. 29. Some VOWs or IDX sites may provide an automated valuation model (AVM) function/service. An 30. AVM uses statistical calculations to estimate the value of a property based upon data from public 31. records, MLS and other sources and Incorporating certain assumptions.The accuracy of AVMs has 32. sometimes been criticized because they do not take Into consideration all relevant factors In valuing 33. a property. Seller /Owner, by selecting "No," may prohibit display of an automated valuation of his or 34. her listing adjacent to the listing. 35. Option 4. Comments or reviews of the property by persons other than the displaying broker may be 36. displayed with or attached as a link to the listing data of the property. 37. Some VOWS or IDX sites may provide functionality that permits the customerslclients using the 38. VOW or IDX site to enter comments or reviews of the listed properties. If "No?' Is selected, a VOW 39, or IDX site may not display comments or reviews with the listing or by hyperlink to such comments 40. or reviews. Note that the broker displaying the listing on his or her VOW or IDX site may add 41, commentary representing his or her professional judgment regarding the listing's value, eto. MN:1004 (8111) ls� INTERNET DISPLAY OPTIONS 42, Page 2 43. For the property located at 44. City of , County of , State of Minnesota. 45. For each option below, theMLSsystemautomaticallydefaultsto "Yes:' Seepageone (1)fordefnitionsandexplanations 46, of these options, 47. Optlon 1. Shall the property listing be displayed on the Internet, including sold Information? ®Yes ❑ No 48. Seller /Owner understands and acknowledges that If Seller /Owner has selected "No" for Option 1, 49. consumers who conduct searches for listings onthe Internet will not see Information about the listed 50. property In response to their searches. 61. If "No" was selected at Option 1, skip Options 2 -4 and sign below. If "Yes" was selected for Option 1, continue 52, to Option 2. 53. Option 2. Shall the listing address (house and unit numbers and street name) be 54. displayed on the Internet? ®Yes ❑ No 55, Option 3. Shall an automatic valuation of the properly listing or a link to an 56, automated valuation be displayed adjacent to the listing? []Yes Z No 57. Option 4. Shall comments or reviews of the property by persons other than 58, the displaying broker be displayed with or attached as a link to the 59. listing data of the property? ❑Yes O No 60. (SelkfalOwnel681gnarufo) (Dale) (SaIlrlslOwnefb Signature) (Dale) MMDO -2 (8111) PTO % as,, SELLER'S DISCLOSURE ALTERNATIVES This form approved by the Minnesota Association of REALTORS°, which disclaims any liability arising out of use or misuse of this form. © 2012 Minnesota Association of REALTORS®, Edina, MN 1. Date 2, Pagel of n pages 3. Property located at (Multiple Lots see Attached Addendum A) , 4. City Of coxumbia aeiahta ; County of Anoka , State of Minnesota, 5, NOTICE: Sellers of residential property, with limited exceptions, are obligated to satisfy the requirements of MN Statutes 6. 513.52 through 513.60. To comply with the statute, Seller must provide either a written disclosure to the 7. prospective Buyer (see Seller's Property Disclosure Statement) or satisfy one of the following two options: 8. (Select pne option only.) 9. 1) ❑ QUALIFIED THIRD -PARTY INSPECTION: Seller shall provide to prospective Buyer a written report that 10. discloses material information relating to the real properly that has been prepared by a qualilled third party. 11. "Qualified third party' means a federal, state or local governmental agency, or any person whom Seller or 12. prospective Buyer reasonably believes has the expertise necessary to meet the industry standards of practice 13. for the type of inspection or Investigation that has been conducted by the third party in order to prepare the 14. written report. 15. SellershalldisclosetoprospectiveBuyermaterialfactsknownbySellerthatcontradictanyinformation 16. that is Included in a written report, or material facts known by Seller that are not Included in the 17. report. 18. The inspection report was prepared by 19. 20. and dated 20 21. Seller discloses to Buyer the following material facts known by Seller that contradict any information included 22• in the above referenced inspection report. 23. 24. - 25. 26. ^ 27. Seller discloses to Buyer the following material facts known by Seller that are not included in the above 28. referenced inspection report. 29. 30. 31. 32. 33. 2) X❑ WAIVER: The written disclosure required maybe waived if Seller and prospective Buyeragree in writing. Seller 34. and Buyer hereby waive the written disclosure required under MN Statutes 513.52 through 513.60. 35. NOTE: If both Seller and prospective Buyer agree, in writing, to waive the written disclosure required under 36. MN Statutes 513.52 through 513.60, Seller is not obligated to disclose ANY material facts of which Seller 37, is aware that could adversely and significantly affect the Buyer's use or enjoyment of the properly or any 38. intended use of the property, other than those disclosure requirements created by any other law. Seller is 39. not obligated to update Buyer on any changes made to material facts of which Seller is aware that could' 40. adversely and significantly affect the Buyer's use or enjoyment of the property or any intended use of the 41. property that occur, other than those disclosure requirements created by any other law. 42• Waiver of the disclosure required under MN Statutes 513.52 through 513.60 does not waive, limit or 43. abridge any obligation for Seller disclosure created by any other law. MN:SDA -1 (10112) `toffs ° SELLER'S DISCLOSURE ALTERNATIVES 44, Page 2 45. Property located at (Multiple Lots - See Attached Addendum A) 46. OTHER REQUIRED DISCLOSURES: 47. NOTE: In addition to electing one of the above alternatives to the material fact disclosure, Minnesota law also 48. requires sellers to provide other disclosures to prospective buyers, such as those disclosures listed below. 49. Additionally, there may be other required disclosures by federal, state, local or other governmental entitles 50, that are not listed below. 51. A. SUBSURFACE SEWAGE TREATMENT SYSTEM DISCLOSURE: (A subsurface sewage treatment system 52. disclosure is required by MN Statute 115.55.) (Check appropriate box.) 53, Seller certifies that Seller[] DOES ❑X DOES NOT know of a subsurface sewage treatment system on or serving ............... (Chack ono ) .............. 54. the above - described real property. (If answer is DOES, and the system does not require a state permit, see 55. Subsurface Sewage Treatment System Disclosure Statement.) 56. ❑ There is a subsurface sewage treatment system on or serving the above - described real properly. 57. (See Subsurface Sewage Treatment System Disclosure Statement.) 58. ❑ There is an abandoned subsurface sewage treatment system on the above - described real property. 59. (See Subsurface Sewage Treatment System Disclosure Statement.) 60. B. PRIVATE WELL DISCLOSURE: (A well disclosure and Certificate are required by MN Statute 1031.235.) 61. (Check appropriate box.) 62. ❑X Seller certifies that Seller does not know of any wells on the above - described real property. 63. ❑ Seller certifies there are one or more wells located on the above - described real property. 64. (See Well Disclosure Statement.) 65. Are there any wells serving the above - described property that are not located on the property? ❑ Yes ❑ No 66. Contaminated Well: Is there a well on or serving the property that contains contaminated water? ❑Yes ❑ No 67. To your knowledge, is the property in a Special Well Construction Area? ❑Yes ❑ No 68. Comments: 69. C. VALUATION EXCLUSION DISCLOSURE: (Required by MN Statute 273.11, Subd. 16) 70. There ❑ IS ❑X IS NOT an exclusion from market value for home improvements on this property. Any valuation -- - - - - -- (Check one.) ------- - 71. exclusion shall terminate upon sale of the property, and the property's estimated market value for property tax purposes 72, shall increase. If a valuation exclusion exists, Buyers are encouraged to look into the resulting tax 73. consequences. 74. 75. Additional comments: 76. D. METHAMPHETAMINE PRODUCTION DISCLOSURE: 77. (A methamphetamine production disclosure is required by MN Statute 152.0275, Subd.2 (m)) 78. ❑ Seller is not aware of any methamphetamine production that has occurred on the property. 79. ❑ Seller is aware that methamphetamine production has occurred on the property. 80. (See Methamphetamine Production Disclosure Statement.) 81, E. NOTICE REGARDING AIRPORT ZONING REGULATIONS: The property maybe in or near an airport safety zone 82. with zoning regulations adopted by the governing body that may affect the property. Such zoning regulations are 83. filed with the county recorder in each county where the zoned area is located. If you would like to determine if such 84. zoning regulations affect the property, you should contact the county recorder where the zoned area is located. MN:SDA -2 (10/12) 0�5� LONG LEGAL DESCRIPTIONS EXHIBIT A 3853 3d Street NE LOT 10 & THAT PRTOF LOT 11 BLK E REAR OF BLK E OF COL- UMBIA HEIGHTS ANNEX LYG SLY OF FOL DESC LINE: COM AT A PT 351.1 FT NELY ALG NWLY LINE OF SO LOT 11 FROM MOST WLY CDR THEREOF, TH S ALG FORMER WLY R%W LINE OF T H NO 56 (NOW KNOWN AS T H NO 47) 85 FT TO POB, TH W AT RT ANG TO NWLY LINE OF SO LOT 11 & THERE TERM EX RD ALSO EX THAT PRT OF SD LOT 11 LYG NWLY OF FOL DESC LINE: BEG AT A PT ON NWLYLINE OF SO LOT 11177.9 FT NELY OF MOST WLY CDR THERE- OF, TH SWLY 165 FT+OR -TO A PT ON SWLY LINE OF SO LOT 11117.3 FT SELY OF SD MOST WLY CDR & THERE TERM SUBJ TO EASE OF REC 4303 Reservoir Blvd NE AUDITORS SUBDIVISION OF WALTONS SECOND SUBDIVISION LOT BLK 4AUD SUB OF WALTONS SEC SUBDIV (SUBJ TO AN EASE TO CITY OF COL HTS FOR WATER MAIN OVER THE ELY B FT THEREOF) 3842 Tyler Street NE WALTONS 1ST SUB OF RES HILLS, CITY OF COLUMBIA HEIGHTS LOT 7, BLK 4, WALTONS 1ST SUB OF RESERVOIR HILLS 3646 Tyler Street NE WALTONS 1ST SUB OF RES HILLS, CITY OF COLUMBIA HEIGHTS LOT 6, BLK 4, WALTONS 1ST SUB OF RESERVOIR HILLS 1309 Circle Terrace NE CIRCLE TERRACE 2ND ADDITION LOT BLK 1 CIRCLE TERRACE 2ND -SUBJ TO UTIL EASE OVER NWLY 5 FT- 4133 2 "0 Street NE THAT PRT OF LOT 14 BLK 2 REAR OF BLK D COLUMBIA HEIGHTS ANNEX LYG SLY OF N 90 FT THEREOF & LYG WLY OF A LIN E DRAWN FROM A PT ON S LINE OF N 90 FT OF SO LOT 14129.6 FT E OF W LINE OF SD LOT 14 TO A PTON N LINE OF LOT 11 SD BLK 2129.6 FT E OF W LINE OF SO LOT 11 SUBJ TO EASE OF REC ADDENDUM B TO EXCLUSIVE RIGHT TO SELL LISTING CONTRACT DATED 2013 In negotiating sales of all lots of the Property, Broker will use the form of Purchase and Redevelopment Agreement attached hereto (the "Purchase Agreement "), subject to any modifications approved by Seller's Community Development Director. 2. Broker agrees and understands that Seller's goal is to sell all lots of the Property to builders who will construct single family homes for sale to persons who meet the income limits set forth in the Purchase Agreement. Broker will use its best efforts to market all lots to builders who will, in turn, agree to use their best efforts to sell completed homes to income - qualified buyers. 3. Broker further agrees and understands that builders will be required to construct a home on each lot using one of three models approved by Seller; the specific model for each lot will made with approval of Seller's Community Development Director and will be specified in the Purchase Agreement. One exception to this provision is the lot at 4303 Reservoir, for which Broker will consult with Seller and proposed buyer regarding the design and specifications for the house. 4. Acceptance of any offer from a buyer for any lot, will be subject to: (a) Consultation with Seller's Community Development Director as to: purchase price; the size and model of single family home to be constructed; and construction deadlines for the home. (b) Approval of the Purchase Agreement by Seller's board of commissioners. (c) Seller's board of commissioners having held a public hearing regarding the subject lot (which hearing may be held in the aggregate for the entire Property). 5. During the first year of the term of this Agreement, the Broker will list all parcels of the Property at the prices shown on Addendum A. From and after the first anniversary of the date of this Agreement, each parcel must be listed under the following terms: (a) at closing on sale from Seller to builder, the builder must pay at least the list price shown in Addendum A. (b) if the builder sells the completed house (including land and building) to an Owner Occupant (as defined in the Purchase Agreement) for price exceeding $160,000, then the builder shall pay to Seller 15% of the amount by 421050v4 which the final purchase price exceeds $160,000. Such additional payment is due upon closing of the sale by builder to the Owner Occupant. (c) For example, assume Seller sells Parcel A to builder for $7,500. Builder completes a house and sells to Owner- Occupant for $170,000. Upon closing on that sale, builder shall pay to Seller an additional $1,500, or 15% of the $10,000 excess purchase price. (d) Each Purchase Agreement entered into during the second year of the term of this Agreement shall be adjusted to reflect substantially the terms described in this Section. (e) This Section does not apply to the parcel at 4303 Reservoir Boulevard; the list price for that parcel will remain as shown in Addendum for the term of this Agreement. Broker and Seller agree and understand that Broker intends to work closely with Timbercraft Homes (the `Builder "), which Builder expects to acquire one or more lots and build single family homes for resale to Owner Occupants (as defined in the Purchase Agreement). Broker may sell any or all lots to Builder, provided that nothing in this Agreement is intended to give the Builder any rights under this Agreement, or any rights with respect to any lot, or to preclude sales of lots to any other person or entity. 4210500 Estimated Seller's Proceeds Seller: Columbia Heights Economic Development Authority (EDA1 Address: Scattered Lot Site Columbia Heights MN 55421 Selling Expense Professional Service Fee 10_0% Closing Fee Discount Points 0.0% Abstract Continuation Documentary Stamps ($3.30/$1000) AHS Home Warranty Truth -in -Sale of Housing Septic Certification Water Test Work Orders Recording Fees Miscellaneous Closing Cost Additional Selling Expenses Administrative Compliance Commission Conservation Fee Total Selling Expense Balance Mortgages /Assessments /Taxes /Other 1st Mortgage Payoff NO Interest Adjustment 0.00% (conventional= 1, FHA =2) 2nd Mortgage Interest Adjustment 0.00% Unpaid Improvements or Assessments Taxes for 2013 Other Total Mortgage /Assessments /Taxes /Other Cash to Seller (estimate) 7500 By: Team Pete & John - Re /Max Synergy - 651 - 785 -7850 Date: 5/9/2013 Sellers: Date: The above figures are estimates only and much of the information contained herein has been repeated to Re /Max Synergy by financial Institutions, state and local government authorities, and various other sources normally considered to be reliable. Such information, however, may be subject to changes and /or undisclosed errors or omissions in recording or reporting. Re /Max Synergy, therefore, cannot and does not guarantee or warranty the accuracy or completeness of such information. Sale Price $7,500 750 270 300 25 150 295 ($1,795) $5,705 0 0 Prorated 0 $5,705 PURCHASE AND REDEVELOPMENT AGREEMENT 1. Parties. This Purchase Agreement is made as of , 20 between the COLUMBIA HEIGI -ITS ECONOMIC DEVELOPMENT AUTHORITY, a public body corporate and politic under the laws of Minnesota having its office located at 590 40Tu Avenue NE, Columbia Heights, MN (the "Seller "), and (the "Buyer "). 2. Offer /Acceptance. Buyer offers to purchase and Seller agrees to sell real property legally described as follows (the "Property "): [INSERT LEGAL DESCRIPTION] 3. Price and Terms. The price for the Property is which Buyer shall pay as follows: Earnest money of by check, receipt of which is hereby acknowledged by Seller, and the balance of to be paid by certified check on the Date of Closing. The "Date of Closing" shall be , or such other earlier or later date as the parties mutually agree. 4. Personal Property Included in Sale. There are no items of personal property or fixtures owned by Seller and currently located on the Property for purposes of this sale. 5. Deed. Upon performance by Buyer, Seller shall deliver a quit claim deed conveying title to the Property to Buyer, in substantially the form attached as Exhibit A (the "Deed "). 6. Real Estate Taxes and Special Assessments. The parties agree and understand that the Property is exempt from real estate taxes for taxes payable in the current year. Seller 1 421009v2 CL205 -49 shall pay on Date of Closing all special assessments levied against the Property as of the date of this agreement, including those certified for payment with taxes due and payable in 20_. [Insert if true: Seller represents that there are no special assessments pending as of the date of this agreement.] P£ a special assessment becomes pending after the date of this agreement and before the Date of Closing, Buyer may, as Buyer's option: A. Assume payment of the pending special assessment without adjustment to the purchase agreement price of the Property; or B. Require Seller to pay the pending special assessment and Buyer shall pay a commensurate increase in the purchase price of the Property, which increase shall be the same as the estimated amount of the assessment; or C. Declare this agreement null and void by notice to Seller, and earnest money shall be refunded to Buyer. 7. Closing Costs and Related Items. The Seller shall be responsible for the following costs: (a) recording fees and conservation fees for all instruments required to establish marketable title in Seller; (b) deed transfer taxes and conservation fees required to be paid in connection with the Deed be given by Seller; and (c) Seller's broker fees. Buyer shall be responsible for the payment of the following costs: (d) recording Pees required to be paid in connection with the Deed to be given by Seller; (e) the cost of the registered property abstract or updated abstract, or in the absence of an abstract, the cost of the premium for an owner's policy of title insurance, and (f) closing fee, if any. Each party shall be responsible for its own attorneys' fees and costs. g. Sewer and Water. Seller warrants that city sewer is available at the edge of the street pavement. Seller warrants that city water is available at the property line. Seller makes no warranty regarding the conditions of the existing sewer stub from the main to the pavement edge. Seller advises Buyer to inspect the condition of the sewer sob. 9. Condition of Property. Buyer acknowledge that they have inspected or have had the opportunity to inspect the Property and agree to accept the Property "AS IS." Buyer has the right, at its own expense to take soil samples for the purpose of determining if the soil is suitable for construction of the dwelling described in section 14 below. If the soil is determined by to be unacceptable the Buyer may rescind this agreement by written notice to the Seller, paid he eunden hall bearefunded agreement he tBuyer bSeller makes r no warranties earnest oo the condition of the Property. 10. Marketability of Title. As soon as reasonably practicable after the date of this Agreement, Seller shall furnish to Buyer a registered property abstract or an updated abstract of title to the Property, certified to date to include proper searches covering bankruptcies, state and federal judgment and liens. In the absence of an abstract of title, the Seller will provide a title commitment and title insurance. Buyer shall have fifteen 2 421009v2 CL205 -49 (10) business days after receipt of the abstract or title commitment to examine the same and to deliver written objections to title, if any, to Seller. Seller shall have the greater of (i) the number of days remaining until the Date of Closing or (ii) thirty (30) days to have such objections removed or satisfied. 11. Title Clearance and Remedies. If Seller shall fail to have title objections timely removed, the Buyer may, at its sole election: (a) terminate this Agreement without any liability on its part; in which event the earnest money shall be promptly refunded in exchange for a quit claim deed to the Property from Buyer; or (b) take title to the Property subject to such objections. If title is marketable, or is made marketable as provided herein, and Buyer defaults in any of the agreements herein, Seller may elect either of the following options, as permitted by law: A. Cancel this contract as provided by statute and retain all payments made hereunder as liquidated damages. The parties acknowledge their intention that any note given pursuant to this contract is a down payment note, and may be presented for payment notwithstanding cancellation; B. Seek specific performance within six months after such right of action arises, including costs and reasonable attorney's fees, as permitted by law. If title is marketable, or is made marketable as provided herein, and Seller defaults in any of the agreements herein, Buyer may, as permitted by law: C. Seek damages from Seller including costs and reasonable attorney's fees; D. Seek specific performance within six months after such right of action arises. 12. Well Disclosure. Seller certifies that Seller does not know of any wells on the Property; OR _ On the Date of Closing Seller wills disclose any wells on Property through delivery of a well disclosure form in accordance with State law. 13. Individual Sewage Treatment System Disclosure. _ Seller certifies that there is no individual sewage treatment system on or serving the Property; OR _ Individual sewage treatment systems on or serving the Property are disclosed by seller on the attached disclosure statement. 3 421009v2 CL205 -49 14. Construction and Sale of Dwelling. Buyer agrees that it will construct a new single family dwelling on the Property, intended for sale to a person or persons for residential occupancy (an "Owner Occupant'). This covenant shall survive the delivery of the Deed. A. The single family dwelling described in this Section is referred to as the "Minimum Improvements." B. The Minimum Improvements shall consist of a house with approximately square feet, bedrooms, [and any other criteria] and shall be constructed substantially in accordance with the general plans for Model on file in City Hall. Construction of the Minimum Improvements must be substantially completed by , 20_. Construction will be considered substantially complete when the final certificate of occupancy has been issued by the City of Columbia Heights building official. C. Promptly after substantial completion of the Minimum Improvements in accordance with those provisions of the Agreement relating solely to the obligations of the Buyer to construct such Minimum Improvements (including the date for completion thereof), the Seller will furnish the Buyer with a Certificate of Completion for such improvements. Such certification by the Seller shall be (and it shall be so provided in the Deed and in the certification itself) a conclusive determination of satisfaction and termination of the agreements and covenants in the Agreement and in the Deed with respect to the obligations of the Buyer and its successors and assigns, to construct the Minimum Improvements and the dates for completion thereof. The certificate provided for in this Section of this Agreement shall be in such form as will enable it to be recorded in the proper office for the recordation of deeds and other instruments pertaining to the Property. If the Seller shall refuse or fail to provide any certification in accordance with the provisions of this Section, the Seller shall, within thirty (30) days after written request by the Buyer, provide the Buyer with a written statement, indicating in adequate detail in what respects the Buyer has failed to complete the Minimum Improvements in accordance with the provisions of the Agreement, or is otherwise in default, and what measures or acts it will be necessary, in the opinion of the Seller for the Buyer to take or perform in order to obtain such certification. D. The Buyer represents and agrees that until issuance of the Certificate of Completion for the Minimum Improvements: (1) Except for any sale to an Owner Occupant, the Buyer has not made or created and will not make or create or suffer to be made or created any total or partial sale, assigmnent, conveyance, or lease, or any trust or power, or transfer in any other mode or form of or with respect to this Agreement or the Property or any part thereof or any interest therein, or any contract or agreement to do any of 4 421009v2 CI.205 -49 the same, to any person or entity (collectively, a "Transfer "), without the prior written approval of the Seller's board of commissioners. The term "Transfer" does not include encumbrances made or granted by way of security for, and only for, the purpose of obtaining construction, interim or permanent financing necessary to enable the Buyer or any successor in interest to the Property, or any part thereof, to construct the Minimum Improvements or component thereof. (2) If the Buyer seeks to effect a Transfer to any person or entity other than an Owner Occupant prior to issuance of the Certificate of Completion, the Seller shall be entitled to require as conditions to such Transfer that: (i) any proposed transferee shall have the qualifications and financial responsibility, in the reasonable judgment of the Seller, necessary and adequate to fulfill the obligations undertaken in this Agreement by the Buyer as to the portion of the Property to be transferred; and (ii) Any proposed transferee, by instrument in writing satisfactory to the Seller and in form recordable in the public land records of Anoka County, Minnesota, shall, for itself and its successors and assigns, and expressly for the benefit of the Seller, have expressly assumed all of the obligations of the Buyer under this Agreement as to the portion of the Property to be transferred and agreed to be subject to all the conditions and restrictions to which the Buyer is subject as to such portion; provided, however, that the fact that any transferee of, or any other successor in interest whatsoever to, the Property, or any part thereof, shall not, for whatever reason, have assumed such obligations or so agreed, and shall not (unless and only to the extent otherwise specifically provided in this Agreement or agreed to in writing by the Seller) deprive the Seller of any rights or remedies or controls with respect to the Property, the Minimum Improvements or any part thereof or the construction of the Minimum Improvements; it being the intent of the parties as expressed in this Agreement that (to the fullest extent permitted at law and in equity and excepting only in the manner and to the extent specifically provided otherwise in this Agreement) no transfer of, or change with respect to, ownership in the Property or any part thereof, or any interest therein, however consummated or occurring, and whether voluntary or involuntary, shall operate, legally, or practically, to deprive or limit the Seller of or with respect to any rights or remedies on controls provided in or resulting from this Agreement with respect to the Property that the Seller would have had, had there been no such transfer or change. In the absence of specific written agreement by the Seller to the contrary, no such transfer or approval by the Seller thereof shall be deemed to relieve the Buyer, or any other party bound in any way by this Agreement or otherwise with respect to the Property, from any of its obligations with respect thereto. 5 421009v2 C1.205 -49 (iii) Any and all instruments and other legal documents involved in effecting the transfer of any interest in this Agreement or the Property governed by this subsection E. shall be in a form reasonably satisfactory to the Seller. (3) If the conditions described in paragraph (2) above are satisfied then the Transfer will be approved and the Buyer shall be released from its obligation under this Agreement, as to the portion of the Property that is transferred, assigned, or otherwise conveyed. The provisions of this paragraph (3) apply to all subsequent transferors. (4) Upon issuance of the Certificate of Completion, the Buyer may Transfer the Property and /or the Buyer's rights and obligations under this Agreement with respect to such Property without the prior written consent of the Seller [, except to the extent required under paragraph F of this Section]. E. The Buyer, and its successors and assigns, agree that they (a) will use the Minimum Improvements only as a single family dwelling, and in the case of an Owner Occupant, will occupy the Property as a residence, (b) will not rent the Property to any person or entity, (c) will not seek exemption from real estate taxes on the Property under State law, and (d) will not transfer or permit transfer of the Property to any entity whose ownership or operation of the Property would result in the Property being exempt from real estate taxes under State law (other than any portion thereof dedicated or conveyed to the City of Columbia Heights or Seller in accordance with this Agreement). The covenants in this paragraph run with the land, survive both delivery of the Deed and issuance of the Certificate of Completion for the Minimum Improvements, and shall remain in effect for years after the Date of Closing. If Property is subject to affordability convents, add the following F. The Buyer shall convey the Property (either before or after issuance of the Certificate of Completion) only to an Owner Occupant whose household income does not exceed (a) 100% of median income in the case of one or two person household Owner Occupants, or (b) 115% of median income in the case of three or more person Owner Occupants. The term "median income" means the median income in the seven - county metropolitan area, or the State as a whole, whichever is greater, using income data available from the Minnesota Housing Finance Agency as of the date of closing on sale to the Owner Occupant. Prior to closing on sale the Property by Buyer to an Owner Occupant, Buyer shall submit to Seller evidence of Owner Occupants income in a form satisfactory to Seller, evidencing compliance with this paragraph. The covenant in this Section applies only to the first sale of the Property to an Owner Occupant, and does not apply to any subsequent sale by an Owner Occupant to any other person or party. 6 421009v2 C1.205 -49 15. Revesting Title in Seller upon Happening of Event Subsequent to Conveyance to Buyer. In the event that subsequent to conveyance of the Property or any part thereof to the Buyer and prior to receipt by the Buyer of the Certificate of Completion for of the Minimum Improvements, the Buyer, subject to Unavoidable Delays (as hereafter defined), fails to carry out its obligations with respect to the construction of the Minimum Improvements (including the nature and the date for the completion thereof), or abandons or substantially suspends construction work, and any such failure, abandonment, or suspension shall not be cured, ended, or remedied within thirty (30) days after written demand from the Seller to the Buyer to do so, then the Seller shall have the right to re -enter and take possession of the Property and to terminate (and revest in the Seller) the estate conveyed by the Deed to the Buyer, it being the intent of this provision, together with other provisions of the Agreement, that the conveyance of the Property to the Buyer shall be made upon, and that the Deed shall contain a condition subsequent to the effect that in the event of any default on the part of the Buyer and failure on the part of the Buyer to remedy, end, or abrogate such default within the period and in the manner stated in such subdivisions, the Seller at its option may declare a termination in favor of the Seller of the title, and of all the rights and interests in and to the Property conveyed to the Buyer, and that such title and all rights and interests of the Buyer, and any assigns or successors in interest to and in the Property, shall revert to the Seller, but only if the events stated in this Section have not been cured within the time periods provided above. Notwithstanding anything to the contrary contained in this Section, the Seller shall have no right to reenter or retake title to and possession of a portion of the Property for which a Certificate of Completion has been issued. For the purposes of this Agreement, the term "Unavoidable Delays" means delays beyond the reasonable control of the Buyer as a result thereof which are the direct result of strikes, other labor troubles, prolonged adverse weather or acts of God, fire or other casualty to the Minimum Improvements, litigation commenced by third parties which, by injunction or other similar judicial action, directly results in delays, or acts of any federal, state or local governmental unit (other than the Seller in exercising its rights under this Agreement) which directly results in delays. Unavoidable Delays shall not include delays in the Buyer's obtaining of permits or governmental approvals necessary to enable construction of the Minimum Improvements by the dates such construction is required under this section of this Agreement. 16. Resale of Reacquired Property; Disposition of Proceeds. Upon the revesting in the Seller of title to and /or possession of the Property or any part thereof as provided in Section 16, the Seller shall apply the purchase price paid by the Buyer under Section 4 of this Agreement as follows: (a) First, to reimburse the Seller for all costs and expenses incurred by the Seller, including but not limited to proportionate salaries of personnel, in compction with the recapture, management, and resale of the Property or part thereof (but less any income derived by the Seller from the Property or part thereof in connection with 7 421009v2 CL205 -49 such management); all taxes, assessments, and water and sewer charges with respect to the Property or part thereof (or, in the event the Property is exempt from taxation or assessment or such charge during the period of ownership thereof by the Seller, an amount, if paid, equal to such taxes, assessments, or charges (as determined by the Seller assessing official) as would have been payable if the Property were not so exempt); any payments made or necessary to be made to discharge any encumbrances or liens existing on the Property or part thereof at the time of revesting of title thereto in the Seller or to discharge or prevent from attaching or being made any subsequent encumbrances or liens due to obligations, defaults or acts of the Buyer, its successors or transferees; any expenditures made or obligations incurred with respect to the making or completion of the Minimum Improvements or any part thereof on the Property or part thereof; and any amounts otherwise owing the Seller by the Buyer and its successor or transferee; and (b) Second, to reimburse the Buyer for the balance of the purchase price remaining after the reimbursements specified in paragraph (a) above. Such reimbursement shall be paid to the Buyer upon delivery of an executed, recordable warranty deed to the Property by the Buyer to the Seller. 17. Time is of the essence for all provisions of this contract. 18. Notices. All notices required herein shall be in writing and delivered personally or mailed to the address shown at paragraph I above and, if mailed, are effective as of the date of mailing. 19. Minnesota Law. This contract shall be governed by the laws of the State of Minnesota. 20. Specific Performance. This Agreement may be specifically enforced by the parties, provided that an action is brought within one year of the date of alleged breach of this Agreement. 21. No Remedy Exclusive. No remedy herein conferred upon or reserved to the Seller or Buyer is intended to be exclusive of any other available remedy or remedies, but each and every such remedy shall be cumulative and shall be in addition to every other remedy given under this Agreement or now or hereafter existing at law or in equity or by statute. No delay or omission to exercise any right or power accruing upon any default shall impair any such right or power or shall be construed to be a waiver thereof, but any such right and power may be exercised from time to time and as often as may be deemed expedient. 22. No Merger of Representations, Warranties. All representations and warranties contained in this Purchase Agreement shall not be merged into any instruments or conveyance delivered at closing, and the parties shall be bound accordingly. 23. Recording. This Agreement shall be filed of record with the Anoka County Registrar of Titles or Office of Recorder, as the case may be. Buyer shall pay all recording costs. 8 42I009v2 CL205 -49 In witness of the foregoing, the parties have executed this agreement on the year and date written above. SELLER: COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY By: Its President STATE OF MINNESOTA COUNTY OF ANOKA } ss. In Its Executive Director The foregoing was acknowledged before me this day of 20_, by and , the President and Executive Director of Columbia Heights Economic Development Authority, a public body corporate and politic under the laws of Minnesota, on behalf of the public body corporate and politic. S -1 421009v2 C1.205 -49 BUYER: By: STATE OF MINNESOTA } ss. COUNTY OF ANOKA The foregoing was acknowledged before me this _ , the of on behalf of the This document drafted by: Kennedy & Graven, Chartered 470 U.S. Bank Plaza Minneapolis, MN 55402 S -2 421009v2 CL205 -49 day of 20_, by a Minnesota EXHIBIT A to PURCHASE AND REDEVELOPMENT AGREEMENT FORM OF QUIT CLAIM DEED THIS INDENTURE, between the Columbia Heights Economic Development Authority, a Minnesota, a public body corporate and politic (the "Grantor "), and , a Minnesota (the "Grantee "). WITNESSETH, that Grantor, in consideration of the sum of $ and other good and valuable consideration the receipt whereof is hereby acknowledged, does hereby grant, bargain, quitclaim and convey to the Grantee, its successors and assigns forever, all the tract or parcel of land lying and being in the County of Anoka and State of Minnesota described as follows, to -wit (such tract or parcel of land is hereinafter referred to as the "Property "): To have and to hold the same, together with all the hereditaments and appurtenances thereunto belonging. SECTION 1. It is understood and agreed that this Deed is subject to the covenants, conditions, restrictions and provisions of an agreement recorded herewith entered into between the Grantor and Grantee on the of , 20_, identified as "Purchase and Redevelopment Agreement" (hereafter referred to as the "Agreement ") and that the Grantee shall not convey this Property, or any part thereof, except as permitted by the Agreement until a certificate of completion releasing the Grantee from certain obligations of said Agreement as to this Property or such part thereof then to be conveyed, has been placed of record. This provision, however, shall in no way prevent the Grantee from mortgaging this Property in order to obtain funds for the purchase of the Property hereby conveyed or for erecting the Minimum Improvements thereon (as defined in the Agreement) in conformity with the Agreement, any applicable development program and applicable provisions of the zoning ordinance of the City of Columbia Heights, Minnesota, or for the refinancing of the same. It is specifically agreed that the Grantee shall promptly begin and diligently prosecute to completion the redevelopment of the Property through the construction of the Minimum Improvements thereon, as provided in the Agreement. Promptly after completion of the Minimum Improvements in accordance with the provisions of the Agreement, the Grantor will furnish the Grantee with an appropriate instrument so certifying. Such certification by the Grantor shall be (and it shall be so provided in the certification itself) a conclusive determination of satisfaction and termination of the agreements A -1 421009v2 CL205 -49 and covenants of the Agreement and of this Deed with respect to the obligation of the Grantee, and its successors and assigns, to construct the Minimum Improvements and the dates for the beginning and completion thereof. Such certification and such determination shall not constitute evidence of compliance with or satisfaction of any obligation of the Grantee to any holder of a mortgage, or any insurer of a mortgage, securing money loaned to finance the purchase of the Property hereby conveyed or the Minimum Improvements, or any part thereof. All certifications provided for herein shall be in such form as will enable them to be recorded with the County Recorder, or Registrar of Titles, Anoka County, Minnesota. If the Grantor shall refuse or fail to provide any such certification in accordance with the provisions of the Agreement and this Deed, the Grantor shall, within thirty (30) days after written request by the Grantee, provide the Grantee with a written statement indicating in adequate detail in what respects the Grantee has failed to complete the Minimum Improvements in accordance with the provisions of the Agreement or is otherwise in default, and what measures or acts it will be necessary, in the opinion of the Grantor, for the Grantee to take or perform in order to obtain such certification. SECTION 2. The Grantee's rights and interest in the Property are subject to the terms and conditions of Sections 14A, 14B and 15 of the Agreement relating to the Grantor's right to re -enter and revest in Grantor title to the Property under conditions specified therein, including but not limited to termination of such right upon issuance of a Certificate of Completion as defined in the Agreement. SECTION 3. The Grantee agrees for itself and its successors and assigns to or of the Property or any part thereof, hereinbefore described, that the Grantee and such successors and assigns shall comply with Section 14E of the Agreement for a period of years after the date hereof. It is intended and agreed that the above and foregoing agreements and covenants shall be covenants running with the land for the respective terms herein provided, and that they shall, in any event, and without regard to technical classification or designation, legal or otherwise, and except only as otherwise specifically provided in this Deed, be binding, to the fullest extent permitted by law and equity for the benefit and in favor of, and enforceable by, the Grantor against the Grantee, its successors and assigns, and every successor in interest to the Property, or any part thereof or any interest therein, and any party in possession or occupancy of the Property or any part thereof. In amplification, and not in restriction of, the provisions of the preceding section, it is intended and agreed that the Grantor shall be deemed a beneficiary of the agreements and covenants provided herein, both for and in its own right, and also for the purposes of protecting the interest of the community and the other parties, public or private, in whose favor or for whose benefit these agreements and covenants have been provided. Such agreements and covenants 421009v2 CL205 -49 shall run in favor of the Grantor without regard to whether the Grantor has at any time been, remains, or is an owner of any land or interest therein to, or in favor of, which such agreements and covenants relate. The Grantor shall have the right, in the event of any breach of any such agreement or covenant to exercise all the rights and remedies, and to maintain any actions or suits at law or in equity or other proper proceedings to enforce the curing of such breach of agreement or covenant, to which it or any other beneficiaries of such agreement or covenant may be entitled; provided that Grantor shall not have any right to re -enter the Property or revest in the Grantor the estate conveyed by this Deed on grounds of Grantee's failure to comply with its obligations under this Section 3. Grantor certifies that it does not know of any wells on the Property. A -3 421009v2 CL205 -49 IN WITNESS WHEREOF, the Grantor has caused this Deed to be duly executed in its behalf by its President and Executive Director and has caused its corporate seal to be hereunto affixed this day of 20_ COLUMBIA I-IEIGI-ITS ECONOMIC DEVELOPMENT AUTHORITY By Its President By Its Executive Director STATE OF MINNESOTA ) ss COUNTY OF ) On this _ day of 20_, before me, a notary public within and for County, personally appeared and to me personally known who by me duly sworn, did say that they are the President and Executive Director of the Columbia Heights Economic Development Authority (the "Authority ") named in the foregoing instrument; that the seal affixed to said instrument is the seal of said Authority; that said instrument was signed and sealed on behalf of said Authority pursuant to a resolution of its governing body; and said and acknowledged said instrument to be the free act and deed of said Authority. Notary Public This instrument was drafted by: Kennedy & Graven, Charted (SJB) 470 U.S. Bank Plaza Minneapolis, MN 55402 A -4 421009v2 CL205 -49 EXHIBIT B To PURCHASE AND REDEVELOPMENT AGREEMENT FORM OF CERTIFICATE OF COMPLETION WHEREAS, the Columbia Heights Economic Development Authority, a public body, corporate and politic (the "Grantor "), conveyed land in Anoka County, Minnesota to Columbia Heights Assisted Living LLC, a Minnesota limited liability company (the "Grantee "), by a Deed recorded in the Office of the County Recorder [and in the Office of the Registrar of Titles] in and for the County of Anoka and State of Minnesota, as Document Numbers and , respectively; and WHEREAS, said Deed contained certain covenants and restrictions set forth in Sections 1 and 2 of said Deed; and WHEREAS, said Grantee has performed said covenants and conditions insofar as it is able in a manner deemed sufficient by the Grantor to permit the execution and recording of this certification; NOW, THEREFORE, this is to certify that all building construction and other physical improvements specified to be done and made by the Grantee have been completed and the above covenants and conditions in said Deed and the agreements and covenants in Sections 14A and 14B of the Agreement (as described in said Deed) have been performed by the Grantee therein, and the County Recorder [and the Registrar of Titles] in and for the County of Anoka and State of Minnesota are hereby authorized to accept for recording and to record, the filing of this instrument, to be a conclusive determination of the satisfactory termination of the covenants and conditions of Sections 14A and 14B of the Agreement and the covenants and restrictions set forth in Sections I and 2 of said Deed; provided that the covenants set forth in Sections 14E of the Agreement, and in Section 3 of the Deed, remain in full force and effect through the period stated thereon. I: I 421009v2 CL205 -49 Dated: , 20 COLUMBIA HEIGHTS ECONOMIC DEVELOPMEN AUTHORITY By Its President By Its Executive Director STATE OF MINNESOTA ) ss COUNTY OF ANOKA ) The foregoing instrument was acknowledged before me this _ day of 20_, by and , the President and Executive Director, respectively, of the Columbia Heights Economic Development Authority, on behalf of the authority. Notary Public This document drafted by: KENNEDY & GRAVEN, CHARTERED 470 U.S. Bank Plaza Minneapolis, MN 55402 (612) 337 -9300 B -2 421009v2 CL205-49 Standard Features Columbia 9-(eights Two -Story Node[ Exterior Features TinyCsidtng ACuminum Soffit and - Fascia Brick Front (Optional} Standard- sphaa Shingles Construction Features 2 x6 Exterior'WadConstruction "VinyC"Windows NetaCExterior Doors 2 Car Detached Garage MechanicaCFeatures High Efficiency Gas ,Furnace CentraCA it Conditioning 40 GaCCon'Water Heater Flooring Features - VinyCFCooring in Xitchen vinyCFlooring in Bathrooms Carpet in Living Room Carpet in Bedrooms Basement Features 'Unfinished Basement Egress Window Finish Features Oak Cabinets (XOch) Oak "Vanities (XOch) Oak Base and Casing Oak Hollow Core Doors Fiberglass Bath /Shower'Unit Laminate Countertops Landscaped yard Refrigerator, Range, Dishwasher andNicrowave imb&Craft 388 CCeve(andAve -M New Brighton, .'MN 55112 P: 651-633-8611 www.timbercraftremodering•com Dl.. WRMUS PM House plans are Copyright C 2013 by our architects and designers. Style: Traditional Total Living Area: 1169 Maul Fln: 581 2nd Flr.: 588 Bedrooms: 3 Full Bathrooms: 1 Half Bathrooms: 1 Width: 24' Depth: 24'6" Maximum Ridge Height: 27' Exterior Walls: 2x6 Ceiling Height: Main Floor: 8' 2nd Floor: S' Standard Foundations: Bascment Special Collections: Narrow Lot. Metric, Canadian Special Features: 2nd Floor Master Suite. PDF, CAD Available Five Sets Eight Sets Reproducible PDF File $625 $660 $825 $825 - - - - -- -- - - -- . •._- �- .._+r�.,:...... .. G7 llanhmv Rna,l Wilton ("T (1(R47 CAD $1.480 c i c 2nd Level 24'- 0" (7,32) ,- -. n-A -- CT Or9Q7 241-0 0 (7,32) 1 1'- 5 'x8' -2" 3,48x2,49 Main Level LW L LLL i-� L 15' -1 "x11° -2" 4,600,40 I w N N r` w O Model #2 x nl-- 1171 MAQTT• Master -Un Oeen Anne Home Plan House plans are Copyright 0 2013 by our architects and designers. • This two -story Queen Anne -style house plan of 1,197 square feet features a spacious living and dining room area and a private master bedroom suite with a walk -in closet. • This open floor plan includes a total of three bedrooms. two fill bathrooms and a powder room, laundry room and U- shaped kitchen with a breakfast bar and opens to the dining roost. • The historically- inspired exterior offers a double hip roof, a first floor projecting bay, a covered front and rear porch and exteriors storage room. • At 21'4" wide it is ideally suited for a narrow lot. • Related Plans: Get more room with house plans 10096TT (1,276 sq. ft.) and 10097TT (1.552 sq. ft.). • For a piaster -down Queen Arnie, see house plan 10046TT. • For air altemate elevation see house plan 10047TT and 10048TT. Style: Traditional. Craftsman Total Living Area: 1197 Main Flr.: 597 2nd Fh.: 600 Bedrooms: 3 Frill Bathrooms: 2 Half Bathrooms: 1 Width: 21'4" Depth: 35' Maximum Ridge Height: 27'8" Exterior Walls: 20 Main Level 211-411 K +� ° c0 - cv (� in I 'q PORE -' Now 2nd Level