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2074Contract for Deed Form No. 56-M. leancinglalu a.o. evised.apuu> Corporation Vendor 1Sfinncsoci Uniform Con��ryanun Blanks (ftevi.ed 1976) .Made and entered into this.. ......... .....................> ....................................... ....... f:. .`............................- .......day of ............................. ....... .................:............. ............ f.' ��' ........................ 19. ?....., by and beiir, Teen. ..... .................................................... CITY OF EDINA, a municipal 1W corporation under the laws of the State of...........Minnesota ,.,- party of the fast part, ......................... ............................... and ... .......................- ....... ASPEN... CONSTRUCTIDh]... 0�' �P�T. y. F ....................... ............................... . a .... inne. sota .... orp.a rati o. n ............ ............................... part..y. ....... of the second part; WitneMgetb, That the said party of the first part, in consideration of the covenants and agree- ments of said part............ of the second part, hereinafter contained, hereby sells and asrees to convey unto said part..Y ....... of the second part, ..... its.... SUC.Cesso.rs ..............and assi._sns, by a ... Limited.Warrant.)Deed, accompanied by an abstract evidencing gfood title in party of the first part at the date hereof, or by an owner's duplicate certifccate of title, upon the p�•ompt and full performance by said part.y. ....... .of the second part, of ...... ..its. ........... part of this a6reement, the tract.s ...................of land lying and beins in the County of Hennepin .............. ............................and State of J111nnasota, described as follows, to -wit: Lot 1, Block 1, and Lots 1 and 2, Block 2, William Wardwell Lewis Park Addition, according to the recorded plat thereof, Hennepin County, Minnesota. Subject to res-tx- a.ct;.oIn.A, ez vations and easements of record, if any., .find said part ... y.......of the second part, in consideration of the premises, hereby agree.s.. to pay said party of the first part, at .......... A8.01..Ve.st .... 5.0.th ... S. tree. t .,....Edina.,....Minne•sota .... 554• Z4• •, ............................. as and for the purchase price of said premises, the sum of .... S. eV— QR- t.Y?.-.e.igkit....tk1.O.Us.a d....thr.ee....... hundred fifteen and no/.IP.Q $78 315 - - - - -- ------ - - - - -- -. -. Dollars, ........ ... .................................................. ... ... . ...... ......................(............,.............)........................................ ............................... in manner and at times following, to -Wlt: See Exhibit A attached hereto and hereby made a part hereof for manner of payment and other provisions, consisting of two (2) pages and six (6) paragraphs, and signed by the parties hereto. Said party .............oi the second part further covenant .... s ......... and agree ... 5 .......... as follows: to pay before penalty attaches thereto, all taxes due and payable in the year 19.18..--, and in subsequent years, and all special assessments heretofore or hereafter Ievied. ._'. 7.----------------------------------------------------- - - - - -- ......................... . ......... .............. ---- .......... ......................... ..................... .............. . .................................... .......................................... ................ --- •.......... . also that any buildings and improvements now on said land, or which shall hereafter be erected, placed, or made there- on, shall not be removed therefrom, but shall be and remain the property of the party of the first part until this con. tract shall be fully performed by the part .._y ..... of the second part; and at ........ its .... own expense, to keep the buildings on said premises at all times insured in some reliable insurance company or companies, to be approved by the party of the first part, against loss by fire-far at -kart -the stmref- .-- .---- •------ -• —•n: - -••-- - -- --- - •--- ------ ^- •— ^-- ---tt- .�-- �_-- �.— _-- ..._— .�— _ - -... and against loss by windstorm for at least the sum of ........... t;he.i.x .... fuJ..1 ... . ins. urable .... Value .. , .............................. -- — - — — — — — — — — — — — — — — — — — — — — — — — — — — — — — - - - - - -- — — — — — — — - - - -- — — �aliars- payable to said party of the first part, its successors or assigns, and, in case of loss, should there be any surplus over and above the amount then owing said party of the first part, its successors, or assigns, the balance shall be. paid over to the said partY. ........ of the second part as ........... it5 ..............interest shall appear, and to deposit with the party of the first part policies of said insurance. But should the second part ._..y..... fail to pay any item to be paid by said part ..y....— .under the terms hereof, same may be paid by first partv and shall be forthwith payable, with interest thereon, as any ,additional amount due first party under this contract. But should default be made in the payment of principal or interest due hereunder, or of any part thereof, to be b; second part_h ....... paid. or should.........:: j,t ..............-fail to pay the taxes or assessments upon said land, premi4ms upon said insurance, or to perform any or either of the covenants, agreements, terms or conditions herein contained, to be by said second part.y ....... kept or performed, the said party of the first part may, at its option, by written notice declare this contract cancelled and terminated, and all rights, title and interest acquired thereunder by said second part-y_--shall thereupon cease and terminate, and all improvements made upon the premises, and all payments made hereunder shall belong to said party of the first part as liquidated damages for breach of this contract by said second part--.y _._, said notice to be in accordance with the statute in such case made and provided. Neither the extension of the time of pay- ment of any sum or sums of money to be paid hereunder, nor any waiver by the party of the first part of its rights to declare this contract forfeited by reason of any breach thereof, shall in any manner affect the right of said party to cancel this contract because of defaults subsequently maturing, and no extension of time shall be valid unless evi- denced by duly signed instrument. Further, after service of notice and failure to remove, within the period allowed by law, the default therein specified, said party......... of the second part hereby specifically agrees•---._.., upon demand of said party of the first part, quietly and peaceably to surrender to it possession of said premises, and every part thereof, it being understood that until such default, said part.y ..... -of the second part...? -a -.to have possession of said premises. It is _41111titallp 01greCb, Ty and between the parties hereto, that the time of payment shall be an essential part of this conir•act; and that all the coren.ants and af%reements herein contained shalt run with the land and bind the, heirs, e.recartors, adini.nistr•ators, successors and assi6ns of the respectiva pCta•ties hereto. 111 TC.46MOttp Z1TJbCrC0f, The said irst party has caused these Presents to be executed in its corporate name brt its ........... M4yOr...... lid and its .................... C - jerk..........__. and its corpw•ate seat to be hereunto affixed, and said party ........ of the second part ha ..s...... hereunto set ........ia,s..haaul ...... the day and year first above WI-Itten. Mayor by...................... ame......Van...Valkenb...... .....:.... .... .................................... ............................................................................................................... (NAME OF OFFICER OR AGENT, TITLE OF OFFICER OR AGENT) and by ............. Tlorence...B. Hallberg.................................... ............................... ....................!.....Clerk ............................. ............................... (NAME OF OFFICER OR ACENT, TITLE OF OFFICER OR AGENT) CITY... OF EDINA o I ....... I ................ ............................................................................................................ ............................... .... ............................... (NAME OF CORPORATION ACKNOWLEDGING) a ....................... ...... Itlun ci .pAj........................... ...................corporation, on behalf of the corporation. (STATE OR PLACE OF INCORPORATION) i :.... . ........................t..... .. ...... _. ... ................ .... ................. (SIGNATURE OF PE O TAKI. G ACKNOWLED ENT) AAAAAA�AakjAAAI�A44A�AAI.AX ....................... I (ff k(t�Clg ..GRINLEY .............. NOTARY PUBLIC - MINNESOTA Mate of in a ota, ........... . HJZN. N•EPJ.U..Cl�l1N1.Y ............. ................. s3. F My Commission Expires June 28, 1984 HENNEPIN rv�►rwvvvf"Ty rryvrtrvrfyM Countyof ............................................... ............................... The foregoing instritnient was acknowledged ' . . before ilte this...?day of.` ........................., 197d......, by �"EYf =2EY f, yysTit� -s'd ✓ and_ _..,6�e€6 a.ot Y P. and v�c� _ P2ESwE•c�T , respectively, 7o.. .A.. . .... 9N�TTRUCT. ION...COMPANY­i..a............. Alf F,PERSOIN ACKNOWLEDGED) Minnesota corporation, on behalf o cor on. (SIGNATURE OF PERSON TAKING ACKNOWLEDGMENT) THIS INSTRUMENT ... . ......... PLETCHER...... ...... - - - -• WAS DRAFTED BY �� T' ` 1C .MINNESOTA DORSEY, WI.NDHORST, HANNAFORD, WHITNEY & HA L HE~IN COUNTY 2300 First National tWNk Building MT.. �ses Minneapolis, Minnesotta`elg5402 ...... ", ......................Y ayor Its ............... ................. . . �Ff.;1l Its_ .......... Clerk ........................ .. ....................ASPE.. ..........: .... ...TI COMPANY . ............ ............................... Mate of 59"Rinne0ta, SEAL ss. .. ................By............. ,....... ......... ..fir....--......................... CountyOf- ........ __ ................................. HENNEPIN ............................... a - ✓. ^' n and C II The foreLloine instrument was acknowledsed before me this .... /<,<'daJ of....... .... . . .✓� " . ........................., 1. ....0......, - Mayor by...................... ame......Van...Valkenb...... .....:.... .... .................................... ............................................................................................................... (NAME OF OFFICER OR AGENT, TITLE OF OFFICER OR AGENT) and by ............. Tlorence...B. Hallberg.................................... ............................... ....................!.....Clerk ............................. ............................... (NAME OF OFFICER OR ACENT, TITLE OF OFFICER OR AGENT) CITY... OF EDINA o I ....... I ................ ............................................................................................................ ............................... .... ............................... (NAME OF CORPORATION ACKNOWLEDGING) a ....................... ...... Itlun ci .pAj........................... ...................corporation, on behalf of the corporation. (STATE OR PLACE OF INCORPORATION) i :.... . ........................t..... .. ...... _. ... ................ .... ................. (SIGNATURE OF PE O TAKI. G ACKNOWLED ENT) AAAAAA�AakjAAAI�A44A�AAI.AX ....................... I (ff k(t�Clg ..GRINLEY .............. NOTARY PUBLIC - MINNESOTA Mate of in a ota, ........... . HJZN. N•EPJ.U..Cl�l1N1.Y ............. ................. s3. F My Commission Expires June 28, 1984 HENNEPIN rv�►rwvvvf"Ty rryvrtrvrfyM Countyof ............................................... ............................... The foregoing instritnient was acknowledged ' . . before ilte this...?day of.` ........................., 197d......, by �"EYf =2EY f, yysTit� -s'd ✓ and_ _..,6�e€6 a.ot Y P. and v�c� _ P2ESwE•c�T , respectively, 7o.. .A.. . .... 9N�TTRUCT. ION...COMPANY­i..a............. Alf F,PERSOIN ACKNOWLEDGED) Minnesota corporation, on behalf o cor on. (SIGNATURE OF PERSON TAKING ACKNOWLEDGMENT) THIS INSTRUMENT ... . ......... PLETCHER...... ...... - - - -• WAS DRAFTED BY �� T' ` 1C .MINNESOTA DORSEY, WI.NDHORST, HANNAFORD, WHITNEY & HA L HE~IN COUNTY 2300 First National tWNk Building MT.. �ses Minneapolis, Minnesotta`elg5402 G ^' a - ✓. ^' n ..r` i 1 C II ! .^ F Q s.I O 1 O `; > r :li w ti I O c I UI � si � w � • � �n '� '.' #. � '2? � � ,fin = � I~ � i � • z �l a G ,4 EXHIBIT A To Contract for Deed Between CITY OF EDINA, a Minnesota municipal corporation, and ASPEN CONSTRUCTION COMPANY, a Minnesota corporation Party of the first part and party of the second part hereby further agree as follows: 1. Payment of said sum of $78,315 shall be made as follows: $6,131.50 -- in hand paid, the receipt of which is hereby acknowledged. $72,183.50 -- with interest thereon from and including the date hereof, on the unpaid principal balances from time to time due and owing, at the rate of ten (100) percent per annum., Interest only shall be paid on the first day of each April, July, October, and January during the term of this contract. This contract may be prepaid in whole or in part, at any time and from time to time, without penalty or premium. All prepayments shall be applied first to accrued interest and. then to principal, but interest shall continue to be paid on the dates above set out, not- withstanding any prepayment. All unpaid principal and accrued interest shall, in any event, be payable in full on the first day of the twenty - fourth (24th) full calendar month from and after the month in which this contract is dated. 2. Party of the second part agrees that no-improve- ments of any kind shall be made to or erected or placed upon any of said lots prior to payment in full of the release price for that lot; provided, however, that clean, granular fill may be placed upon said Lot 1, Block 2. 3. Party of the second part at all times shall keep all of said lots free and clear of mechanics' and materialmen's liens, and shall immediately satisfy or release of record any liens that are filed against any one or more of said lots. 4. Party of the second part further agrees that it may not assign or convey this contract, or any interest herein, or in said lots, in whole or in part, unless (a) the party of the second part remains personally liable hereunder, (b) the assignee assumes and agrees to pay and perform the obligations of party of the second part hereunder, and (c) party of the first part first approves, in writing, the credit of said assignee. 5. Party of the first part agrees to release each of said lots from this contract, and to convey each of said lots to party of the second part, upon payment to party of the first part of the release price for the lot then to be released and conveyed, provided, however, that no lot need be released or conveyed by party of the first part while party of the second part is in default under this contract. The release price for said lots shall be: -A -1- I i For Lot 1, Block 1 - $37,760. For Lot 1, Block 2 - $23,555. For Lot 2, Block 2 - $17,000. plus, in each case, all interest accrued on this contract to and including the date of the release and conveyance then being made. 6. The terms and provisions contained in this Exhibit A shall control over any contrary or inconsistent provisions in the Contract for Deed to which this Exhibit A is attached. CITY by AS (A.) u s C4 [_) by an II -A-2-