(Top 3 inches reserved for recording data) CONTRACT FOR DEED by Business Entity DATE: (month/day/year) Minnesota Uniform Conveyancing Blanks Form 30.1.2 (2011) THIS CONTRACT FOR DEED (the "Contract") is made on the above date by (insert name of Seller) a ("Seller"), and under the laws of (insert name of each Purchaser) ("Purchaser"). Seller and Purchaser agree to the following terms: 1. Property Description. Seller hereby sells and Purchaser hereby buys real property in County, Minnesota, described as follows: (Check box if joint tenancy.) Check here if all or part of the described real property is Registered (Torrens) together with all hereditaments and appurtenances belonging thereto (the " Property"). Unless otherwise specified, Seller hereby delivers possession of the Property to Purchaser on the date hereof. Check applicable box: The Seller certifies that the Seller does not know of any wells on the described real property. A well disclosure certificate accompanies this document or has been electronically filed. (If electronically filed, insert WDC number: .) I am familiar with the property described in this instrument and I certify that the status and number of wells on the described real property have not changed since the last previously filed well disclosure certificate. Page 1 of 6 American LegalNet, Inc. www.FormsWorkFlow.com Page 2 of 6 Minnesota Uniform Conveyancing Blanks Form 30.1.2 2. Title. Seller warrants that title to the Property is, on the date of this Contract, subject only to the following exceptions: (a) Covenants, conditions, restrictions (without effective forfeiture provisions) and declarations of record, if any; (b) Reservation of minerals or mineral rights by the State of Minnesota, if any; (c) Utility and drainage easements which do not interfere with present improvements; (d) Applicable laws, ordinances, and regulations; (e) The lien of real estate taxes and installments of special assessments which are payable by Purchaser pursuant to paragraph 6 of this Contract; and (f) The following liens or encumbrances: 3. Delivery of Deed and Evidence of Title. Upon Purchaser's full performance of this Contract, Seller shall: Deed, in recordable form, conveying (a) Execute, acknowledge, and deliver to Purchaser a marketable title to the Property to Purchaser, subject only to the following exceptions: (i) Those exceptions referred to in paragraph 2(a), (b), (c), (d), and (e) of this Contract; (ii) Liens, encumbrances, adverse claims or other matters which Purchaser has created, suffered or permitted to accrue after the date of this Contract; and (iii) The following liens or encumbrances: (b) Deliver to Purchaser the abstract of title to the Property, without further extension, to the extent required by the purchase agreement (if any) between Seller and Purchaser. 4. Purchase Price. Purchaser shall pay to Seller at the sum of Dollars ($ (the "Purchase Price") for the Property, payable as follows: ), as and for the purchase price 5. Prepayment. Unless otherwise provided in this Contract, Purchaser shall have the right to fully or partially prepay this Contract at any time without penalty. Any partial prepayment shall be applied first to payment of amounts then due under this Contract, including unpaid accrued interest, and the balance shall be applied to the principal installments to be paid in the inverse order of their maturity. Partial prepayment shall not postpone the due date of the installments to be paid pursuant to this Contract or change the amount of such installments. American LegalNet, Inc. www.FormsWorkFlow.com Page 3 of 6 Minnesota Uniform Conveyancing Blanks Form 30.1.2 6. Real Estate Taxes and Assessments. Real estate taxes and installments of special assessments which are due and payable in the year in which this Contract is dated shall be paid as follows: Purchaser shall pay, before penalty accrues, all real estate taxes and installments of special assessments assessed against the Property which are due and payable in all subsequent years. Seller warrants that the real estate taxes and installments of special assessments which were due and payable in the years preceding the year in which this Contract is dated are paid in full. If the Property is subject to a recorded declaration providing for assessments to be levied against the Property by any owners' association, Purchaser shall promptly pay, when due, all assessments imposed by the owners' association or other governing body as required by the provisions of the declaration or other related documents. 7. Property Insurance. (a) Insured Risks and Amounts. Purchaser shall keep all buildings, improvements, and fixtures now or later located on or a part of the Property insured against loss by fire, lightning and such other perils as are included in a standard "all-risk" endorsement, and against loss or damage by all other risks and hazards covered by a standard extended coverage insurance policy, including, without limitation, vandalism, malicious mischief, burglary, theft and, if applicable, steam boiler explosion. Such insurance shall be in an amount no less than the full replacement cost of the buildings, improvements, and fixtures, without deduction for physical depreciation. If any of the buildings, improvements, or fixtures are located in a federally designated flood prone area, and if flood insurance is available for that area, Purchaser shall procure and maintain flood insurance in amounts reasonably satisfactory to Seller. (b) Other Terms. The insurance policy shall contain a loss payable clause in favor of Seller which provides that Seller's right to recover under the insurance shall not be impaired by any acts or omissions of Purchaser or Seller, and that Seller shall otherwise be afforded all rights and privileges customarily provided a mortgagee under the so-called standard mortgage clause. (c) Notice of Damage. In the event of damage to the Property by fire or other casualty, Purchaser shall promptly give notice of such damage to Seller and the insurance company. 8. Damage to the Property. (a) Application of Insurance Proceeds If the Property is damaged by fire or other casualty, the insurance proceeds paid on account of such damage shall be applied to payment of the amounts payable by Purchaser under this Contract, even if such amounts are not then due to be paid, unless Purchaser makes a permitted election described in the next paragraph. Such amounts shall be first applied t