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<br />Estoria Homes Purchase Agreement <br /> <br />....................., ........ n_..'...~.~ ......... ,..... "._...."...." ................".............. ....................., "., ........."...............M ......... ...................,._............... ..."...' ....._........... ~......, <br /> <br />Kyle Berg , of <br />Estoria Homes as Seller, <br />and Steve & Tammv Stavenes , of <br />406 Woodland Place NW as -Buyer, hereby agree that the <br />Seller shall sell and the Buyer shall buy the following described property UPON THE TERMS AND <br />CONDITIONS HEREINAFTER SET FORTH, within this contract. <br />1. LEGAL DESCRIPTION of real estate located in Lot L Block I. Woodland Estates. Cass County. <br />State of North Dakota <br /> <br />2. PURCHASE PRICE <br />Two Hundred Twenty Thousand Dollars <br /> <br />($231,000.00). <br /> <br />Total amount to be paid as follows: <br />a. Earnest money to be deposited into Estoria Corporation checking <br /> <br />b. Monthy progress payments <br /> <br />$ I 1,000.00 <br />$ 0.00 <br /> <br />c. Other: Remaining balance due at closing <br /> <br />$ 220,000.00 <br /> <br />3. REAL ESTATE TAXES/SPECIAL ASSESMENTS, ETC:_Real estate taxes based on estimated tax <br />information for the year 2005 and 2006 from the Assessor shall be paid as follows: Buyer shall pay real <br />estate taxes for the year specified above. In the event the closing date has changed, the real estate taxes <br />paid, if prorated, shall be adjusted to the new closing date. Certified (Annual Installments): Buyer shall <br />assume all installments of special assessments certified for payment with the real estate taxes due and <br />payable in the year of closing. Uncertified (Balance Unpaid): Buyer shall assume on the date of closing <br />the ul1certificd balance of special assessments as of the date of closing. Pending/Proposed: Buyer shall <br />assume special assessments pending or proposed as of the date of this agreement. <br /> <br />4. RESTRICTIONS, EASEMENTS, LIMITATIONS: Buyer shall take title subject to: (a) Zoning, <br />restrictions, prohibitions and requirements imposed by governmental authority, (b) Restrictions and matters <br />appearing on the plat or common to the subdivision, (c) Public utility easements of record, provided said <br />easements arc located on the side or rear lines of the property, (d) Taxes for year of closing, assumed <br />mortgages, and purchase money mortgages, if any, (e) Other: <br /> <br />Seller warrants that there shall be no violations of building or zoning codes at the time of closing. <br /> <br />5. DEFAULT BY BUYER: (fBuyer fails to perfonn any of the covenants of this contract, all money <br />paid pursuant to this contract by Buyer as aforesaid shall be retained by or for the account of the Seller as <br />consideration for the execution of this contract and as agreed liquidated damages and in full settlement of <br />any claims for damages. <br />6. DEFAULT BY SELLER: Ifthe Seller fails to perform any of the covenants ofthis contract, the <br />aforesaid money paid by the Buyer, shall be returned to they Buyer on demand; or the Buyer shall have <br />only the right of specific perfonnance. <br />7. OTHER INSPECTIONS: At least 15 days before closing, Buyer or his agent may inspect all <br />appliances, air conditioning and heating systems, electrical systems, plumbing, machinery, sprinklers and <br />