K-2 - Purchase Agreement for Lot 1, Park Place City Center - Part Three

OFFER TO BUY REAL ESTATE AND ACCEPTANCE (NONRESIDENTIAL) TO: DERS LLC, TAT LLC (Seller) The undersigned BUYER hereby offer to buy and the undersigned SELLER by its acceptance agree to sell the real property situated in Tiffin, Iowa, locally known as a parcel of land situated north of Forevergreen Road and east of Bailey Way, legally described as: Approximate size and location shown on Exhibit A (a draft plat); exact location, size, and legal description according to the final plat as specified in Paragraph 23 below and all of which must be acceptable to Buyer. together with any easements and appurtenant servient estates, but subject to any reasonable easements of record for public utilities or roads, any zoning restrictions customary restrictive covenants and mineral reservations of record, if any, herein referred to as the "Property," upon the following terms and conditions provided BUYER, on possession, are permitted to use the Property for public purposes 1. PURCHASE PRICE. a. The Purchase Price shall be $3.50/square foot, final purchase price to be based on the total square footage per the final plat approved by Buyer. b. The method of payment shall be as follows: $ N/A with this offer, to be deposited upon acceptance of this offer and held in trust by N/A as earnest money, to be delivered to the SELLER upon performance of SELLER'S obligations and satisfaction of BUYER'S contingencies, if any; and the balance of the Purchase Price, as follows: In cash at the time of closing with adjustment for closing costs to be added or deducted from this amount. 2. REAL ESTATE TAXES. Sellers shall pay all real estate taxes that are due and payable as of date of possession and constitute a lien against the property, and any unpaid real estate taxes payable in prior years. Unless otherwise provided in this Agreement, at closing SELLER shall pay BUYER, or BUYER shall be given a credit for, taxes from the first day of July prior to possession to the date of possession based upon the last known actual net real estate taxes payable according to public records. However, if such taxes are based upon a partial assessment of the present property improvements or a changed tax classification as of the date of possession, such proration shall be based on the current levy rate, assessed value, legislative tax rollbacks and real estate tax exemptions that will actually be applicable as shown by the assessor's records on the date of possession. Buyers shall pay all subsequent real estate taxes. 3. SPECIAL ASSESSMENTS. A. SELLER shall pay in full at time of closing all special assessments which are a lien on the Property as of the date of closing. B. IF "A" is stricken, then SELLER shall pay at time of closing all installments of special assessments which are a lien on the Property and, if not paid, would