CCP 12-15-1997 - Laserfiche WebLink

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I' I Memorandum - Purchase and Sale Agreement, Welsh Development Company, LLC " Page Three December 12, 1997 1. At the time of closing, obtain the following from Welsh: I a. A certified check in the amount of$49,710; and I b. A Performance Bond from Welsh LLC requiring up to $250,000 in soil correction work to be completed by May 1, 1998; and I c. A Promissory Note from Dennis Doyle, the President of Welsh Development Company, LLC, with a personal guarantee, in the amount of I $261,405, ($61,405 + $200,000). The Note would be due and payable on May 1, 1998. I 2. Upon satisfactory completion of the foundation removal and soil correction work (on May I, 1998): I a. Welsh would issue a cashier's check to the City in the amount of $261 ,405 as indicated in the Promissory Note; and Ie b. The City would remit up to $250,000 to Welsh for documented soil correction project costs; and I c. The City would remit up to $61,405 to Welsh for documented foundation removal project costs; and I d. The City would establish a $200,000 escrow account for future brick upgrade costs on Phases II, III and IV. I 3. As the build out phases are completed: I a. The City would remit up to $200,000 from the escrow account to Welsh for documented, incremental brick upgrade exterior costs for Phases II, III and IV as they are completed. I 4. If270,OOO square feet are not constructed and occupied by December 30,1999, the "Remaining Portion" of the original purchase price ($82,255) becomes due I and payable to the City of Arden Hills as prescribed by the Purchase and Sale Agreement. I Are There Any Other Significant Changes to the Agreement? No. The other changes are primarily non-substantial in nature. .. I