Laserfiche WebLink
<br />CANCELLATION AGREEMENT AND MUTUAL RELEASE OF CLAIMS <br /> <br />THIS CANCELLATION AGREEMENT AND MUTUAL RELEASE OF CLAIMS IS <br /> <br />entered into on <br /> <br />, 2008 ("effective date"), by Royal Oaks Realty, Inc <br /> <br />(Royal Oaks). and the City of Arden Hills (City). <br /> <br />RECITALS <br /> <br />A. On or about June 23, 2006, the City and Royal Oaks entered into an agreement whereby <br /> <br />Royal Oaks agreed to purchase and the City agreed to sell a certain parcel of real <br /> <br />property (the Property), legally described as: <br /> <br />The west 1072.5 feet of the North 276.82 feet of the Northeast Quarter of the <br />Northwest Quarter of Section 22, Township 30, Range 23, Ramsey County, <br />Minnesota. (The Purchase Agreement) <br /> <br />B. The Purchase Agreement creates certain obligations and rights for both parties to the <br /> <br />agreement. In order to secure its rights, Royal Oaks. paid to the City earnest money in <br /> <br />the amount of$40,000.00. <br /> <br />C. Royal Oaks submitted to the City a Master and Final Planned Unit Development and <br /> <br />Preliminary Plat proposal of development, which was approved by the City after <br /> <br />revisions and subject to conditions. <br /> <br />D. That the conditions attached to the development make it impractical for Royal Oaks to <br /> <br />proceed with the development and the parties have therefore agreed to cancel the <br /> <br />Purchase Agreement and execute this mutual release. <br /> <br />NOW THEREFORE, the parties agree as follows: <br /> <br />1. Royal Oaks and the City do hereby cancel the Purchase Agreement. Royal Oaks shall <br /> <br />provide a quit claim deed transferring any interest it may have in the Property to the City, <br /> <br />in form suitable for filing. <br />