2006-02-22 CC Packet - Laserfiche WebLink

Home Browse Search

]) 'Qt~ OPTION AGREEMENT THIS OPTION AGREEMENT (the "Agreement") is made and entered into this_ day of , 2006, by and between St. Paul Regional Water Service ("Seller") and CITY OF CENTERVILLE, a Minnesota municipal corporation ("Buyer"). RECITALS A. Seller is the fee owner of certain real property located in the City of Centerville, Anoka County, State of Minnesota with PID No. , such real property legally described on Exhibit "A" attached hereto, together with all hereditaments and appurtenances, and all easements, rights and other privileges benefiting the real property (collectively, the "Property"). B. Buyer wishes to secure an option to purchase the Property and Seller is willing to grant such an option upon the terms and conditions as hereinafter set forth. NOW, THEREFORE, in consideration of the Option Payment, as defined below, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 1. RECITALS INCORPORATED. The foregoing recitals are incorporated herein. 2. GRANT OF OPTION. Seller hereby grants to Buyer the exclusive and irrevocable option ("Option") to purchase the Property, subject to and in accordance with the terms and conditions set forth in this Agreement. 3. OPTION PAYMENT. As consideration for the Option granted herein, Buyer has paid to Seller the non-refundable sum often thousand dollars ($ 10,000.00) and other good and valuable consideration (the "Option Payment"), receipt of which is acknowledged by Seller. 4. RESTRICTION ON TRANSFER. Seller agrees that, during the Option Term, the Seller will not sell, lease, mortgage, convey or otherwise encumber the Property or any part /11