2006-02-22 CC Packet - Laserfiche WebLink

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OPTION AGREEMENT THIS OPTION AGREEMENT (the "Agreement") is made and entered into this I ~ day of June, 2005, by and between LGL, LLC ("Sellers") and CITY OF CENTERVILLE, a Minnesota municipal corporation ("Buyer"). RECITALS 1. Sellers are the fee owners of certain real property located in the City of Centerville, County of Anoka, State of Minnesota with PID No. R24.31.22.23.0014 and, such real property containing approximately fourteen and one-half acres, shown and described on Exhibit "A" attached hereto, together with all hereditaments and appurtenances, and all easements, rights and other privileges benefiting the real property. 2. Buyer wishes to secure an option to purchase the (the "Property") and Sellers are 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. Sellers hereby grant 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 Sellers the non-refundable sum of One thousand Dollars ($1,000.00) and other good and valuable consideration (the "Option Payment"), receipt of which is acknowledged by Sellers. 4. RESTRICTION ON TRANSFER. Sellers agree that, during the Option Term, the Sellers will not sell, lease, mortgage, conveyor otherwise encumber the Property or any part 10