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Memorandum of Agreement <br /> Jeffrey Magdik (Buyer) on behalf of Home Detail, Inc. is purchasing City of Centerville <br /> real property located at 7261 Main Street subject to the following conditions. <br /> 1) Buyer's deposit of $2500 shall be held pending approval of setback variance, <br /> which shall become earnest money, down payment on the purchase of the <br /> property if the variance is approved. <br /> 2) Buyer will submit a site plan and application for variance not later than May 1, <br /> 2013. <br /> 3) City will process the variance request in the normal fashion, anticipating that a <br /> decision will be made on or about June 15, 2013. <br /> 4) If the variance is rejected, then Buyer's deposit of $2500 shall be refunded. <br /> 5) If the variance is approved, then Buyer will within 30 days of variance <br /> approval, enter into an agreement to purchase the property at a price of <br /> $65,000. Additional down payment of $7500 shall be made at that time. If <br /> Buyer determines not to execute a purchase agreement, then earnest money <br /> deposit shall be forfeited to seller. <br /> 6) Buyer will endeavor to build a new home on the property within twelve <br /> months of approval of a variance, with a minimum structure value of <br /> $200,000. <br /> 7) The balance of the purchase price of $55,000 shall be paid at the closing on <br /> sale of the home to new purchaser, or June 15, 2014, whichever is earlier. In <br /> the event that the closing does not occur by June 15, 2014, the sum of $10,000 <br /> shall be paid on the outstanding balance and thereafter interest shall accrue at <br /> 5% per annum on the remaining balance. The remaining balance with <br /> accumulated interest must be paid not later than June 14, 2015. <br /> 8) If Buyer fails to substantially complete construction of a new home on the <br /> property by December 1, 2015, then Buyer shall pay City the sum of $2800 <br /> per year (estimated lost taxes on structure value) beginning January 2, 2016, <br /> and each January 2, thereafter until a qualifying home is completed. If not <br /> paid within 60 days of the date due, the unpaid amount with interest at 6% per <br /> annum shall be certified to Anoka County for collection as a special <br /> assessment on the property. <br /> Executed by the parties this 2 day of May, 2013. <br /> City of Centerville Home Detail, Inc. <br /> es 'de t <br /> 16 <br />