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Teresa Bender From: Teresa Bender Sent: Wednesday,April 22,2015 1:56 PM To: 'myhomedetail@me.com' Subject: 7261 Main Street, Centerville, MN Dear Jeff: We again have reached a point in the purchase agreement and addendum where we need to discuss things. Do you still anticipate constructing a home on this parcel? The City would like to schedule closing and determine whether you will be purchasing the property through financing or cash. "Buyer will endeavor to build and sell a new home on the property with a minimum structure value of $200,000 on or before June 15, 2014. If this condition is not met,Buyer shall pay$10,000 towards the outstanding balance of the purchase price, and thereafter interest shall accrue at 5% per annum on the remaining balance. The remaining balance with accumulated interest must be paid not later than the date of closing on June 14, 2015. If Buyer fails to substantially complete construction of a new home on the property by December 1,2015, then Buyer shall pay City the sum of$2,800 per year(estimated lost taxes on structure value)beginning January 2,2016, and each January 2, thereafter until a qualifying home is constructed. If not paid within 60 days of the date due, the unpaid amount with interest at 6% per annum shall be certified to Anoka County for collection as a special assessment on the property. If the taxable status of the property changes from non-taxable to taxable due to this transaction between Buyer and Seller, Buyer shall be responsible for paying taxes at any time after this Purchase Agreement is executed even if it is before closing." Please let me know. Sincerely, Pr�ki <`��PI/(lPX Teresa Bender City of Centerville City Clerk 1551)429-3232 x 13 work thender@centeMilemn.com 1886 Main Street Centerville,MN 55038 http://centervOlemn.com 1 �/E