2015-06-10 Set Agenda Handouts - Laserfiche WebLink

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I ADDENDUM TO PURCHASE AGREEMENT 2 Date 3 Page 9 4 5 6 Addendum to purchase agreement between parties dated July___,2013,pertaining to 7 property at 7261 Main Street(Lot 14,Block 2,Burque Addition No. 1). 8 9 This Addendum To Purchase Agreement replaces the terms of the Memorandum of 10 Agreement between the parties signed on May 2,2013. 11 12 Per the previous Memorandum of Agreement,the Buyer agreed to enter into a purchase 13 agreement with the Seller for this property at a price of$65,000,and to do so within 30 14 days of the City's approval of a variance for the property. 15 16 On June 12,2013,the City of Centerville approved the Buyer's application for a variance / 17 for the property identified above. Accordingly,the City earned the right to the Buyer's ✓ 18 previous earnest money deposit of$2,500. 19 20 An additional down payment of$7,500 shall be made upon entering into this purchase`/ 21 agreement. Earnest monies paid to Seller and will not be held in trust. 22 23 Buyer will endeavor to build and sell a new home on the property with a minimum 24 structure value of$200,000 on or before June 15,2014.If this condition is not met,Buyer 25 shall pay$10,000 towards the outstanding balance of the purchase price,and thereafter 26 interest shall accrue at 5%per annum on the remaining balance.The remaining balance 27 with accumulated interest must be paid not later than the date of closing on June 14,2015.8 J` 29 If Buyer fails to substantially complete construction of a new home on the property by J 7 30 December 1,2015,then Buyer shall pay City the sum of$2,800 per year(estimated lost 31 taxes on structure value)beginning January 2,2016,and each January 2,thereafter until a 32 qualifying home is constructed. If not paid within 60 days of the date due,the unpaid 33 amount with interest at 6%per annum shall be certified to Anoka County for collection 34 as a special assessment on the property. 35 36 If the taxable status of the property changes from non-taxable to taxable due to this 37 transaction between Buyer and Seller,Buyer shall be responsible for paying taxes at any 38 time after this Purchase Agreement is executed even if it is before closing. 39 q^ 40 Executed by the parties this�L day of_&qU5,2013. 41 42 City of Centerville(Seller) Jeffrey Magdik,V' President 43 fH uyer) 44 45 LT