2017-05-24 CC Packet - Laserfiche WebLink

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PURCHASE AGREEMENT This Purchase Agreement (this "Agreement") is made and entered into by and between Jon R. Pederson and Sophie Pederson, husband and wife, and/or assigns ("Buyer"), and the City of Centerville, Minnesota ("Seller"), effective as of the date it is fully executed and delivered to all parties (the "Effective Date"). 1. Sale and Purchase of Property. Subject to the terms and conditions of this Agreement, Seller agrees to sell to Buyer, and Buyer agrees to purchase from Seller, title in fee simple to an unimproved parcel of land consisting of approximately five acres and legally described as Lot 2, Block 1, Clearwater Business Park, Anoka County, Minnesota and having Property ID Number 24-31-22-23-0017 together with all appurtenant rights, hereditaments, privileges and easements belonging thereto and located thereon, which are owned by Seller (collectively, the "Property"). 2. Purchase Price, Earnest Money. The purchase price for the Property (the "Purchase Price") shall be Eight Hundred Ninety -Nine Thousand Six Hundred Twenty -Five Dollars ($899,625.00), payable as follows: a. Ten Thousand Dollars ($10,000.00) earnest money (the "Earnest Money"), which shall be paid within five (5) business days after the Effective Date, by depositing the same in escrow with Commercial Partners Title Company, LLC, as escrow agent ("Escrow Agent"), in an interest-bearing account ("Escrow Account"). Joinder by Escrow Agent attached as Exhibit A. b. The balance of the Purchase Price, equal to Eight Hundred Eighty Nine Thousand Six Hundred Twenty -Five Dollars ($889,625.00) shall be paid to Seller (i) by wire transfer of immediately available federal funds or (ii) by Escrow Agent's check on or before the Closing Date (as defined), subject to adjustment and proration as set forth herein. 3. Title. a. Title Insurance Commitment and Abstract. As soon as reasonably possible, but in any event within ten (10) days of the Effective Date hereof, Seller, at Seller's expense, shall deliver to Buyer a current commitment for the most current ALTA Owner's Policy of Title Insurance, with extended coverage, issued by Commercial Partners Title Company, LLC (the " 77tk Company"), legible copies of all documents referenced therein, and endorsements for zoning, contiguity, appurtenant easements, access, increased coverage and such other matters as may be reasonably identified by Buyer, in the amount of the Purchase Price (the "Commitment'). The Commitment will commit the Title Company to insure title to the Real Property subject only to the encumbrances permitted by Buyer in accordance with the provisions set forth in this Paragraph 3. b. Survey. As soon as is reasonably practical after the Effective Date, Seller, at Seller's expense, shall provide Buyer with a current survey of the Real Property (the 29