|
PURCHASE AGREEMENT
<br /> THIS PURCHASE AGREEMENT ("Agreement") is made and entered into by and between CITY OF CENTERVILLE,a
<br /> municipality (collectively "Seller"), and MIDWEST BEST WATER SALES, INC., a Minnesota corporation, its
<br /> successors or assigns ("Buyer"). For purposes of this Agreement, the term, "Effective Date" shall mean, the last of the
<br /> dates indicated adjacent to the signatures of the parties herein below.
<br /> 1. Property. Subject to fulfillment of the terms and conditions of this Agreement, Seller shall sell to Buyer and
<br /> Buyer shall purchase from Seller the real property located in, the City of Centerville, County of Anoka, and State of
<br /> Minnesota legally described in EXHIBIT A attached hereto (Tax Parcel ID's No. 243122230018 consisting of
<br /> approximately 2.3 acres of land, together with all easements, tenements, hereditaments, and appurtenances belonging
<br /> thereto and all buildings, structures, fixtures and improvements (if any) presently affixed, attached to, placed or
<br /> situated thereon (collectively, the "Property").
<br /> 2. Purchase PriggLRAyMgqt.
<br /> 2.1 Purchase Price, The purchase price to be paid by Buyer for the Property shall be the sum of Four Hundred
<br /> Thousand and no/100 Dollars($400,000.00) (the"Purchase Price"').
<br /> 2.2 Payment. The Purchase Price shall be paid as follows:
<br /> 2.2.1 Earnest Money, Within five (5) business days after the execution and delivery of this Agreement
<br /> between Buyer and Seller, Buyer shall deposit earnest money in the amount of Ten Thousand and
<br /> no/100 Dollars ($10,000.00) (the "Earnest Money") with Land Tilde, Inc, ("Title"). The Earnest
<br /> Money shall be placed and held by Title in its commercial account and disbursed in accordance with
<br /> the terms of this Agreement and shall be credited in favor of Buyer against the Purchase Price payable
<br /> at Closing. Any and all interest accruing on the Earnest Money pursuant to this Agreement shall be
<br /> paid to Buyer and shall accrue solely for Buyer's benefit, provided, however, at Closing, Buyer may
<br /> instruct Title to release any and all interest accruing on the Earnest Money to Seller and Buyer shall be
<br /> entitled to an additional credit against the balance of the Purchase Price due at Closings in amount
<br /> equal to the accrued interest released to Seller. Wherever the Agreement provides for return or
<br /> refund of the Earnest Money to Buyer, Title shall promptly return or refund the Earnest Money to
<br /> Buyer in accordance with the Agreement upon receipt of written notice from Buyer and no consent
<br /> or writing shall be required from Seller,
<br /> 12.2 Cash. The balance of the Purchase Price shall be paid (subject to prorations, reductions and credits
<br /> as provided below) by wire transfer at the Closing,
<br /> 3. Title To Be Delivered: Cornmitmut- Survey; Title Objections.
<br /> 3.1 Title To Be Delivered. At Closing, Seller agrees to convey marketable fee simple title in the Property, subject to
<br /> the Permitted Exception (as defined herein).
<br /> 3.2 Commitment: Survey.
<br /> 3.2,11, Commitment. Within fifteen (15) business days after the Effective Date, Seller at its sole cost and
<br /> expense shall provide Buyer with a commitment("Commitment") covering the Property to be issued by
<br /> Title and delivered by Title to Buyer wherein Title agrees to issue to Buyer upon the recording of the
<br /> Deed (defined herein) and the conveyance documents described herein an ALTA (Form 2006)
<br /> Owner's Title Insurance Policy, with standard coverage, in the full amount of the Purchase Price. The
<br /> Commitment shall have an effective, date after the date of this Agreement, shall be accompanied by
<br /> copies of all recorded documents affecting the Property, and shall include searches for real estate
<br /> taxes and pending and levied special assessments. Seller shall deliver a copy of the Survey (defined
<br /> herein) to Title so that the initial Commitment may be amended or supplemented to contain any survey
<br /> exceptions to title.
<br /> 3.2.2. Survey. Within Fifteen (15) business days after the Effective Date, Seller at its sole cost and expense
<br /> 1 -
<br /> 45
<br />
|