2019-03-27 CC Packet - Laserfiche WebLink

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PURCHASE AGREEMENT THIS PURCHASE AGREEMENT("Agreement")is made and entered into by and between CITY OF CENTERVILLE,a municipality (collectively "Seller"), and MIDWEST BEST WATER SALES, INC., a Minnesota corporation, its successors or assigns("Buyer"). For purposes of this Agreement,the term"Effective Date"shall mean the last of the dates indicated adjacent to the signatures of the parties herein below. 1. Property. Subject to fulfillment of the terms and conditions of this Agreement,Seller shall sell to Buyer and Field Code Changed Buyer shall purchase from Seller the real property located in the City of Centerville,County of Anoka, and State of Minnesota legally described in EXHIBIT A attached hereto (Tax Parcel ID's No. 243122230018 consisting of ` Field Code changed approximately 2.3 acres of land,together with all easements,tenements,hereditaments,and appurtenances belonging Field Bode changed thereto and all buildings, structures, fixtures and improvements (if any) presently affixed, attached to, placed or Field Code Changed situated thereon(collectively,the"Property"), Field Code changed 2, Purchase Price;Payment. Field Code Changed Field Code Changed 2.1 Purchase Price.The purchase price to be paid by Buyer for the Property shall be the sum of Four Hundred Field Code Changed And Five Thousand and no/100 Dollars($405,000.00)(the"Purchase Price"). - Field Code Changed 2.2 Payment.The Purchase Price shall be paid as follows: Field Code Changed 2.2.1 Earnest Money. Within five (5) business days after the execution and delivery of this Agreement between Buyer and Seller, Buyer shall deposit earnest money in the amount of Ten Thousand and no/100 Dollars ($10,000.00) (the "Earnest Money") with Land Title, Inc. ('Title"). The Earnest Money shall be placed and held by Title in its commercial account and disbursed in accordance with the terms of this Agreement and shall be credited in favor of Buyer against the Purchase Price payable at Closing. Any and all interest accruing on the Earnest Money pursuant to this Agreement shall be paid to Buyer and shall accrue solely for Buyer's benefit, provided, however, at Closing, Buyer may instruct Title to release any and all interest accruing on the Earnest Money to Seller and Buyer shall be entitled to an additional credit against the balance of the Purchase Price due at Closing in amount equal to the accrued interest released to Seller. Wherever the Agreement provides for return or refund of the Earnest Money to Buyer, Title shall promptly return or refund the Earnest Money to Buyer in accordance with the Agreement upon receipt of written notice from Buyer and no consent or writing shall be required from Seller. 2.2.2 Cash.The balance of the Purchase Price shall be paid(subject to prorations, reductions and credits as provided below)by wire transfer at the Closing. 3,, Title To Be Delivered;Commitment*Survey;Title Objections. Field Code Changed 3.1 Title To Be Delivered.At Closing,Seller agrees to convey marketable fee simple title in the Property,subject to Field Code Changed the Permitted Exception(as defined herein). 3.2 Commitment Survey. 3.2.1, Commitment. Within fifteen (15) business days after the Effective Date, Seiler at its sole cost and expense shall provide Buyer with a commitment("Commitment")covering the Property to be issued by Title and delivered by Title to Buyer wherein Title agrees to issue to Buyer upon the recording of the Deed (defined herein) and the conveyance documents described herein an ALTA (Form 2006) Owner's Title Insurance Policy,with standard coverage,in the full amount of the Purchase Price.The Commitment shall have an effective date after the date of this Agreement,shall be accompanied by copies of all recorded documents affecting the Property, and shall include searches for real estate taxes and pending and levied special assessments. Seller shall deliver a copy of the Survey(defined herein)to Title so that the initial Commitment may be amended or supplemented to contain any survey exceptions to title. 3.2.2. Survey.Within Fifteen(15)business days after the Effective Date,Seller at its sole cost and expense -1 - 84