Res. #19-016 - Authorizing Conveyance of Real Property to Midwest Best Water, Inc.

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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 MID WEST BEST WATER SALES, INC., a Minnesota corporation, its successors or assigns ("Buyer. For purposes of this Agreement, the berm 'Effective Date" shelf mean the last of the dates indicated adjacent to the signatures of the parties herein below. 1. . Subject to fulfillment of the berms and conditions of this Agreement, Setter shag sell to Buyer and Buyer shall purchase from Seger the real property located in the City of Centerville, County of Anoka, and State of Minnesota legally described in EXHIBIT A attached hereto (Tax Panel It's No. 243122230018 consisting of apgroximatey 2.3 acres of land, together with all easements, tenements, heredgaments, and appurtenances belonging thereto and all buildings, structures, fixtures and improvements (if any) presently affixed, attached to, placed or situated thereon (collectively, the "Property"). 2. Purchase Price: Payment. 2.1 PUrrchase Price. The purchase price to be paid by Buyer for the Property shag be the sum of Four Hundred And Five Thousand and no1100 Dollars ($405,000.00) (the "Purchase Price"). 2.2 per. The Pure Price shaft be paid as follows. 2.2.1 Earnest Money. Within fire (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 Dogars ($10,000.00) (the "Earnest Money") with Servion Commercial Title ("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 ail interest accruing on the Earnest Money pursuant to this Agreement shall be paid to Buyer and shag accrue solely for Buyer's benefit, provided, however, at Closing, Buyer may instruct Title to release any and ail interest accruing on the Earnest Money to Seger 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 Seger. 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 shag be required from Seller. 2.2.2 S0. The balance of the Purchase Price steal be paid (subject to prorations, reductions and credits as provided below) by wire transfer at the Closing. Rv• u it i�i. ► 1_ h+. +lr.>�!.• �: 3.1 Title To Be Delivered. At Closing, Seiler agrees to convey marketable fee simple title in the Property, subject to the Permitted Exception (as defined herein). .�1u a nu,=:n a=� 3.2.1. Commitment. Within fifteen (15) business days after the Effective Date, Seger at its sole cost and expense shag 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 Pogay, with standard coverage, in the fug amount of the Purchase Price. The Commitment shag have an effective date after the date of this Agreement, shag be accompanied by copies of ail recorded documents affecting the Property, and shag include searches for ,real estate taxes and pending and levied special assessments. Seger shag deWw a copy of the Surrey (defined herein) to Title so that the initial Commitment may be amended or supplemented to contain any survey 9X08pd0ns to title. 3.2.2. Survey. Within Fifteen (15) business days after the Effective Date, Seller at its sole cost and expense -1-