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2020-03-11 CC Packet
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2020-03-11 CC Packet
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<br />REAL ESTATE PURCHASE AGREEMENT <br /> <br /> THIS AGREEMENT _______________, 2020 <br />the CITY OF CENTERVILLE, a Minnesota municipality <br />("Seller" ) and TRIDENT DEVELOPMENT, LLC, a Minnesota limited liability company, or <br />its assigns ("Buyer"). <br /> <br />R E C I T A L S <br /> <br />WHEREAS, the Seller owns real property as legally described herein located at See <br />Exhibit A in the City of Centerville, Anoka County, Minnesota, which property contains <br />approximately 1.61 acres (approximately 70,232 square feet) and is legally described on Exhibit <br /> <br /> <br />WHEREAS, Seller agrees to sell to Buyer and Buyer agrees to purchase from Seller the <br />Real Property pursuant to the terms and conditions of this Agreement. <br /> <br /> <br /> NOW, THEREFORE, in consideration of the covenants contained herein and other good <br />and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the <br />parties agree, for themselves, their successors and assigns as follows <br /> <br /> <br />1. SALE OF PROPERTY. Seller agrees to sell to Buyer and Buyer agrees to <br />purchase from Seller, fee title in the Real Property, together with all gaps, easements, rights <br />benefiting or appurtenant to the Real Property, title or interest in any public streets or other public <br />other approvals issued in connection with the Real Property, including rights arising out of any <br />applicable Master Plan or Development Agreement (that includes the Real Property) or otherwise <br /> <br />2. PURCHASE PRICE AND MANNER OF PAYMENT. The total purchase price <br />("Purchase Price") to be paid by Buyer for the Property will be Three Hundred Fifty Thousand and <br />No/100 Dollars ($350,000.00), and payable as follows: <br /> <br />A. Earnest Money. <br />(i) Ten Thousand and No/100 Dollars as earnest money ("Earnest <br />Money"). The Earnest Money is to be deposited into an account of Tri <br />County Abstract & Title Guaranty, Inc. or other title insurance company <br />at the discretion of the Buyer, ("Title") (the "Deposit Account"). The <br />Deposit Account shall be delivered to Seller on the Closing Date as <br />defined in this Agreement or as otherwise provided in this Agreement. <br />The term Earnest Money will also include any accrued interest. <br />(ii) The Earnest Money is nonrefundable (but applicable to the Purchase <br />Price) upon deposit unless, the Buyer exercises any right to terminate <br />this Agreement. <br /> <br />B. Balance of Purchase Price. The balance of the Purchase Price <br />g Date. <br /> <br />16 <br /> <br />
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