2023-03-08 CC Packet - Laserfiche WebLink

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PURCHASE AGREEMENT THIS AGREEMENT made and entered into as of this day of March, 2023 (the "Effective Date") by and between CITY OF CENTERVILLE (hereinafter referred to as "Seller") and F&M HOLDINGS LLC, a Minnesota limited liability company (hereinafter referred to as 'Buyer"). WITNESSETH: WHEREAS, Seller is the owner of all rights, title and interest in and to the real property consisting of approximately 0.50 acres or 21,686 square feet of land area located onl737 Main Street in the City of Centerville, County of Anoka, State of Minnesota, described on the attached Exhibit A (hereinafter referred to as "Property"), together with (1) all improvements constructed or located on the Property and (2) all easements, rights and other interests benefiting or appurtenant to the Property. WHEREAS, Seller desires to sell the Property to Buyer and Buyer desires to purchase the Property in accordance with the terms and conditions as hereinafter set forth. NOW, THEREFORE, the parties do hereby agree as follows: 1. Purchase Price. The purchase price for the Property to be paid by Buyer to Seller shall be Five Thousand and NO/100 U.S. Dollars ($5,000.00). A. Earnest Money. Earnest Money of One and No/100 U.S. Dollars ($1.00). The Earnest Money shall be deposited in the trust account of Title Company and be distributed in accordance with the terms of this Agreement; B. Cash at Closing. The balance of the purchase price of Four Thousand Nine Hundred and Ninety -Nine and No/100 U.S. Dollars ($4,999.00) shall be paid, in cash or cash equivalent, on the Date of Closing, subject to the terms and conditions set out herein. 2. Closing. The closing of this transaction shall take place at the offices of Land Title Corporation (the "Title Company"), 2200 West County Road C, Suite 2205, Roseville, Minnesota 55113, or another mutually agreed upon location on a date selected by Buyer no more than fifteen (15) days following the satisfaction or waiver of all of the conditions set forth in paragraph 5 & 6 hereof, or such other date, time and place as is mutually agreeable to the parties hereto, (hereinafter referred to as 'Date of Closing"). 3. Representations and Warranties of Seller. Seller does hereby covenant, warrant and represent to Buyer as follows: A. Seller has good, marketable, insurable title to the Property of record, free and clear of all liens, encumbrances, leases, claims, and charges; all material easements, rights -of -way, covenants, conditions and restrictions; and any other matters affecting title thereto, except for such matters as are approved by Buyer in writing. B. The Property abuts on and has direct vehicular and pedestrian access to a public road, has sewer and water stubbed to the site and gas and electric on site. 1 Centerville - Purchase Agreement 1737 Main Street - version 03032023-2