1999 Public Notices - Laserfiche WebLink

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iWQ>f_ =,-ll~ 8:~ l'Er ~I=,::' fflliIM~-':i PURCHASE AGREEMENT This a~eement for urchase and sale of property ("The Agreement") is made and entered into on the I S day of 8WJ'>'1bw ] 999 by and between Center Oaks LLP, a Minnesota Limited Liability Partnership or its assignees (hereinafter the "Seller") and D&T Incorporated or assigned (hereinafter the ''Buyer''). The date that this agreement has been fully executed is hereinafter referred to as the "effective date". In consideration of the mutual covenants, agreements and promises of the parties contained herein, the adequacy of which is hereby acknowledged, the parties hereto agree as follows: 1. PROPERTY - Seller hereby agrees to sell and convey to buyer and buyer agrees to purchase from seller, subject to the terms and conditions prescribed herein, land owned by seller situated in the City of Centerville, County of Anoka, State of Minnesota shown on exhibit A and identified by parcels below: Approximately 2.83 acres described and outlined in yellow on exhibit A. 2 PURCHASE PRICE - The purchase price shall be cash on closing. ..; . TERMS " deposit to be deposited with Seller upon execution, deposit shall be applicable to purchase price. Balance of shall be due at the date of closing. These terms are contingent upon City approval for rezoning property Seller shall give buyer until February 15,2000 to get permit from the City. EARNEST MONEY - Buyer shall give to Seller L _ , which shall be considered as earnest money, which shall go directly to the Seller. Earnest monies shall apply toward purchase and is refundable if City doesn't rezone to Buyers approval. 5 CLOSING & EXTENSIONS - The closing shall take place on March 20, 2000 at offices of Sellers Title agent. Buyer may elect to close early in the event city approvals are achieved early. 6 CONTINGENCmS - Seller agrees to allow buyer to proceed with approvals and applications required for property. Buyer will not impose any type of lien or encumbrance or special assessment onto property that will affect Seller, in the event buyer does, buyer will be responsible for the same. Sale of property is contingent upon approval from City and Seller shall give Buyer until February ]5, 2000 to get approval for rezoning Seller shall give Buyer until March 20, 2000 for approval from Buyer for soils. All special assessments for this property will be the responsibility of the Buyer upon acceptance of this agreement. 7 TITLE A~rn EXAMINATION - Seller shall, within a reasonable time after acceptance of this Agreement, furnish Buyer with an abstract evidencing marketable title to the premises. Buyer shall be allowed ten (] 0) business days after receipt of the abstract for examination of title and making any objections, which shall be made in writing or deemed waived. If any objection is so made, Seller shall have ten (10) business days from receipt of Buyer's written title objections to notify Buyer of Seller's intention to make title marketable within ]20 days from Seller's receipt of such written objection. Ifnotice is given, payments hereunder required shall be postponed pending correction of title, but upon correction of title and provided all other conditions of this Agreement have been met within ten (10) days after written ~ -.- - klcenterVillepa