01-10-2024 Council Packet - Laserfiche WebLink

Home Browse Search

1 PURCHASE AGREEMENT THIS PURCHASE AGREEMENT (“Agreement”) is made as of January _____, 2024 (“Effective Date”) Donald J. Gagne and Mary Gagne, married to each other ("Sellers") and City of Little Canada, a Minnesota Municipal Corporation (“Buyer"). In consideration of this Agreement, Sellers and Buyer agree as follows: 1. Sale of Property. Sellers agree to sell to Buyer, and Buyer agree to buy from Sellers, the real property located in City of Little Canada, County of Ramsey, State of Minnesota, legally described as follows on the attached Exhibit A (“Property”). 2. Purchase Price and Manner of Payment. The total purchase price ("Purchase Price") to be paid by Buyer to Sellers for the Property shall be One Million Three Hundred and Seventy-Five Thousand and 00/100 Dollars ($1,375,000.00) and shall be payable as follows: (a) Ten Thousand and 00/100 ($10,000.00) as earnest money ("Earnest Money"). To be held in trust by Seller’s attorney. Payable on signing Purchase Agreement. (b) One Millon Three Hundred and Sixty-Five ($1,365,000.00) payable by cash, check or wire transfer at the Closing, as hereinafter defined. 3. Closing. The closing for the purchase and sale contemplated by thi s Agreement (“Closing”) shall take place April 12, 2024, or some other date mutually agreeable to the parties (“Closing Date”). The Closing shall take place at the offices of the City of Little Canada or as such other place as may be agreed to by the parties. Seller agrees to deliver possession of the Property to Buyer on Closing Date. 4. Sellers’s Documents. Within three (3) business days of the date of this Agreement, Sellers shall deliver to Buyer the following materials, to the extent they are in the possession or control of Sellers: (a) All surveys; (b) All title reports, abstracts, commitments and policies or other evidence of title to the Property that Sellers’ have in its possession; (c) All reports, documents and surveys regarding test of subsurface soil conditions; (d) All environmental studies and reports; (e) All wetland delineations studies; (f) All other reports, studies or other material that pertain to environmental hazards, wetlands, delineation, studies and other reports of the physical or environmental condition of the Property; and (g) All existing and proposed leases, licenses, easements and contracts effecting the Property. Failure of Sellers to deliver the above materials within the required time period shall automatically extend the Inspection Period. One day for each day deliver y of any of the materials