02-23-2005 Council Agenda - Laserfiche WebLink

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PURCHASE AGREEMENT 1. Parties. This Purchase Agreement is made this 7$,- day of Alca,,,,S,7 , 2004 by and between City of' Little Canada, a Minnesota Municipal Corporation, (hereinafter "Seller ") and Blue Chip Properties, LLC, a Minnesota Limited Liability Company, (hereinafter "Purchaser "), for the sale and purchase of the property described in the following paragraph. 2. Property. Seller hereby agrees to sell and Purchaser hereby agrees to buy real property located in Ramsey County, Minnesota legally described as follows: PIN #07- 29 -22 -43 -0003, also described as follows: That part of the West One -half of the Southeast Quarter of Section 7, Township 29 North, Range 22 West, lying west of the westerly right of way line of the Minneapolis, St. Paul and Sault Ste Marie Railway Company as now located and established and southerly of the southerly right of way line of Tnmk Highway No. 36 as now located and established; which lies northerly and easterly of the following described line: Beginning at a point on the South line of Rosedale Avenue distant 133 feet westerly of its intersection with the north and south quarter line of said Section 7; thence run east on the south line of Rosedale Avenue and its easterly extension for 166 feet; thence deflect to the right at an angel of 45 degrees 00 minutes 00 seconds and run southeasterly to an intersection with a line run parallel with and distant 60 feet northwesterly of the northwesterly right of way line of said Minneapolis, St. Paul and Sault Ste. Marie Railway Company; thence run southwesterly on said 60 foot parallel line to its intersection with a line run parallel with and distant 33 feet north of the south line of said Section 7, and there terminating. 3. Purchase Price. The property described in the preceding paragraph is to be sold to the Purchaser for the sum of Three hundred eighty -five thousand and no /100 (3335,000), which the Purchaser agrees to pay in the following manner: Twenty -five Thousand Dollars (325,000) earnest money, by check, receipt of which is hereby acknowledged. Three Hundred Sixty Thousand Dollars (3360,000) cash, at the time of closing. 4. Permitted Encumbrances. Upon and subject to performance by Purchaser, the Seller shall execute and deliver to Purchaser on the date of closing a Warranty Deed conveying- marketable title to said property subject only to the following: a. Reservations of minerals or mineral rights by the State of ?Minnesota, if any. Page 1 of 10 t- I:.loe1l1\ CorrespondenceJoel 2004VCounty Road B Purchase :Agreement - Gordie Howe - 11.19.04.doc 2