10-27-2004 Council Agenda - Laserfiche WebLink

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PURCHASE AGREEMENT THIS AGREEMENT, made and entered into this day of , 2004, by and between the City of Little Canada, a Minnesota municipal corporation, Seller, and Ramsey - Washington Metro Watershed District, a Minnesota municipal corporation under the laws of the State of Minnesota, the Buyer; WITNESSETH, that in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration in hand paid by the Buyer to the Seller as more fully set forth below, the receipt and sufficiency of which are hereby acknowledged by the Seller, it is hereby agreed as follows: 1. Property Purchased. The Seller hereby agrees to sell and the Buyer hereby agrees to purchase, on such terns and conditions as are here set forth, the following described property: (a) All that real property located in the County of Ramsey and State of Minnesota, tentatively described in Exhibit "A ", and outlined on the plat map as Exhibit "B" which are both attached hereto and made a part hereof by this reference (hereinafter referred to as the "subject land "). As hereinabove indicated, the legal description is a tentative legal description. As soon as it is practicable after execution of this Agreement, Buyer shall prepare an up -to -date survey, at Buyer's expense, by a registered land surveyor, which survey shall set forth; the location and actual legal description of the real,property. When prepared, said final survey shall be attached hereto as Exhibit "C" and shall be made a part hereof, and shall govern. 2. Purchase Price. The purchase price shall be the amount to be determined in a cert ified property appraisal to be conducted by Nicollet Partners, Inc. The appraisal shall value the property as a commercial parcel based upon allowable uses within Little Canada's B -3 zoning district. The appraisal shall also take into consideration existing soil and boundary information based on data supplied by Buyer. The purchase price shall be paid as follows: (a) Non - refundable Earnest Money. Upon the execution and delivery of this Agreement, Buyer shall deliver to Seller a check payable to Seller in the amount of Two thousand five hundred dollars ($2,500.00), receipt of which is hereby acknowledged. The unpaid balance of the Contract shall be paid on or before March 1, 2005, the date of closing. All money payments to be made pursuant to this Section 2 shall be in cash or some other form acceptable to the Seller. 3. Date of Closing. The date for closing of the sale contemplated shall be on March 1, 2005, or at such other time as the parties can mutually agree in writing. 1 3