07-23-2003 Council Agenda - Laserfiche WebLink

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PURCHASE AGREEMENT Dated: , 2003 1. Parties and Relationship to Development Agreement. The parties to this Purchase Agreement are: a. The Economic Development Authority of the City of Little Canada, a Minnesota municipal corporation, Attention: Mr. Joel Hanson, City Administrator, 515 East Little Canada Road, Little Canada, MN 55117 (the "Seller "); and b. The Village at Little Canada LLC, a Minnesota limited liability company, Attention: Mr. George E. Sherman, c/o Sherman Associates, Inc., 233 Park Avenue South, Suite 201, Minneapolis, Minnesota 55415 (the "Buyer "). This Agreement sometimes refers to Seller and Buyer individually as a "Party" and collectively as the "Parties." Seller and Buyer are executing this Agreement contemporaneously with and pursuant to a Development Agreement between the Economic Development Authority of the City of Little Canada and The Village of Little Canada LLC of even date herewith (the "Development Agreement ") which Development Agreement contemplates the Buyer's construction of a square foot commercial building on the property that is the subject of this Agreement. 2. Property. The real property that is the subject of this Agreement is located in the City of Little Canada, Ramsey County, Minnesota and is legally described on the attached Exhibit A (the "Property "). The term "Property," as used in this Agreement shall include all improvements and fixtures, other than tenant trade fixtures, located on the Property and all hereditaments and appurtenances to the Property. 3. Purchase and Sale. Seller agrees to sell the Property to Buyer pursuant to the terms of this Agreement, and Buyer agrees to purchase the Property from Seller pursuant to the tern's of this Agreement. 4. Purchase Price. The purchase price for the Property is [_ Three Hundred Thousand Dollars ($300,000.00) [PARCEL 1 _] [_ One Dollar _] [PARCELS 2 -4] [Two Hundred Fifteen Thousand Dollars ($215,000.00) [PARCEL 5] (the "Purchase Price "). In addition to the Purchase Price, the consideration for the Seller's obligations under this Agreement is the Buyer's execution and delivery of the Development Agreement. 5. Payment Terms. Upon Seller's full performance of Seller's obligations under this Agreement, Buyer must tender the Purchase Price to Seller in cash, certified funds or wire transferred funds. 6. Conveyance Terms. Upon Buyer's full performance of Buyer's obligations under this Agreement, Seller must execute and deliver to Buyer a Quit Claim Deed conveying fee title to the Property to Buyer subject only to: 1455685v2 3