08-25-1999 Additions - Laserfiche WebLink

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PURCHASE AGREEMENT THIS AGREEMENT is made as of August 25, 1999, by THE CITY OF LITTLE CANADA, a Minnesota municipal corporation ( "Seller ") and REGAL INVESTMENT, LLC, a Minnesota corporation ( "Buyer "). RECITALS: Seller is the fee owner of approximately .037 acres of unimproved land situated in Ramsey County, Minnesota, as depicted on Exhibit A and legally described on Exhibit B (the "Property "). Buyer is the fee owner of (a) approximately 1.66 acres of unimproved land adjacent to and northerly of the Property, (Buyer's Northerly Property "). Buyer desires to purchase the Property and Seller desires to sell the Property pursuant to the terms of this Agreement. So long as Buyer purchases the Property, Seller is willing to vacate its interest in the Property and allow Buyer to combine it with Buyer's Northerly Parcel to facilitate construction of an office /warehouse building pursuant to the terms and conditions of this Agreement. NOW THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Seller agrees to sell the Property and Buyer agrees to purchase the Property, upon the following conditions: 1. Purchase price. The purchase price to be paid by Buyer (the "Purchase Price ") shall be one dollar and other valuable consideration. '2. Additional Consideration. Buyer shall construct on Buyer's Northerly Property a storm sewer system of sufficient size to accommodate additional drainage from Minnesota Avenue and Little Canada Mall. Said construction will be to Buyer's north property line in a route, size and manner approved by Seller's engineer. 3. Closine. The closing of the transaction contemplated by this Agreement ( "Closing ") shall take place on or before ten (10) business days following Buyer's receipt of all recordable documentation required to document, to the satisfaction of Title, the Vacation described in Section 8 of this Agreement ( "Closing Date "). The Closing shall take place at a location mutually agreed upon by the parties. 4. Real Estate Taxes and Special Assessments. Seller hereby warrants that the Property is currently exempt from real property taxes and/or levied and pending assessments (general or special). Buyer shall be responsible for the payment of any real property taxes and/or special assessments which are due and payable following the year in which Closing occurs. Page 11