08-14-1996 Council Agenda - Laserfiche WebLink

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EXCLUSIVE OPTION AGREEMENT This EXCLUSIVE OPTION AGREEMENT (the "Agreement ") is made this _ day of , 19 by and between Eugene M. Delonais (hereinafter called "Owner ") and the City of Little Canada, a political subdivision under the laws of the State of Minnesota, (hereinafter called "Buyer "). RECITALS: A. Owner is the fee owner of the real property located in Ramsey County, Minnesota, legally described on Exhibit A attached hereto and made a part hereof, and shown on Exhibit B attached hereto and made a part hereof, together with all improvements located thereon and all easements which benefit the real property (hereinafter called the "Property"). B. Buyer desires to obtain an option to purchase the Property with the right to assign such option upon the exercise hereof and owner is willing to grant such option upon the terms hereinafter contained. NOW, THEREFORE, in consideration of the City's payment of Five Hundred and No /100 ($500.00) Dollars and other good and valuable consideration, receipt of which from Buyer is hereby acknowledged by Owner, it is hereby agreed as follows: 1. Option. Owner hereby grants to Buyer, and the successors and assigns of Buyer, the exclusive right and option to purchase the Property (the "Option "). The term of the Option shall be from the date hereof until 180 days after the termination of the Owner's occupancy of the Property. Such occupancy shall not be considered vacated by Owner merely because of his temporary absence for personal medical or related purposes. If Buyer does not exercise this Option in a timely manner, as set forth herein, this Agreement shall be null and void and neither party shall have any further rights or claims against the other. 2. Exercise of Option. This Option shall be deemed fully exercised if written notice of election of purchase is given to Owner, or his heirs or assigns, on or before midnight of the 180th day after the termination of the Owner's occupancy of the Property. Service of such notice shall be sufficient if timely given to Owner, or his heirs or assigns, as provided in this Agreement. The date notice is given shall be hereinafter referred to as the "Exercise Date." 3. Agreement Not to Encumber. Owner will not sell, lease, mortgage, transfer or otherwise encumber any of their interest in the Property in any manner during the Option period, and Owner agrees not to construct wmaisMit improvements or make other alterations to the Property other than those that are considered normal maintenance and repair, except with the written approval of Buyer. (S« wo7 /i, Cti -.cf< /) 0143160.02 Page 32