06-22-1988 Council Agenda - Laserfiche WebLink

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PURCHASE AGREEMENT Little Canada, Minnesota. May , 1988 RECEIVED of the City of Little Canada the sum of One Thousand and No /IOO ($1,000.00) Dollars by check as Earnest Money to be deposited the next day after acceptance in trust account (unless otherwise specified in writing) and in part payment for the purchase of the premises legally described as: Lot 6, Nadeau Addition, Ramsey County, Minnesota, for a total acreage of 3.9 acres, + or -. in the City of Little Canada, County of Ramsey, State of Minnesota, including all plants, shrubs and trees located on the premises, all of which property Seller has this day sold to Buyer for the sum of Ninety -Six Thousand Three Hundred Sixteen and No /100 ($96,316.00) Dollars, which Buyer agrees to pay in the following manner: Earnest Money of $1,000.00, and $95,316.00 pursuant to a Contract for Deed in the form of the attached Exhibit A, to be executed on June 30, 1988, the date of closing. Seller agrees that Buyer shall have the right to investigate and test the property at its expense for any contamination or presence of hazardous substance as that term may be defined by any Federal, State or local law, statute, ordinance or rule. If, prior to the date of closing, Buyer determines in its absolute discretion that such substance exists, this Agreement will be null and void at the option of the Buyer and all Earnest Money will be returned to Buyer if this Agreement is void. Seller represents and warrants that it has done nothing to cause such substances to occur on the property and that it does not know of any such substances on or affecting the property. Buyer shall indemnify Seller from any losses, costs, or expenses resulting from Buyer's entry upon the property. Subject to performance by Buyer, Seller agrees to execute and deliver a Contract for Warranty Deed, in the form of the attached Exhibit A, conveying marketable title to the premises subject only to the following exceptions: (1) Building and zoning laws, ordinances, State and Federal regulations. (2) Restrictions relating to use or improvement of the premises without effective forfeiture provision. Page 38