Laserfiche WebLink
4. Should the City, or its designees or assigns, need to acquire the properties at 2962 and <br />2968 Rice Street for redevelopment purposes, Developer agrees to sell said property on a <br />voluntary basis to the City or the party undertaking the redevelopment based upon the <br />following: <br />A. The sales price of the properties shall be determined utilizing an appraisal <br />prepared by a certified property appraiser who is mutually agreeable to both <br />parties. In the event Developer and City cannot agree on an appraiser, the <br />appointment of an appraiser shall be made by the Chief Judge of the Ramsey <br />County District Court. The cost of the appraisal shall be shared on a 50/50 <br />basis between Developer and City. The total purchase price shall be paid in <br />cash to the Developer on the date of closing. <br />B. The date of closing shall be no later than sixty (60) days from the date of the <br />appraisal unless extended by mutual agreement. <br />C. At closing, the Developer shall deliver to City or its designees or assigns, a <br />marketable Warranty Deed conveying the two properties free and clear of all <br />liens, charges, and encumbrances. The Warranty Deed shall include any <br />ownership or other rights the Developer has to public or private easements <br />upon, near, or adjacent to the two properties, whether vacated or not, and <br />whether dominant or servient to the two properties. <br />D. Upon seven (7) days written notice to Developer, Developer shall allow City, <br />or its designees or assigns, to enter upon the two properties for the purposes of <br />examining and surveying the two properties and conducting such tests and <br />investigations as deemed necessary related to the potential purchase of the two <br />properties including soil tests and borings. Any of the foregoing activities <br />shall be at City's cost and City shall indemnify and hold Developer harmless <br />from any and all liability associated with the foregoing activities. The two <br />properties shall also be restored to the condition that existed immediately prior <br />to the commencement of foregoing activities. <br />E. Developer shall furnish a currently certified Abstract of Title or currently <br />certified Registered Property Abstract or Owner's Duplicate Certificate of <br />Title covering title to the two properties. City or its designees or assigns shall <br />be allowed thirty (30) days to examine title, make objections thereto, and <br />notify Developer in writing of such objections. If any objections are made, <br />Developer shall be allowed up to the date of closing to cure such objections. <br />F. If acquisition of the two properties proceeds to closing, real estate taxes on the <br />two properties payable in the year of closing shall be prorated as of the date of <br />closing. Developer shall be responsible for the payment of all unpaid special <br />assessments and pending assessments on the two properties. <br />24 <br />