07-09-2014 Council Agenda - Laserfiche WebLink

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From: Chad Lemmons[mailto:chadlemmons@kellyandlemmons.com] Sent: Wednesday, July 02, 2014 5:57 PM To: 'Joel Hanson' Cc: 'kbeseman@kellyandiemmons.com' Subject: RE: Revised Purchase Agreement Joel Here are my comments: 1. Para. 3 e. Is a medical building a permitted use. If it isn't language should be changed to reflect proper zoning classification. 2. The last paragraph of Para 3 should include a reference to mechanics lien claims and attorney fees 3. Para 4 a. It should be a limited warranty deed. in addition there should be a set closing date. Use the following language" In no event shall closing occur later than , 2014.» 4. Para 5 a. The seller's title costs should be capped at $500. 1 would like a clearer definition title commitment fees. In addition seller should not be paying the cost of an ALTA survey. See Para 6b. Seller should not pay the cost of recording the deed. 5. Para 5c.change language from "as of the Closing Date" to "Effective Date" 6. Para 6 c makes any title issue objectionable. Any easement or restriction could be considered objectionable. If an easement or restriction does not interfere with the proposed development it should be permitted 7. No warranties of any type expressed or implied concerning suitability of the property for its intended use. 8. Para 7 k. Add "to the best of sellers knowledge". 9. Remove Para 10 real estate commissions are independent of the purchase agreement and should not be mentioned. 10. If buyer breaches the agreement your only remedy is cancellation. The buyer has the right to sue for performance. The buyer's remedy should lapse 6 months from date of seller's breach. Chad D. Lemmons Attorney at Law Kelly & Lemmons, P.A. 223 Little Canada Road East Suite 200 St. Paul, MN 55117 651-224-3781 651-223-8019 (FAX) Attention: Any tax advice in this message is not intended or written to be used and cannot be used for the purpose of avoiding any federal tax penalties. This message and any attachments are intended only for the named recipient(s), and may contain information that is confidential, privileged, attorney work product, or exempt or protected from disclosure under applicable laws and rules. If you are not the intended reeipient(s), you are notified that the dissemination, distribution, or copying of this message and any attachments is strictly prohibited. If you receive this message in error, or are not the named recipient(s), please notify the sender at either the email address or the telephone number included herein and delete this message and any of its attachments from your computer and/or network. Receipt by anyone otter than the named recipient(s) is not a waiver of any attorney-elient, work product or other applicable privilege, protection, or doctrine. 'Thank you. 15