Laserfiche WebLink
<br /> <br />AGREEMENT OF SALE AND PURCHASE <br /> <br />THIS AGREEMENT OF SALE AND PURCHASE (this “Agreement”) made as of the <br />____ day of July, 2016, by and between CITY OF LINO LAKES, a Minnesota municipal <br />corporation (“Buyer”), and COMCAST CCH SUBSIDIARY HOLDINGS, INC., successor-by- <br />merger to Comcast MO of the North Central Suburbs, Inc., f/k/a MediaOne of the North Central <br />Suburbs, Inc., f/k/a Group W Cable of the North Central Suburbs, Inc., a Delaware corporation <br />(“Seller”). <br />In consideration of the covenants and provisions contained in this Agreement, the parties <br />agree as follows: <br />1. Agreement to Sell and Purchase. <br />(a) Property. Seller owns a parcel of land located at 876 Old Birch Street, <br />Lino Lakes, Minnesota, as more particularly described on Exhibit A attached hereto (the <br />“Parcel”). Seller agrees to sell to Buyer, and Buyer agrees to purchase from Seller, subject to the <br />terms and conditions of this Agreement, an unimproved portion of the Parcel, identified as <br />“Parcel B” on the minor subdivision survey prepared by E.G. Rud & Sons, Inc. dated April 1, <br />2016 (the “Subdivision Plan”) attached hereto as Exhibit A-1 (the “Property”). The remaining <br />portion of the Parcel to be retained by Seller, identified as “Parcel A” on the Subdivision Plan, <br />shall be referred to herein as the “Retained Property.” <br />2. Purchase Price. <br />(a) Amount; Payment. The purchase price (the “Purchase Price”) for the <br />Property shall be One Hundred Thousand Dollars ($100,000.00). The Purchase Price shall be <br />paid as follows: <br />(i) Five Thousand Dollars ($5,000.00) (the “Deposit”) is to be paid by <br />Buyer to the Minneapolis, Minnesota office of Fidelity National Title Insurance Company (“Title <br />Company”), within five (5) business days after the execution and delivery of this Agreement by <br />both parties. <br />(ii) The balance of the Purchase Price shall be paid at Closing (as such <br />term is defined below) by wire transfer of immediately available funds. <br />3. Disposition of Deposit. <br />(a) Held in Escrow. The Deposit shall be held in escrow in a federally <br />insured money market account and disbursed by Title Company strictly in accordance with the <br />terms of this Agreement and applicable law. All interest earned on the Deposit shall also <br />comprise part of the Deposit.