2016-095 Council Resolution - Laserfiche WebLink

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