2016-010 Council Ordinances - Laserfiche WebLink

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PURCHASE AGREEMENT This Agreement is entered into by and between the City of Lino Lakes, a Minnesota municipal corporation ("Seller"), and Dupont Holdings, LLC, a Minnesota limited liability company ("Buyer"). In consideration of the Purchase Price, the mutual covenants set forth below, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Seller and Buyer agree as follows: 1. EFFECTIVE DATE. The effective date of this Agreement is (the "Effective Date"). 2. SALE OF PROPERTY. Seller agrees to sell to Buyer, and Buyer agrees to buy from Seller, the Property, legally described as follows: The South 550.00 feet of the East 330.00 feet of the Southwest Quarter of the Southwest Quarter of Section 28, Township 31, Range 22, Anoka County, Minnesota and further identified by Anoka County by the following property identification number: [PID not yet assigned] 3. PURCHASE PRICE. The purchase price for the Property is $100,000.00 (the "Purchase Price"). 4. EARNEST MONEY. Upon execution of this Purchase Agreement, Buyer must deposit the full Purchase Price of $100,000.00 with the Seller to be held in escrow until closing. The deposit shall be by wire transfer or delivery of a certified check. a. If Buyer does not deposit the full Purchase Price as required above, then Seller may terminate this Agreement by written notice to Buyer; provided, however, if Buyer deposits the Purchase Price with Escrow Agent before Seller exercises Seller's right to terminate, Seller's right to terminate is extinguished. b. At Closing, the funds deposited in escrow with Seller shall be released from escrow and disbursed to Seller. 5. SURVEY. Seller shall provide the April 1, 2016, minor subdivision survey obtained from E.G. Rud & Sons, Inc. to Buyer upon execution of this Purchase Agreement. 6. TITLE COMMITMENT. a. Seller makes no representations or warranties with respect to the status of title to the Property. Buyer obtained a title commitment from Landtitle dated March 31, 2016 (LT File No. 535453), and has no objections to title.