Resolution No. 15-04 EDA - Laserfiche WebLink

Home Search

PURCHASE AND SALE AGREEMENT THIS PURCHASE AND SALE AGREEMENT (the "Contract") is entered into by and between LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY, a public body corporate and politic, and political subdivision of Minnesota , ("Seller," whether one or more) and D.R. HORTON, INC. -MINNESOTA, a Delaware corporation, ("Purchaser") (together, Seller and Purchaser are the "Parties"), effective the date hereof. 1. PROPERTY TO BE SOLD AND PURCHASED. Subject to the terms and conditions of this Contract, Seller hereby agrees to sell and convey unto Purchaser, and Purchaser agrees to purchase and take from Seller approximately 11.22 acres of real property located in the City of Lino Lakes (the "City"), Anoka County, Minnesota, as depicted on Exhibit A attached hereto and incorporated herein by this reference (the "Property"). 2. PURCHASE PRICE. The Purchase Price for the Property is One Million and No/100 Dollars ($1,000,000.00). Purchaser shall pay one hundred percent (100%) of the Purchase Price in cash or equivalent funds at the Closing, all Earnest Money being applied thereto. 3. OPTION PRICE AND EARNEST MONEY. In consideration for the right to purchase the Property granted herein by Seller, Purchaser shall pay the amounts described below. a. Option Price. Within ten (10) Business Days (defined in Section 12.a.) after the date hereof, Purchaser shall deposit with the Title Company (defined in Section 4.c) the sum of One Hundred and No/100 Dollars ($100.00) in cash (the "Option Price"). Upon its receipt of the Option Price, the Title Company shall deliver the Option Price to Seller. The Option Price shall be, under all circumstances, nonapplicable and nonrefundable to Purchaser. b. Earnest Money. Within ten (10) Business Days after the date hereof, Purchaser shall deposit with the Title Company the sum of Twenty -Five Thousand and No/100 Dollars ($25,000.00) (the "Earnest Money"). The Title Company shall not be required to deposit the Earnest Money in a federally -insured interest bearing account, but if the Title Company elects to deposit the Earnest Money in such account or in such other investment as Purchaser shall direct, all interest or income thereon shall be paid to Purchaser. The Earnest Money shall remain on deposit with the Title Company unless and until it is refunded to Purchaser hereunder, or paid to Seller and applied to the Purchase Price as provided herein. c. Refundability and Release to Seller of Earnest Money. Except as provided in subsections (1) and (2), the Earnest Money shall remain refundable to Purchaser and Seller shall have no claim thereon, unless and until Purchaser delivers its Notice of Governmental Approvals, as provided in Section 6.c. below. Thereafter, the Earnest Money shall only be refundable to Purchaser if this Contract is terminated pursuant to Sections 5, 8, 11 or 13. Notwithstanding the foregoing, (1) upon Purchaser's delivery of the Notice of Suitability to Seller, the Title Company shall deliver to Seller Five Thousand and No/100 Dollars 1 DRAFT 109378462-v5-drh lino lakes Purchase and Sale Agreement.docx