11-23-2020 Council Packet - Laserfiche WebLink

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LETTER OF INTENT Date: 10/29/2020 Please find below the terms and conditions under which Vaquero Ventures Management, LLC is prepared to buy the property referenced herein pursuant to a contract of sale (the "Contract") and such other terms and conditions as are mutually acceptable to the parties: Seller: City of Lino Lakes Purchaser: Vaquero Ventures Management, LLC and/or assigns Property: An assemblage of approximately 2.01 acres located at the northwest corner of Lake Dr and 77th St in Lino Lakes, MN, as more specifically identified on Exhibit A attached hereto and incorporated herein for all purposes by this reference. Price: The purchase price shall be $525,000.00. An Initial Deposit of $5,000.00 will be placed in escrow with Title Partners, LLC or title company of Purchaser’s choosing upon execution of the Contract. All interest earned on the deposit will be for the benefit of the Purchaser. The deposit will become non-refundable to Purchaser upon expiration of its Inspection Period (as defined below). Inspection by Purchaser: This offer is contingent upon Purchaser's determination that the Property is suitable for Purchaser’s intended use within 150 days of Contract execution (the “Inspection Period”). Purchaser may extend the Purchaser’s Inspection Period, in Purchaser’s sole discretion, for 2 additional periods of 60 days by delivering written notice to Seller prior to the expiration of the then-existing Purchaser’s Inspection Period specifying such election and delivering the sum of $1,000.00 to the Title Company, which shall, upon delivery, become a part of the Deposit for all purposes of the Contract. Closing Date: The closing shall be within 30 days of expiration of Inspection period. Cost and Fees: Seller shall pay costs attributable to a basic title insurance policy in the amount of the purchase price. Except as otherwise provided herein, each party shall pay its own attorney fees and the share of all other closing costs as is normally paid by a seller or purchaser, respectively, in a transaction of this character. Commissions: Seller agrees to pay Seller’s broker (if any) a commission per separate agreement defined in the Contract. Purchaser discloses that it is not using a broker in this transaction. Further Agreement: This letter is not intended to be a binding commitment with respect to the proposed sale and purchase. The obligation of both parties to proceed will only be evidenced by the Contract satisfactory in form and substance to each party. Until the Contract is executed and delivered, there will be no legal obligations of any kind whatsoever of either party to the proposed transaction. Purchaser shall prepare the Contract, and the parties shall work together to negotiate and execute the Contract. TERMS ACCEPTED BY SELLER: TERMS ACCEPTED BY PURCHASER: Name: ___________________________ Vaquero Ventures Management, LLC By: ___________________________ By: ________________________________ Brent Davis – Acquisitions Its: ___________________________ Date: ___________________________ Date: ________________________________