10-14-2024 - City Council Agenda Packet

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First Amendment to Purchase Agreement THIS FIRST AMENDMENT TO PURCHASE AGREEMENT (this "Amendment") is made as of October , 2024 (the "Effective Date") by and between the CITY OF LINO LAKES, MINNESOTA, Minnesota municipal corporation ("Seller") and JAVA COMPANIES LLC, a Minnesota limited liability company ("Buyer"). Seller and Buyer are individually referred to herein as a "Party" and collectively as the "Parties". Preliminary Statement of Facts Seller and Buyer executed the purchase agreement (the "Original Agreement") dated September 18, 2023, pursuant to which Seller agreed to sell to Buyer and Buyer agreed to purchase from Seller certain real property (the "Property") more specifically described therein. The Parties desire to amend the Original Agreement to extend the contingency period and to specify the terms relative to the construction of the extension of Market Place Drive. NOW THEREFORE, in further consideration of the Original Agreement, the Parties hereby agree as follows: 1. Recitals; Defined Terms. The recitals set forth above are incorporated herein as integral terms of this Amendment. All defined terms used in this Amendment shall have the meanings assigned to those terms by the Original Agreement unless specifically stated to the contrary herein. The Original Agreement, together with this First Amendment, are referred to as the "Purchase Agreement". 2. Extension of Contingency Period. The Original Agreement is amended to provide that the Closing Date shall be November 15, 2024 and that Buyer's initial contingency period (the "Initial Contingency Period") shall expire on November 15. Buyer shall have right to extend the contingency period and the closing for three separate additional periods (the "Additional Periods") of sixty (60) days each. Buyer shall elect an Additional Period by written notice delivered to Seller on or before the last day of the Initial Contingency Period of the then current Additional Period, as the case may be, accompanied by payment of $1,000 for each Additional Period elected. The payments for the Additional Periods shall be added to and become part of the Earnest Money for the transaction. The Initial Contingency Period and the Additional Periods, if elected, are collectively referred to herein as the "Contingency Period". 2. Construction of Marketplace Drive Extension. The City shall, at its expense, construct the extension of Marketplace Drive in the configuration shown on the attached Exhibit A, with the result that Market Place Drive will be completed to point that permits reasonable access to the Property, no later than twelve (12) months from the Closing Date plus any Additional Periods as may be exercised by Buyer. This obligation shall survive the closing of the transaction. 3. Ratification. Except as modified herein, all of the terms of the Original Agreement are unchanged and are hereby ratified by the Parties as of the Effective Date.