03/12/2007 Council Packet - Laserfiche WebLink

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PURCHASE AGREEMENT 1. PARTIES. This Purchase Agreement (the "Agreement ") is made on March 14, 2007, by and between Holiday Stationstores, Inc., a Minnesota corporation, of 4567 American Boulevard West, Minneapolis, MN 55437 ( "Seller "), and the City of Lino Lakes, a municipal corporation under the laws of the State of Minnesota, of 600 Town Center Parkway, Lino Lakes, Minnesota 55014 ( "Buyer "). 2. OFFER /ACCEPTANCE. Buyer agrees to purchase and Seller agrees to sell real property legally described as follows: Parcels 12 -1 and 12 -2, City of Lino Lakes Right -of -Way Plat No. 3, according to the map or plat thereof on file and of record in the office of the Anoka County Recorder or Registrar of Titles (the "Property "). 3. PRICE AND TERMS. The price for the real property included in this sale is Two Hundred Six Thousand Eight Hundred Eighty -Five and no /100 ($206,885.00) Dollars, which Buyer shall pay as follows: a. $1000.00, earnest money, paid herewith. b. $205,885.00 by wire transfer of immediately available funds due at the Date of Closing. 4. FURTHER CONSIDERATION. The Property is adjacent to land that will be retained by Seller and upon which Seller operates a convenience store (the "Store Property "). In further consideration of the sale of the Property to the City, the City agrees that for two years after the City completes the first lift of asphalt and Town Center Parkway is open to the public along the south boundary line of the Store Property, Seller shall be allowed a right turn only entry off of Lake Drive southbound traffic. Seller acknowledges that there may be temporary closings of the right turn entry lane during construction periods but said temporary closure shall only occur if access to Store Property exists from Town Center Parkway. Seller shall be responsible for closing and removing the right turn entry at the end of the two -year period. 5. DATE OF CLOSING. The Date of Closing shall be March 16, 2007, subject to any provision of this Agreement which provides for postponement of the Date of Closing. The closing shall be held at 10:00 a.m. Minneapolis time on the Date of Closing at the offices of First American Title Insurance Company or at such other place, date and time as Seller and Buyer may agree. 1