04/26/1999 Council Packet - Laserfiche WebLink

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OPTION AGREEMENT THIS OPTION is granted this day of , 1999, by and between the City of Lino Lakes, a municipal corporation (hereinafter called "Optionor ") and the Blaine American Legion, a non - profit corporation, (hereinafter called "Optionee"). WHEREAS, Optionor is the legal owner of certain real property situated in the County of Anoka, State of Minnesota, and more particularly and specifically described as: Lot 15, Block 2, Carole's Estates 2"d Addition, Anoka County, Minnesota. NOW THEREFORE, in consideration of the covenants and agreements herein contained, and Dollars ($ ) paid by Optionee to Optionor, which amount shall be applied to the purchase price described hereunder in the event this Option is exercised, Optionor hereby grants to Optionee an Irrevocable Option to purchase the Option Premises on the following terms: SECTION 1. PURCHASE PRICE AND OPTION PREMISES. 1.1. In the event the Option hereby granted is exercised, the purchase price to be paid by Optionee to Optionor shall be that amount established by appraisal of Jason Messner of Patchin Messner Appraisals, Inc. Such appraisal amount must be reviewed and approved by the City Council. Payment of the purchase price upon the exercise of the Option shall entitle Optionee to a Warranty Deed for all right, title, and interest, free and clear of all encumbrances. SECTION 2. OPTION TERM AND EXERCISE OF OPTION 2.1. The term of the Option granted herein is for a period commencing on execution hereof and continuing until 4:30 p.m., October 15, 1999, at the expiration of which time the Option shall terminate, and Optionee shall have no further rights in and to the Option Premises. 2.2 The Option may be exercised by Optionee at any time during its term by providing notice of the exercise thereof in writing in the manner provided for notices in Section 10 hereof. 1