04/13/1998 Council Packet - Laserfiche WebLink

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WETLAND BANKING CREDIT PURCHASE AGREEMENT THIS AGREEMENT is made as of , 1998, between Robert Walls, Seller, and the City of Lino Lakes, a municipal corporation, Buyer. A. Seller has restored or created, a wetland ( "Banked Wetland ") on real property described on Exhibit A ( "Land ") which has been deposited in the Minnesota Wetland Banking system established and administered pursuant to Minn. R. 8420.0700 - .0760 (1993). B. Seller desires to sell to Buyer, and Buyer desires to buy from Seller, certain wetland banking credits associated with the Banked Wetland. In consideration of this Agreement, Seller and Buyer agree as follows: 1. Sale of Credits. Seller agrees to sell to Buyer, and Buyer agrees to buy from Seller, the following wetland banking credits derived from the Banking Wetland ( "Credits "). 21,501 square feet of Public Value Credit 21,501 square feet of New Wetland Credit Section: 22 and 23 Township: 32 Range: 22 Watershed name and number: Rice Creek Watershed District 2. Purchase Price and Manner of Payment The total purchase price ( "Purchase Price ") to be paid by Buyer to Seller for the Credits shall be $21,501.00. The Purchase Price shall be payable as follows: 2.1 $1,000.00 earnest money, the receipt and sufficiency of which are acknowledged by Seller. 2.2 $20,501.00 in cash on the Closing Date. 3. Contingencies. The obligations of Seller and Buyer under this Agreement are contingent upon each of the following: 3.1 Representations and Warranties. The representations and warranties of Seller contained in this Agreement must be true now and on the Closing Date as if made on the Closing Date and Seller shall have delivered to Buyer on the Closing Date a certificate dated the Closing Date, signed by an authorized representative of Seller, certifying that such representations and warranties are true as of the Closing Date (the Bring -down Certificate. 1