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C-<�-" <br />` FILE No. Sb0 09i18 '97 16:49 ID�TOLD DE�ELOP�1ENT b12 42G 7574 PAGE 2 <br />• ' ' U .\ <br />� • . i <br />THIS AGREEMENT is mad� and entered into as of chis day of September, 1997, by and <br />bet�uveen 7'HE CITY O?F MOUNDS Vi�W ECONOMIC DEVELOPM�NT AUTHORITY (hereinafcer <br />"S�Iler") and MERIDIAIY FROPERTY�S REAL ESTATE DEVEY,O.PMENT LIMTTED <br />PARTNERSHIP, a Minnesota limited partnership (d/bla TOI,D Development Company), its successors, <br />assigns or designees (hereinaftcr "Buyer"). <br />X. SALE AND PU C�t HA�E. Seller agrees to sell eo Buyer, and Buycr agrees to <br />purchase from Seller, certain re�l property located a� County Road I and Highw�y 10, legally dESCribed <br />on Exhibit "A" ��lached hereto, Ci�y of Mounds View, State of MinnesoCa (the "Property") as de�icted <br />on Exhibit "B" attached hereto consisting of approximately 1.8 acres, as determined by survey. <br />2, . The Purchase Price of said ProperCy shall be One Hundred <br />Twenty-fi�e Thousand and NO/100 Dollars (�125,00�.00) per square fooc of property nec of roadways, <br />right-of-ways and easements therefore, based upon the actual square iootage of che Property as determined <br />by the survey, payable as follows: <br />2.1 'ren Thousand and OQ/100 Dollars ($10,000.00) "�arnest Money" in the form of <br />a sight draft letter of credit, �o be deposited with Old Republic Title Insur�nce Company within five (5) <br />business d�ys after accepcance o'f this Agreement by Seller. The sole duties of Escrow Agent shall be <br />those described herein, and escrow agent shall be under no obligation to determinc wheCher the other <br />parties hereto are complying with any requirements of Iaw c>r Che terms and conditions of any other <br />a�reement among said partics, Escrovu Agent may conclusively rely upon �nd shall be proteet�d in ac�ing <br />upon any notice, consent, order or other document believed by i� ca be genuine and to ha�ve been signed <br />or presented by lhe proper party or parkies. Escrow Agent shall have no duty or iiability �o verify any <br />such notice, consent, order or other documenC, and it sole responsibiiity shali be to act as expressly set <br />forth in this .Agreement. Escro�v Agent shall be under no obligation to insticute or defend any ac�ion, suit <br />or proceeding in connection rv�ith this Agrcement unless first indemnified to ic satisfaction. Escrow Agent <br />may consult with respect to any question arising un�er this Agreement and shall not be liable for any <br />action taken or omiCCed in good faith upon �dvice of such counsel. A�y inCerest on said Earnest Mone�, <br />if convcrted to cash, shall be for benefib ot Buyer. <br />2.2 At Closing, Buyer shall pay in cash or certified funds or by wire eransfer of <br />immediately a�vailablc funds khe en�ire Purchase Price, less prorations or credits (as defined in Seccion <br />7). <br />3. SURVEY: TrTLE EXAMINATI�N. Buyer will obtain a survey of the �roperty <br />which (a) sha11 be cerfified as of a current date in favor of Buyer �nd Old R.epublte Tikle Insurance <br />Company, in acc�rdance with xhe "Minimum 5tandard D�cail Requirem�nts for Land Title Surveys", <br />Class A Survey 1992, joinCly established by the American Congress on Surveying and Mapping and The <br />American Land Title Associatipn, (h) shall be prepared by a regiskered land surveyor for the State of <br />Ivlinnesola with his or her seal affixed and dated, {c) shall contain a legal description identical �o ehat set <br />fort� in �h� �i�lg in������ �Qmm�tmgn� ���F����� �g�QW, a�� ��) shall otherwise shaw matters �nd contain <br />a certification satisf�ctory co Buyer in its sole discretion_ Seller agrees to provide a co�y af any exis�ing <br />