Resolution 17-EDA-300 - Laserfiche WebLink

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EXHIBIT B Option Agreement REAL ESTATE PURCHASE OPTION AGREEMENT THIS REAL ESTATE PURCHASE OPTION AGREEMENT ("Agreement") is made and entered into as of _, 2017, by and between the City of Mounds View, a Minnesota municipal corporation and the Mounds View Economic Development Authority, a public body corporate and politic under the laws of Minnesota (collectively, the "Seller") and Boulevard Apartments, Limited Partnership, a Minnesota limited partnership("Buyer"). RECITALS: A. Pursuant to Minnesota Statutes section 282.01, subd. 1 a (a) (the "Statute") and that certain written notice delivered by the Seller to the County Auditor in and for Ramsey County, Minnesota dated , , which is attached hereto as Exhibit A (the "Site Control Document"), Seller has a legally enforceable right and option to acquire real property located in Ramsey County, Minnesota and legally described on Exhibit B attached hereto and hereby made a part hereof, together with all right, title and interest appurtenant thereto (the "Real Property"); and B. Seller desires to grant to Buyer, and Buyer desires to obtain from Seller, the right and option, but not the obligation, to acquire the Real Property from Seller, under the terms and conditions hereunder. NOW, THEREFORE, in consideration of mutual covenants set forth in this Agreement, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Seller and Buyer agree as follows: 1. Grant of Option. In consideration of the sum of Five Hundred Dollars ($500.00) paid by Buyer to Seller (the "Option Deposit"), receipt of which is hereby acknowledged by Seller, Seller hereby grants to Buyer from and after the date of this Agreement and through and including 11:59 PM Central Standard Time on July 31, 2017 (???) [THIS DATE MUST BE LESS THAN SIX MONTHS AFTER FEBRUARY 15, 2017.] (the "Option Deadline"), the exclusive option to purchase the Real Property from Seller(the "Option"). 2. Manner of Exercise of Option; Notices. If Buyer elects to exercise the Option, it shall do so by giving written notice thereof to Seller (such notice, an "Option Notice") on or before the Option Deadline. An Option Notice shall be in writing and shall be deemed given on the date (i) delivered personally, (ii) deposited with the United States Postal Service, postage prepaid, registered or certified, return receipt requested, (iii) deposited with a national courier guaranteeing overnight delivery, or (iv) sent via facsimile or email with electronic delivery confirmed. Notwithstanding anything in this Agreement to the contrary, upon Buyer giving a written Option Notice to Seller, the Buyer shall be obligated to acquire the Real Property from the Seller and shall pay all costs for such transaction, including, but not limited to the Purchase Price as defined below, and to enter into a Purchase and Development Agreement with the 499209v6 MU205-47 B-1