Agenda Packets - 1997/10/06 - Laserfiche WebLink

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FILE No. 038 10/41 '97 15:55 ID:TOLD DEVELOPMENT 612 420 7574 PAGE 13 • PURCHASE AGREEMENT THIS AGREEMENT is made and entered into as of this , day of October, 1997, by and between THE CITY OF MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY (hereinafter "Seller") and MERIDIAN PROPERTIES REAL ESTATE DEVELOPMENT LIMITED PARTNERSHIP, a Minnesota limited partnership (d/b/a TOLD Development Company), its successors, assigns or designees (hereinafter "Buyer"). 1. SALE AND PURCHASE. Seller agrees to sell to Buyer, and Buyer agrees to purchase from Seller, certain real property located at County Road I and Highway 10, legally described on Exhibit "A" attached hereto, City of Mounds View, State of Minnesota(the "Property") as depicted on Exhibit "B" attached hereto consisting of approximately .67 acres, as determined by survey. 2. PURCHASE PRICE. The Purchase Price of said Property shall be One Hundred Twenty-five Thousand and NO/100 Dollars ($125,000.00), payable as follows: 2.1 Ten Thousand and 00/100 Dollars ($10,000.00) "Earnest Money" in the form of an irrevocable letter of credit, to be deposited with Seller within five (5) business days after acceptance of this Agreement by Seller. The sole duties of Escrow Agent shall be those described herein, and escrow Alk shall be under no obligation to determine whether the other parties hereto are complying with any requirements of law or the terms and conditions of any other agreement among said parties. Escrow Agent may conclusively rely upon and shall be protected in acting upon any notice, consent, order or other document believed by it to be genuine and to have been signed or presented by the proper patty or parties. Escrow Agent shall have no duty or liability to verify any such notice, consent, order or other document, and it sole responsibility shall be to act as expressly set forth in this Agreement. Escrow Agent shall be under no obligation to institute or defend any action, suit or proceeding in connection with this Agreement unless first indemnified to it satisfaction. Escrow Agent may consult with respect to any question arising under this Agreement and shall not be liable for any action taken or omitted in good faith upon advice of such counsel. Any interest on said Earnest Money, if converted to cash, shall be for benefit of Buyer. The Letter of Credit described herein (and any replacements thereof) shall: (a) have an expiration date no earlier than nine (9) months from the date of this Agreement; (b) be issued by Riverside Bank; (c) be an irrevocable and unconditional sight draft letter of credit; (d) require payment to Seller upon presentation of the Letter of Credit together with an affidavit of Seller stating that either Buyer has breached the terms of this Purchase Agreement or Buyer has failed to replace the Letter of Credit at least thirty (30) days prior to its expiration with a replacement Letter of Credit which satisfies the terms and conditions described herein. 2.2 At Closing, Buyer shall pay in cash or certified funds or by wire transfer of • immediately available funds the entire Purchase Price of One Hundred Twenty-five Thousand and NO/100 Dollars ($125,000.00), less prorations or credits (as defined in Section 7), and the Letter of Credit shall be returned to Buyer.