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Agenda Packets - 2025/07/14 (2)
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Agenda Packets - 2025/07/14 (2)
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7/18/2025 6:01:00 PM
Creation date
7/16/2025 12:07:09 PM
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MV Commission Documents
Commission Name
City Council
Commission Doc Type
Agenda Packets
MEETINGDATE
7/14/2025
Description
Regular Meeting
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(C): Buyer's approval of an appraisal of the Property, at Buyer's expense. <br /> (D): Seller to supply Buyer with a copy of all written leases, if any, and a list of <br /> any outstanding verbal agreements regarding leasehold agreements and <br /> evidence that such leases or agreements have been terminated. <br /> (E): Approval of this Option Agreement by the Buyer's governing body. <br /> Buyer shall have until sixty(60) days from execution of this Option Agreement to <br /> remove the remaining contingencies set forth above. The contingencies are solely <br /> for the benefit of Buyer and may be waived by Buyer. If the contingencies are <br /> duly satisfied or waived, then the Buyer and Seller shall proceed to close the <br /> transaction as contemplated herein. If, however, one or more contingencies is not <br /> satisfied, or is not satisfied on time, and is not waived, this Option Agreement <br /> shall thereupon be void, at the option of Buyer. If this Option Agreement is <br /> voided by Buyer, Buyer and Seller shall execute and deliver to each other the <br /> termination of this Option Agreement. As a contingent agreement, the <br /> termination of this Option Agreement is not required pursuant to Minnesota <br /> Statutes, Section 559.21, et SeMc. <br /> 6.2. Seller's obligation to sell is contingent upon the following: <br /> (A): None. <br /> Section 7. Operation of Property Prior to Closing. Until the Closing Date, Seller <br /> shall have the full responsibility for the continued maintenance of the Property. Prior to the <br /> Closing Date: <br /> A. Seller shall not cause any new liens, leases, contracts or encumbrances to be <br /> created by Seller against the Property; <br /> B. Seller shall continue to comply with all of its duties and obligations as set forth in <br /> any leases or contracts in effect at the Property; <br /> C. Seller shall (i) maintain the Property in good repair, (ii) not make, terminate or <br /> materially change, amend, modify materially any agreements relating to the Property <br /> or other rights, obligations or agreements relating to use, ownership or operation of <br /> the Property where such changes, amendments or modifications would increase the <br /> Seller's obligations liability or expenses thereunder, not enter into any commitments <br /> for the rental or use of the Premises or any portion thereof, and (iii) not make any <br /> substantial alterations or changes to the Property other than ordinary and necessary <br /> maintenance repairs without Buyer prior written approval, which shall not be <br /> unreasonably withheld or delayed. Subject to the foregoing, Seller shall have the <br /> right to continue to carry on the business currently conducted from the Property and <br /> to operate the Property in the ordinary course of business. <br /> 6 <br /> DOC SOPEN\MU210\329\1036056.v2-7/9/25 <br />
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