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Agenda Packets - 2025/11/10
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Agenda Packets - 2025/11/10
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Last modified
11/14/2025 6:03:16 PM
Creation date
11/13/2025 3:01:08 PM
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MV Commission Documents
Commission Name
City Council
Commission Doc Type
Agenda Packets
MEETINGDATE
11/10/2025
Description
Regular Meeting
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Authentisign ID:92CCDA7D-4AA5-F011-8E61-002248330C80 <br /> PURCHASE AGREEMENT <br /> 10/09/25 <br /> This Purchase Agreement ("Purchase Agreement") is dated by and <br /> between BBAK Ventures LLC, a Minnesota limited liability company ("Seller") and 5491 <br /> Adams LLC, a Minnesota limited liability company ("Buyer"). <br /> 1. Sale of the Property. Seller agrees to sell to Buyer, and Buyer agrees to buy from <br /> Seller, the following (collectively the "Property"): (i) the real property located at 5491 Adams <br /> Street, Mounds View, MN 55112, PID 083023120052, legally described on Exhibit A attached <br /> hereto and made a part hereof(the "Real Property"); (ii) all buildings and other improvements <br /> constructed or located on the Real Property; (iii) all fixtures permanently incorporated into the <br /> Real Property; (iv) all easements and rights benefitting or appurtenant to the Real Property; (v)to <br /> the extent transferable, all permits, licenses, warranties, contract rights and intangibles relating to <br /> the Real Property; and (vi) Seller's interest in the Leases (as hereafter defined) and any security <br /> deposits held by Seller pursuant to the Leases (collectively, the "Deposits"). Furniture, trade <br /> fixtures, equipment and personal property are included in the Property. <br /> 2. Purchase Price. The purchase price for the Property to be paid by Buyer to Seller <br /> is $775,000.00. The purchase price will be paid as follows: <br /> (a) $10,000.00, earnest money (the "Earnest Money"), to be deposited in an <br /> non-interest-bearing trust account with Land Title Inc. within 5 business <br /> days after the Effective Date (the "Title Company"). <br /> (b) $765,000.00 plus the Earnest Money to be paid at Closing in cash by wire <br /> transfer. <br /> 3. Seller's Contributions to Buyer's Closing Costs. INTENTIONALLY DELETED <br /> 4. Closing. The closing of the purchase and sale transaction described in this <br /> Purchase Agreement (the "Closing") shall take place on December 3, 2025 following the <br /> expiration of the Due Diligence Period described in Section 6, or such other date as the parties <br /> shall mutually agree (the "Closing Date"). The Closing shall take place at the offices of the Title <br /> Company, or such other location as the parties shall agree. <br /> 5. Due Diligence Materials. Seller agrees to furnish the following information and <br /> documents (the "Due Diligence Materials") to Buyer as soon as practicable, if available, but in <br /> any event not later than 10 calendar days after the Effective Date (as defined in Section 28). If <br /> Purchase Agreement is cancelled by either party, all documents will be returned to original <br /> holder. <br /> (a) All current tenant leases and license agreements <br /> (b) Property insurance binder <br /> (c) Any notices from governmental or municipal agencies affecting the <br /> property. <br /> (d) Engineering studies, reports, floor plans, drawings and specifications <br /> (including "as built" plans and drawings, if any) with regard to the <br /> Property, to the extent in Seller's possession or control. <br /> 1 <br />
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