CC PACKET 01082002 - Laserfiche WebLink

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17 PURCHASE AGREEMENT THIS AGREEMENT is made as of ,2001, between JRE FOODS, L.L.C., a North Dakota limited liability company ("Seller") and the HOUSING AND REDEVELOPMENT AUTHORITY OF ST. ANTHONY, MINNESOTA, a public body corporate and politic ("Buyer"). In consideration of the mutual covenants set forth in this Agreement, Seller and Buyer agree as follows: 1. Sale of Property. Seller agrees to sell to Buyer, and Buyer agrees to buy from Seller, the following property(collectively, "Property"): The real property located at 4004 Silver Lake Road, Hennepin County, St. Anthony, Minnesota, legally described on the attached Exhibit A("Land") together with(1) all buildings and improvements constructed or located on the Land("Buildings")and(2) all easements and rights benefitting or appurtenant to the Land. 2. Purchase Price and Manner of Payment. The total purchase price ("Purchase Price")to be paid for the Property shall be Three Hundred Nineteen Thousand and no/100 dollars ($319,000.00). The Purchase Price shall include any and all payments which Seller or any other occupant of the Property may be entitled to for relocation and immovable fixtures. The Purchase Price as determined shall be payable by Buyer to Seller on or before the Closing Date, as defined herein. 3. Contingencies. The obligations of Buyer under this Agreement are contingent upon each of the following: �. 3.1 Representations and Warranties. The representations and warranties of Seller contained in this Agreement must be true now and on the Closing Date as if made on the Closing Date. 3.2 Title. Title shall have been found acceptable, or been made acceptable, in accordance with the requirements and terms of Section 6 below. r 3.3 Access and Inspection. Seller shall have allowed Buyer, and Buyer's agents, access to the Property, upon reasonable notice from the Buyer and/or Buyer's agents,without charge and at all reasonable times for the purpose of Buyer's investigation and testing the same, including,but not limited to, environmental, asbestos and structural matters. Seller shall make available to Buyer and Buyer's agents without charge all environmental reports,plans and specifications, records, inventories, permits and correspondence in Seller's possession relating to Hazardous Substances affecting the Property; and the right to interview employees of Seller who may have knowledge of such matters. Buyer shall pay all costs and expenses of such investigation and testing, shall certify all such tests and reports in Buyer's and Seller's names, shall restore the Property,and shall hold Seller and the Property harmless from all costs and liabilities relating to Buyer's activities. Buyer shall have been satisfied with the results of all tests and investigations performed by it or on its behalf on or before the Contingency Date. The"Contingency Date"shall be February 1,2002. If any contingency referred to above has not been satisfied on or before the Contingency Date or Closing Date, as the case may be,then this Agreement may be terminated by notice from Buyer to Seller, which notice shall be given not more than five days after the Contingency Date or Closing Date as the case may be. Upon termination, neither party will have any further rights or obligations regarding this Agreement or the Property. All the contingencies • are specifically for the benefit of the Buyer, and the Buyer shall have the right to waive any contingency by written notice to Seller.