HRA PACKET 10272020 - Laserfiche WebLink

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4839-8767-9929\3 LAND SWAP AGREEMENT THIS AGREEMENT is made and entered into this ___ day of _______________________, 2020 (the “Effective Date”), by and between BREMER BANK, NATIONAL ASSOCIATION, a national banking association (“Bremer”) and HOUSING AND REDEVELOPMENT AUTHORITY OF ST. ANTHONY, MINNESOTA, a public body corporate and politic under the laws of Minnesota (“HRA”). WHEREAS, Bremer owns that certain parcel located at 2534 Kenzie Terrace, St. Anthony Village, MN (the “City”), legally described on Exhibit A attached hereto and incorporated herein and both depicted and labeled as the “Bremer Parcel” on Exhibit C attached hereto and incorporated herein (the “Bremer Parcel”); WHEREAS, HRA owns that certain parcel of land located at 2654 Kenzie Terrace, St. Anthony Village, MN, legally described on Exhibit B attached hereto and incorporated herein and both depicted and labeled as the “HRA Parcel” on Exhibit C attached hereto and incorporated herein (the “HRA Parcel”); WHEREAS, Bremer desires to convey the Bremer Parcel to HRA for the development by HRA of a southwest gateway node to the City (“Node Project”), and HRA desires to convey the HRA Parcel to Bremer for the development by Bremer of a new office and banking facility to be owned and/or operated by Bremer (the “New Bremer Project”) (the Bremer Parcel and the HRA Parcel are sometimes referred to herein individually as the “Parcel,” or collectively as the “Parcels”); NOW, THEREFORE, in consideration of the foregoing and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 1. Land Swap. In consideration of HRA’s promises as contained herein, Bremer agrees to convey the Bremer Parcel to HRA by Limited Warranty Deed contemporaneously with HRA’s conveyance of the HRA Parcel to Bremer as required hereunder. In consideration of Bremer’s promises as contained herein, HRA agrees to convey the HRA Parcel to Bremer by Limited Warranty Deed contemporaneously with Bremer’s conveyance of the Bremer Parcel to HRA as required hereunder. 2. Consideration for HRA Parcel. Bremer agrees to pay Four Hundred Ninety-four Thousand, Two Hundred Forty-Seven and no/100 Dollars ($494,247.00) (or $13.00 per square foot - to be confirmed and adjusted by an ALTA survey, if any) (the “HRA Parcel Purchase Price”) for the HRA Parcel, at Closing. 3. Consideration for Bremer Parcel. HRA agrees to pay One Hundred Forty-five Thousand Eighty and no/100 Dollars ($145,080.00) (or $10.40 per square foot, to be confirmed and adjusted by an ALTA survey, if any) (the “Bremer Parcel Purchase Price”), for the Bremer Parcel at Closing. 4. Timing of Closing. Subject to the following paragraphs of this Section 4, the closing of the conveyances referenced in Paragraph 1 hereof (the “Closing”) shall occur within thirty (30) days after the end or earlier mutual waiver of the Due Diligence Period (as extended, if applicable), as described in Paragraph 5 below.