CC PACKET 06122012 - Laserfiche WebLink

Home Browse Search

C PURCHASE AND SALE AGREEMENT THIS PURCHASE AND SALE AGREEMENT (this "Agreement') is made as of June 12, 2012, by and between the Housing and Redevelopment Authority of the City of St. Anthony, Minnesota, a public body corporate and politic ("Seller"), and St. Anthony Leased Housing Associates II, Limited Partnership, a Minnesota limited partnership ("Buyer"). AGREEMENT In consideration of 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 real property located in the City of St. Anthony (the "City"), Ramsey County, Minnesota, as shown on Exhibit A (the "Land") together with all easements and rights benefiting or appurtenant to the Land (collectively, the "Property"). 2. Purchase Price and Manner of Pa,, nom. The total purchase price for the Property and the Other Property (as hereinafter defined) shall be based upon $8,000 per residential apartment unit to be built based upon the final plans and specifications of Buyer (totaling by way of example, $1,216,000.00 for 152 units) ("Purchase Price"). The allocation of Purchase Price shall be based upon relative square footage between the Property and the Other Property. The agreed upon allocation of square footage between the Property and the Other Property is 52.88% allocated to the Property, and 47.12% allocated to the Other Property. The Purchase Price for the Property will be adjusted pro -rata based upon the number of overall units that may be constructed on both the Property and the Other Property. The Purchase Price shall be payable as follows: 2.1. $12,500 (the "Initial Earnest Money"), which has been paid and deposited with Commercial Partners Title, LLC ("Escrow Account") in accordance with an escrow agreement among Seller, Buyer and Escrow Agent attached hereto as Exhibit B (the "Escrow Agreement") and shall be non-refundable after expiration of the Financing Contingency Period (hereinafter defined). 2.2 $12,500 (the "Additional Earnest Money"), which shall be deposited with the Liscrow Agent in accordance with the Escrow Agreement upon expiration of the Inspection Period (hereinafter defined) (the Initial Earnest Money and the Additional Earnest Money shall be the "Earnest Money") and shall be non- refundable upon expiration of the Financing Contingency Period. 2.3 The balance of the Purchase Price in the form of immediately available U.S. funds by wire transfer on the Closing Date, and as adjusted pursuant to Section 8. 4849-0849-7166\3