2006.05.15 EDA Packet - Laserfiche WebLink

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tv PURCHASE AGREEMENT THIS PURCHASE AGREEMENT ("Agreement") is made as of this day of , 2006, between CHARLES J. NOSIE, a single person, and MARK S. NOSIE, a single person (collectively, "Seller"), and THE CITY OF HUGO, a Minnesota municipal corporation("Buyer"). 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 following property(collectively, "Property"): 1.1 Real Property. The real property located in Washington County, Minnesota described on the attached Exhibit A ("Land"), together with (1) all buildings and improvements constructed or located on the Land (collectively, the "Buildings") and (2) all easements and rights benefiting or appurtenant to the Land (collectively the"Real Property"). 2. Purchase Price and Manner of Payment. The total purchase price ("Purchase Price")to be paid for the Property shall be$ 195,000.00. The Purchase Price shall be payable as follows: 2.1 $ 5,000.00 as earnest money ("Earnest Money"), which Earnest Money shall be held in trust by Eckberg Lammers, Briggs, Wolff& Vierling, P.L.L.P. ("Buyer's Agent"). 2.2 $ 34,000.00 in cash or by wire transfer of immediately available funds on the Closing Date. 2.3 The balance of$156,000.00 by Contract for Deed, in substantially the form of the applicable Minnesota Uniform Contract for Deed Conveyancing Blank Form between Seller and Buyer,payable in installments of$ 885.75 per month, or more at the option of the Buyer, including interest at the rate of 5.5%per annum simple interest computed on the unpaid balance using the 30/360 day method. Interest shall accrue from the date of closing. The payment has been computed using a 30 year amortization. The first Contract for Deed payment shall be due and payable on July 1, 2006 and subsequent payments shall be due and payable on the first day of each succeeding quarter(October, January, April, July) during the term of the Contract for Deed. Payments shall be credited first to interest, with the remainder, if any, applied to principal. All principal, accrued interest and other amounts owed under the Contract for Deed shall be due an payable no later than June 1, 2009. The final payment is a balloon payment. Buyer shall be entitled to pre-pay the balance of said Contract for Deed at any time. Buyer shall be entitled to possession of the property on June 1, 2006, the day after Closing Buyer shall pay real estate taxes and hazard insurance premiums as they become due and promptly furnish Seller with paid receipts for the same.