2010.06.14 EDA Packet - Laserfiche WebLink

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5.19.(o Draft PURCHASE AGREEMENT THIS PURCHASE AGREEMENT ("Agreement") is made effective as of the day of , 2010 (the "Effective Date"), between THE CITY OF HUGO, a Minnesota municipal corporation ("Seller"), and MARK FINNEMANN , a Minnesota resident,to be assigned to FBF LLC ( a Minnesota LLC ( to be applied for))("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 Deal Property. The real property located in Washington County, Minnesota legally described on the attached Exhibit A ("Land"), together with (1) 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 Seven Hundred Seventy Thousand Two Hundred and 00/100 Dollars ($770,200.00). The Purchase Price shall be payable as follows: 2.1 $500.00 as earnest money ("Earnest Money"), which Earnest Money shall be paid to Seller contemporaneously with the execution of this Agreement. 2.2 $769,700.00 in cash or by wire transfer of immediately available funds on the Closing Date Seller, at its sole and absolute discretion, may reduce the Purchase Price upon approval by the Hugo City Council of the architectural quality, building plans, site plan, proposed use of the Property; alternatively, Seller at its sole and absolute discretion, may offer tax increment financing to defray development costs. J. Buyer's 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 Access and Inspection. Seller shall have allowed Buyer, and Buyer's agents, access to the Ileal Property without charge and at all reasonable times for the purpose of Buyer's investigation and testing the same. Buyer shall pay all costs and expenses of such investigation and testing, shall restore the Real Property, and shall hold Seller and the Real Property harmless from all costs and liabilities relating to Buyer's activities. Buyer shall have been satisfied with the results of all such tests and investigations performed by it or on its behalf on or before the Contingency Date (as hereinafter defined).