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2012.05.14 EDA Packet
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2012.05.14 EDA Packet
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6/25/2020 3:57:17 PM
Creation date
9/7/2017 12:50:26 PM
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Commissions
Meeting Date
5/14/2012
Document Type
Agenda/Packets
Commission Name
EDA
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6.11.10 <br />PURCHASE AGREEMENT <br />THTUAA,,, <br />PURCHASE AGREEMENT ("Agreement") is made effective as of the �� <br />day of , 2011 (the "Effective Date"), between THE CITY OF HUGO, a <br />Minnesota municipal corporation ("Seller"), and MARK FINNEMANN , a Minnesota <br />resident,to be assigned to FBF LLC ( a Minnesota LLC ( to be applied for ))("Buyer"). <br />In consideration of this Agreement, Seller and Buyer agree as follows: <br />1. Sale of Property. Seller agrees to sell to Buyer, and Buyer agrees to buy <br />from Seller, the following property (collectively, "Property"): <br />1.1 Real Property. The real property located in Washington County, Minnesota <br />legally described on the attached Exhibit A ("Land"), together with (1) all <br />easements and rights benefiting or appurtenant to the Land (collectively the "Real <br />Property"). <br />2. Purchase Price and Manner of Payment. The total purchase price <br />("Purchase Price") to be paid for the Property shall be Seven Hundred Seventy Thousand Two <br />Hundred and 00/100 Dollars ($770,200.00). The Purchase Price shall be payable as follows: <br />2.1 $500.00 as earnest money ("Earnest Money"), which Earnest Money shall be paid <br />to Seller contemporaneously with the execution of this Agreement. <br />2.2 $769,700.00 in cash or by wire transfer of immediately available funds on the <br />Closing Date <br />Seller, at its sole and absolute discretion, may reduce the Purchase Price upon approval <br />by the Hugo City Council of the architectural quality, building plans, site plan, proposed <br />use of the Property; alternatively, Seller at its sole and absolute discretion, may offer tax <br />increment financing to defray development costs. <br />3. Buyer's Contingencies. The obligations of Buyer under this Agreement <br />are contingent upon each of the following: <br />3.1 Representations and Warranties. The representations and warranties of Seller <br />contained in this Agreement must be true now and on the Closing Date as if made <br />on the Closing Date. <br />3.2 Access and Inspection. Seller shall have allowed Buyer, and Buyer's agents, <br />access to the Real Property without charge and at all reasonable times for the <br />purpose of Buyer's investigation and testing the same. Buyer shall pay all costs <br />and expenses of such investigation and testing, shall restore the Real Property, <br />and shall hold Seller and the Real Property harmless from all costs and liabilities <br />relating to Buyer's activities. Buyer shall have been satisfied with the results of <br />all such tests and investigations performed by it or on its behalf on or before the <br />Contingency Date (as hereinafter defined). <br />
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