2019.11.04 CC Packet - Laserfiche WebLink

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WHEREAS, the City is willing to convey to Buyer an option to acquire the Real Property, in phases, to permit its sale and (approved) development in accordance with the City's development requirements contingent upon satisfaction of terms and conditions. It is specifically noted by the parties that although the financial consideration to be exchanged hereunder is apparently nominal, it is of the utmost importance and consideration that the property be developed in accordance with the City's guidelines and approval requirements and, thus, it is mutually understood and agreed that the City's discretion to approve or disapprove any development upon the property shall be unfettered and, for example, it shall not be limited to approving uses for development upon the land that are otherwise permissible because they are permitted or conditional uses under zoning provisions otherwise applicable to the Real Property identified herein. Instead, the City may require different or more particularized uses within the categories permitted by its zoning ordinance and that is one of the reasons why the financial consideration to be paid is limited. NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained (and including the foregoing clauses which are operative parts of this agreement) and other good and valuable consideration in hand paid by the Buyer to the Seller as more fully set forth below, the receipt and sufficiency of which is hereby acknowledged by the Seller, it is hereby agreed as follows: 1. PropertyOptioned. The Seller hereby grants to the Buyer the exclusive right and option ("Option") to be exercised on or before the end of the option term ("Option Term") (defined below) to purchase the following property: (A) All that real property consisting of approximately 4.5 acres located in the County of Washington, and State of Minnesota, more particularly described in Exhibit "A-1" attached hereto and hereby made a part hereof, together with all buildings and improvements situated thereon, and all rights and benefits pertaining to the real property, and together also with all hereditaments and appurtenances thereunto belonging or in any way appertaining. (B) The Real Property includes improvements which are conveyed AS IS. The Seller may choose to (or not to) remove any buildings equipment and fixtures prior to the Closing, provided if it does so that Seller completely remove the outbuildings or attached equipment and fixtures and does not leave any improvements in a hazardous condition. The Seller agrees to maintain the condition of the improvements, to the extent required by law. The Seller will remove all debris and personal property from the Real Property prior to Closing. 2. Option Payment and Term. The Seller hereby acknowledges the receipt of payment of $1.00 in Option Payments which will permit an Option Term of (April 30, 2020)- Phase 1, and (April 30, 2020)-Phase 2, (April 30, 2021) unless earlier terminated as set forth herein. 3. Develo ers Agreement. The obligations of the Buyer under this Agreement are contingent upon the Seller and Buyer entering into a Development Agreement relating to the Property according to terms agreeable to Buyer and Seller on or before the Option Expiration 2