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2 <br /> <br />accordance with the guidelines and direction of the City and to create a variety of uses which are <br />of direct, substantial and specific benefit to the City and its residents, including the provision of <br />necessary amenities; <br /> <br /> WHEREAS, Buyer is desirous of securing an exclusive Purchase Agreement for the overall <br />purchase of the Property for the initial development of a restaurant upon part of it with subsequent <br />phases to include other land uses, subject to the review, approval and discretion of the City as more <br />fully described herein; and <br /> <br /> WHEREAS, the City is willing to enter into this Purchase Agreement with Buyer to acquire <br />the Real Property, in phases, to permit its sale and (approved) development in accordance with the <br />City’s development requirements contingent upon satisfaction of terms and conditions set forth <br />herein. It is specifically noted by the parties that although the financial consideration to be <br />exchanged hereunder is apparently nominal, it is of the utmost importance and consideration that <br />the Property be developed in accordance with the City’s guidelines and approval requirements and, <br />thus, it is mutually understood and agreed that the City has discretion to approve or disapprove <br />any development upon the Property, for example, it shall not be limited to approving uses for <br />development upon the land that are otherwise permissible because they are permitted or <br />conditional uses under zoning provisions otherwise applicable to the Real Property identified <br />herein. Instead, the City may require different or more particularized uses within the categories <br />permitted by its zoning ordinance and that is one of the reasons why the financial consideration to <br />be paid is limited. <br /> <br />NOW, THEREFORE, in consideration of the mutual covenants and agreements herein <br />contained (and including the foregoing clauses which are operative parts of this agreement) and <br />other good and valuable consideration in hand paid by the Buyer to the Seller as more fully set <br />forth below, the receipt and sufficiency of which is hereby acknowledged by the Seller, it is hereby <br />agreed as follows: <br /> <br />1. Sale of Property. The Seller hereby agrees to sell, and Buyer hereby agrees to purchase <br />with exclusive rights to do so, the following Property: <br /> <br />(A) All that Real Property consisting of approximately 4.5 acres located in the County <br />of Washington, and State of Minnesota, more particularly described in Exhibit "A" <br />attached hereto and hereby made a part hereof, together with all improvements <br />situated thereon, and all rights and benefits pertaining to the Real Property, and <br />together also with all hereditaments and appurtenances thereunto belonging or in <br />any way appertaining. <br />(B) Any improvements on the Real Property are conveyed AS IS. There are no <br />buildings on the Property. The Seller will remove all debris and personal property <br />from the Real Property prior to Closing. <br /> <br />2. Purchase Price and Manner of Payment. <br /> <br />(A) The total purchase price (“Purchase Price”) to be paid by Buyer for the Property <br />shall be One Dollar ($1.00) for the First Phase Property (as defined herein) and One <br />Dollar ($1.00) for the Second Phase Property (as defined herein). The applicable