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PURCHASE, SALE AND OPTION RIGHT AGREEMENT <br /> <br />THIS PURCHASE AND SALE AGREEMENT (“Agreement”) entered into this _____day <br />of _________, 2022, by and between the City of Hugo (“Seller”), a municipal corporation and <br />Independent School District No. 624, White Bear Lake, a public school corporation (“Buyer”). <br /> <br />1. Property Subject to Sale. Subject to the terms and conditions hereinafter set forth <br />and for the consideration stated herein, Seller agrees to sell, assign and convey, and Buyer agrees <br />to purchase and accept from Seller, all of Seller’s right, title and interest in and to the following <br />described property (collectively, the “Property”): <br /> <br />(a) The land and building located at 6900 137th Street North, Hugo, Minnesota, <br />containing approximately 10 acres, together with all hereditaments and <br />easements appurtenant thereto, legally described as: See Exhibit A; <br /> <br />(b) All improvements and fixtures in, upon and under the land, including <br />without limitation, the building located thereon containing approximately <br />25,400 square feet. (the “Improvements”); and <br /> <br />(c) All Seller’s right, title and interest in and to all assignable licenses, permits, <br />certificates, approvals, authorizations and variances issued for or with <br />respect to the Property by any governmental authority and/or third party to <br />the extent assignable (the “Licenses”). <br /> <br />2. Purchase Price; Earnest Money. The purchase price for the Property (the <br />“Purchase Price”) shall be One Million and No/100 Dollars ($1,000,000.00). Buyer shall pay the <br />Purchase Price as follows: <br /> <br />(a) Earnest Money Deposit. As the earnest money deposit and in part payment <br />of the Purchase Price, Buyer shall deposit into escrow with Closing <br />Company of Buyer’s Choosing (the “Title Company”), at the Closing <br />Company’s offices located at Address the sum of Twenty Five Thousand <br />and No/100 Dollars ($25,000.00) within five (5) business days of the <br />Effective Date of this Agreement (the “Earnest Money Deposit”). <br /> <br />(b) Balance of Purchase Price. Buyer shall pay the balance of the Purchase <br />Price (subject to adjustments, and the prorations and obligations of each <br />party as set forth in this Agreement), in full to Seller at the Closing. Payment <br />shall be made in immediately available U.S. funds. <br /> <br /> <br /> <br /> <br /> <br /> <br />