Agenda - Council - 11/27/2007 - Laserfiche WebLink

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PURCHASE AGREEMENT THIS AGREEMENT is made as of November , 2007 ( "Effective Date "), between City of Ramsey, a Minnesota municipal corporation ( "Seller "), and Ace Solid Waste, Inc., a Minnesota corporation ( 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 real property located in the City of Ramsey, Anoka County, State of Minnesota, legally described as Lot 1, Block 4, Gateway North Industrial Park, Plat 2, Anoka•County, Minnesota excepting the northerly 33 feet of said lot for roadway purposes (collectively the "Real Property" and /or "Property "), The seller also retains an easement over the southerly 10 feet of the northerly 33 feet of said Lot 1, Block for the purpose of drainage and utility purposes. 2. Purchase Price and Manner of Paym The total purchase price ("Purchase Price ") to be paid by Buyer to Seller for the Property shall be Two Hundred Eighty - six Thousand and no /100 Dollars ($286,000.00) and shall be payable as follows: (a) $5,000.00 as earnest money ( "Earnest Money ") which Earnest Money shall be held by Registered Abstracters, Inc. ("Escrow Agent ") in accordance with an escrow agreement among Seller, Buyer and Escrow Agent. (b) $281,000.00 in cash or by wire transfer of U.S. Federal Funds on or before 5:00 p.m. on the Closing Date. 3. Contingencies The obligations of Buyer under this Agreement are contingent upon each of the following: (a) Title Title shall have been found acceptable, or been made acceptable, in accordance with the requirements and terms of Section 6 below. (b) Surve . Buyer shall have obtained, reviewed and determined that it is satisfied with the matters disclosed by a Survey of the property. (c) Government Approvals Buyer shall have obtained, in its sole discretion, all final governmental approvals, if required by Buyer, including, but not limited to: (i) site plan and zoning approval; (ii) platting or subdivision approval; and (iii) special or conditions use permit approval, as necessary in Buyer's judgment in order to make the use of the Property which Buyer intends —242—