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I <br />,I <br /> ! <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> ! <br /> I <br /> I <br /> I <br /> <br />J AI~- <br /> <br />'i-~'i 'ru2 4'15 ~ HAR5'I'AD COMPA~I2S FAX NO, 612 636 1591 <br /> <br />is so terminated, the Earnest Money shall be promptly returned to Buyer, except as otherwise <br />provided in Section 3 herein; <br /> <br /> (b) Final plat approval by the City of Ramsey of a plat containing not more than <br />single-family lots (the "Developfftent"); <br /> <br /> (c) Negotiation and execution by Buyer and Seller of a development agreement <br />pertaining to the P~coperty and containing provisions for at least the following items: <br /> <br /> (i) <br />Property; <br /> <br />A minimum market value for the development to be constructed on the <br /> <br />(ii) A tree preservation and planting plan; <br /> <br />(iii) A schedule for construction of the Development; <br /> <br /> (iv) Payment of fees, costs, and expenses, customarily paid to the City of <br />Ramsey in conjunction with approval of a development agreement, except park <br />dedication fees which are included in the purchase price; <br /> <br /> (v) Construction of public improvements, including, without limitation, water <br />and sewer, streets, curbs and gutters, street and traffic signs, and lighting; <br /> <br /> (vi) Agreement between the parties concerning the portion of the Property to <br />be retained by or deeded back to the Seller; <br /> <br /> (vii) Conformance with the City of Ramsey's ordinances, and rezoning of the <br />property, if necessary; and <br /> <br /> (viii) Such other terms and conditions as are customary in development <br />agreements approved by the City of Ramsey. <br /> <br /> If Buyer and Seller have not executed such a development agreement by March 1, 1997, <br />and are unable to reach agreement, this Agreement shall be terminated without further obligation <br />by either party and the Earnest Money shall be returned to Buyer; provided, however, that if <br />Buyer fails to negotiate in good faith concerning the development agreement, Seller shall be <br />entitled to retain the Earnest Money as liquidated damages. <br /> <br />6. Real Estate Taxes. Seller will pay all real estate taxes, penalties and interest, if any, <br />payable in 1997. Buyer will pay taxes due in 1998 and thereafter. <br /> <br />7. Special Assessments. Seller will pay all installments of special assessment levied and <br />pending in 1997. Buyer will pay all installments of special assessment levied and pending in <br />1998 and thereafter. <br /> <br />3 <br /> <br /> <br />