Agenda - Council Work Session - 08/13/2013

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FIRST AMENDMENT TO PURCHASE AGREEMENT BETWEEN CITY OF ANOKA AND LANDMARK OF ANOKA, LLC This First Amendment to Purchase Agreement (this "Amendment") is entered into and made effective as the later date of signature by the Parties on the signature page, by and between the City of Anoka ("Seller"), and Landmark of Anoka, LLC or its assigns ("Buyer") (together, Seller and Buyer are the "Parties"). RECITALS WHEREAS, the Parties previously entered into a certain Purchase Agreement dated May 29, 2013 (the "Purchase Agreement") attached hereto, pursuant to which Seller agreed to sell Buyer and Buyer agreed to purchase from Seller approximately 22.5 acres of vacant land as described in Exhibit A to the Purchase Agreement; and WHEREAS, the Seller and Buyer wish to amend the Purchase Agreement to reflect a new timeline for contingencies to be met based on a change in schedule of originally anticipated approvals; WHEREAS, all effective dates in the Purchase Agreement shall still apply and the First Amendment to the Purchase Agreement shall not constitute a new effective date of the document; NOW THEREFORE, in consideration of the foregoing, and all of the covenants and agreements set forth herein and in the Purchase Agreement, which Seller and Buyer acknowledge are adequate and sufficient consideration, Seller and Buyer hereby amend the Purchase Agreement as follows: PURCHASE AGREEMENT 4. CONTINGENCIES. The Parties' obligations under this Agreement are contingent upon the following: (a) Buyer and Seller agreeing upon a Development Agreement for the development of the Property by Buyer, which will provide that the Buyer will develop a single family residential subdivision in conformance with the preliminary and final plat. (b) Seller's approval of Buyer's preliminary and final plat. In the event any of the above contingencies have not been satisfied by Buyer, or waived by Seller2 on or before the date which is sixty (60) ninety 90 days from the effective date, as defined in Section 5 hereof, date hereof, this Agreement shall be voidable at the option of Seller or Buyer.