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SS# 2385
<br />5195 NW 142nd Avenue, Ramsey, MN
<br />Real Estate Contract
<br />(Surplus Property)
<br />26-884-sp (7-98) E
<br />THIS CONTRACT, made as of final exedrit'on of this; instrument (the "Effective Date"), between BP PRODUCTS NORTH
<br />AMERICA INC., a Maryland corporation, M'a Amoco ;OH Ccfmpany, with offices at 4101 Winfield Road, Warrenville, Illinois
<br />60555, hereinafter called "Seller"; and the CITY OF: FAMMMS lr ; a Minnesota municipal corporation, whose address is 15153
<br />Nowthen Boulevard N.W., Ramsey, Minnescpte 55303, hereinafter called "Purchaser".
<br />WITNESSETH:
<br />1. That in consideration. Of the mut4$j covenant:. and agreements herein contained, Seller hereby agrees to sell, and • -
<br />Purchaser agrees to buy, for the price of.- Hundre_d jThirty fl/e Thousand and No/100 Dollars ($235,000.00) (the "Purchase .
<br />Price"), and upon the terms and conditiono ereinafter se(fortt , certain real property located in the City. of Ramsey, Minnesota
<br />and described in Attachment #1, annexed h reto and t ade apart hereof, together with all improvements located thereon, and
<br />all rights, title and interest of Seller in artd to'any nd .all toads, easements, streets, and ways affecting the same (the
<br />"Property'). • .
<br />Seller hereby agrees, subject to, the conditfbhs hereinafter- set forth, to convey title to the Property to Purchaser by Quit Claim
<br />Deed, subject to (among other things): - . i
<br />a. Easements, covenants and; conditions of record, if any.
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<br />b. Taxes and spacial assessj?jents not vet:due:and payable against the Property, if any.
<br />c. Zoning laws and municip#,eoltnty/sta etandlederal regulations, if any; environmental laws and regulations, if
<br />any; use restrictions and building r$4tricttorrs oo r$cord,Eif any; and any party wall agreements of record.
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<br />d. Encroachments, overlaps `4nd dther.niattersfthat would be disclosed by an accurate and current survey of the
<br />Property.
<br />e. The Release and Right-of{Entry annexed hereto as Exhibit A and made a part hereof (the "Right -of -Entry').
<br />f. The following covenants add agreements of,the Purchaser:
<br />See Attachment #2 annexed hereto and -Made. a part hereof (the "Restrictive Covenants").
<br />The foregoing exceptions shall sonietimes.hereinafter be referred to as the "Permitted Encumbrances."
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<br />It is further agreed between Seller and Purchaser that: ;
<br />2. Purchaser shall, within- five (5) da after the; E, ffective Date, deposit with First American Title Insurance Company
<br />("First American") the sum of Five Thoustis hd andN d/100 [ellars ($5,000.00), as earnest money to be applied against the
<br />Purchase Price. Purchaser agrees to pay: (o Seller t .el balar)ce. of the Purchase Price o_n the Closing Date, as hereinafter
<br />defined.
<br />3. Seller agrees' to furnish to Purchaser withiri._ten (10) bays from the date hereof a commitment to insure title to the
<br />Property issued by First American, showing title_iri $tiller subject only to the exceptions above specified and the usual
<br />exclusions and exceptions contained in standard title iniuraricepolicies.
<br />4, Purchaser shall, within ten (10) d4s after -receiving said title commitment, deliver to Seller a written statement of any .
<br />objections to the title or a written statement? to .tbe-'effect: thatithe title is satisfactory. If Seller does not receive Purchaser's
<br />written statement of objections within suchfipn (10)- ayiperidd;;it shall be conclusively presumed that Purchaser has waived all
<br />objections to title. If there are objections tolthe-title; Se)ler shall be allowed sixty (60) days or until the Closing Date; whichever
<br />is longer, to cure the same, and' should -suctttobiections} nbt be . ured or waived within such period, then Seller agrees to refund
<br />the earnest money deposit, this; Contract 0011 thereaftbr. be (npperative and void and neither Seller nor Purchaser shall have
<br />further liability hereunder, except for the Suriijving: Covehants,'as hereinafter defined.
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<br />5. Purchaser's obligation ;to dose h j•eUhder'•shall be j ubject to Purchaser, at Purchaser's sole cost and expense,
<br />inspecting or causing an inspection to be Made by -gialified professionals on Purchaser's behalf of the Property and other
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