Agenda - Economic Development Authority - 04/02/2015

Home

PURCHASE AGREEMENT This Agreement is entered into by and between the City of Ramsey, a Minnesota municipal corporation ("Seller"), and , a Minnesota ("Buyer"). In consideration of the Earnest Money, the mutual covenants set forth below, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Seller and Buyer agree as follows: 1. EFFECTIVE DATE. The effective date of this Agreement is (the "Effective Date"). 2. SALE OF PROPERTY. Seller agrees to sell to Buyer, and Buyer agrees to buy from Seller, the Property, legally described as follows: [insert legal description or attach as an Exhibit] and further identified by Anoka County by the following property identification number(s): [insert PID] [street address could also be added if one exists] 3. PURCHASE PRICE. The purchase price for the Property is $ (the "Purchase Price"). [optional: The Purchase Price shall be adjusted on the gross square footage of the Property as determined by the Survey. Such price adjustment will be determined by multiplying the gross square footage of the Property as determined in the Survey by $ per square foot/acre..] 4. EARNEST MONEY. Within ( ) business days after the Effective Date, Buyer must deposit the sum of $ (the "Earnest Money") with Title 1, 7535 Sunwood Drive, Ramsey, MN 55303 ("Escrow Agent"), via wire transfer or delivery of a certified check payable to Escrow Agent. a. If Buyer does not deposit the Earnest Money with Escrow Agent as required above, then Seller may terminate this Agreement by written notice to Buyer; provided, however, if Buyer deposits the Earnest Money with Escrow Agent before Seller exercises Seller's right to terminate, Seller's right to terminate is extinguished. b. Unless Buyer has previously terminated this Agreement pursuant to Section 9, $ of the Earnest Money (the "Initial Disbursement") becomes non- refundable to Buyer (except in accordance with Section 23 as a result of a default by Seller) on the date ( ) business days after the Effective Date, and on that date Escrow Agent must disburse the Initial Disbursement to Seller.