Agenda - Council - 02/10/2015 - Laserfiche WebLink

Home

PURCHASE AGREEMENT THIS PURCHASE AGREEMENT ("Agreement") is made and entered into as of this 22nd day of January, 2015 (the "Effective Date") between, The City of Ramsey, a Minnesota municipal corporation, ("Seller"), and WESTCO Properties, LLC, a Minnesota limited liability company ("Buyer"). In consideration of the covenants and agreements contained herein, the parties agree as follows: 1. PREMISES. Subject to compliance with the terms and conditions of this Agreement, Seller shall sell to Buyer and Buyer shall purchase from Seller, the following (the "Premises"): The real property located 6590141St Avenue NW, Ramsey, County of Anoka, State of Minnesota, comprising PID # 27-32-25-44-0003, legally described in EXHIBIT A attached hereto and depicted on EXHIBIT A-1 attached hereto, together with all easements, tenements, hereditaments, and appurtenances belonging thereto (the "Land"). 2. PURCHASE PRICE. The purchase price shall be $95,000.00 Buyer will pay upon the following terms: A. $3,000.00 Earnest money, The Earnest Money shall be placed and held by Escrow Agent in its commercial interest bearing account in accordance with the terms of this Agreement and shall be credited against the Purchase Price in favor of Buyer at closing. Any and all interest accruing on the Earnest Money pursuant to this Agreement shall be paid to Buyer and shall accrue solely for Buyer's benefit. If Buyer provides Seller with written notice of Buyer's waiver or satisfaction of all the conditions to closing set forth in Section 5 of this Agreement, then the Earnest Money shall be deemed non-refundable to Buyer, except as otherwise provided in Sections 3.D, 5, 6, 9, 16, 18, 19, 28.A or elsewhere in this Agreement. B. $92,000.00 Cash, the balance of the Purchase Price shall be paid (subject to prorations, reductions and credits as provided below) by wire transfer, certified check or cashier's check at the closing. 3. TITLE TO BE DELIVERED: COMMITMENT: SURVEY: TITLE OBJECTIONS. A. Title To Be Delivered. At closing, Seller agrees to convey Marketable Fee Simple Title to the Premises. For purposes of this Agreement, the term "Marketable Fee Simple Title" means title to the Premises that, when acquired by Buyer, will be insurable by the Title Company under its current form ALTA Owner's Title Insurance Policy and is also free and clear of all liens, Page 1 of 16