Agenda - Council - 02/23/2016 - Laserfiche WebLink

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ASSIGNMENT For valuable consideration the receipt and sufficiency of which is hereby acknowledged, NIK Management, Inc. (the "Assignor") hereby sells, transfers, conveys and assigns all of ' Assignor's rights and interests in that certain real estate purchase agreement with the City of Ramsey as Seller and the Assignor as buyer, dated January 23, 2015 provided for the purchase and sale of approximately 21.5 acres of real property located at 15240 Helium Street NW and 15153 Nowthen Blvd NW, City of Ramsey, Minnesota (the "purchase agreement") to GS Land, LLC (the "Assignee"). This assignment is made pursuant to, and in reliance upon the parties' letter of intent dated March 9, 2015. This assignment is made without recourse, and without representation or warranty, except that Assignor represents that it is the buyer under the purchase agreement and has the right, power, capacity and authority to assign the purchase agreement to Assignee. Assignor shall provide any additional documents and take any additional actions reasonably requested by Assignee to effectuate this assignment. Assignee accepts the assignment made by this instrument, assumes the obligations of the buyer under the purchase agreement and agrees to perform in accordance with the purchase agreement. Assignee agrees to indemnify Assignor, and to hold Assignor harmless and to defend Assignor against any claims of breach of the purchase agreement arising after the time of this assignment or otherwise as a result of any act or omission by Assignee. In consideration for this assignment, Assignee shall pay Assignor the sum of Seventy - Five Thousand Dollars ($75,000.00) as follows: (1) Thirty Thousand Dollars ($30,000) on execution and delivery of this assignment; and (2) the remaining Forty -Five Thousand Dollars ($45,000.00) upon completion of development approvals and authority from the City of Ramsey