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3. Purchase Price and Manner of Payment. The total purchase price ("Purchase Price") <br /> Buyer will pay to Seller for the Property is Nine Hundred Twenty Nine Thousand and no/100 <br /> Dollars ($929,000.00)payable as follows: <br /> a. Earnest Money. (Ten Thousand Dollars ($10,000.00)as earnest money (the <br /> "Earnest Money")to be paid into escrow to Title-1, 7535 Sunwood Drive, <br /> Ramsey, MN 55303 ("Title Company")by Buyer, upon execution of this <br /> Agreement by both parties, to be held by the Title Company and released to Seller <br /> at Closing in reduction of the Purchase Price, or as otherwise provided herein. <br /> The Earnest Money shall be returned to the Buyer if this Agreement is terminated <br /> by the Buyer during the course of the Buyer's due diligence investigations and <br /> inspection period, or if the parties do not reach a mutually acceptable developer's <br /> agreement timely, or if the Buyer's project does not receive final plat approval <br /> timely, or upon Seller's breach. Notwithstanding any other terms in this <br /> Agreement, $1,500 of the Earnest Money shall become non-refundable and <br /> released to the Seller by the Title Company 61 days after the Effective Date of <br /> this Agreement. <br /> b. Closing Payments. <br /> 1. Buyer will purchase Parcel A for$581,000.00. Closing on Parcel A shall <br /> occur within 30 days after final plat approval of Parcel A and execution of <br /> a mutually acceptable developer's agreement, or by June 30, 2015, <br /> whichever is earlier. $3,.000 of the Earnest Money remaining as of the <br /> date of closing shall be applied in reduction of the purchase price. <br /> 2. Buyer will purchase Parcel B for$326,250.00. Closing on Parcel B shall <br /> occur within 30 days after the Seller provides written notice to Buyer that <br /> demolition of Existing Improvements, as described in Section 2 above, is <br /> completed. The Earnest Money remaining as of the date of closing shall <br /> be applied in reduction of the purchase price. <br /> (c) Adjustment to the Purchase Price. The Property is bordered on the west by <br /> Krypton Terrace N.W.,which currently intersects with, and terminates at, the west <br /> driveway entrance to the existing city hall site. Seller intends to eliminate the west <br /> driveway entrance during demolition and construct an extension of Krypton Terrace <br /> N.W. so as to align it with the Nowthen Blvd. / 151st Lane N.W. intersection("Street <br /> Option 1"). In the event that Street Option 1 cannot be constructed, as determined by <br /> Seller, Krypton Terrace will be extended by Buyer east/southeast into the Property and <br /> aligned with the right-of-way dedicated to Seller on Buyer's plat(s) ("Street Option 2"). <br /> If Street Option 2 is utilized,the Purchase Price shall be adjusted downward to reflect the <br /> cost of construction of the road and the loss of approximately one (1) acre of buildable <br /> land. Those costs are estimated to be One Hundred Forty Five Thousand Dollars <br /> ($145,000.00). The parties shall negotiate in good faith,using their best efforts,to reach <br /> agreement on the amount of the price adjustment. If the parties cannot reach agreement <br /> on this issue,they agree to submit the matter to binding arbitration. <br /> 2 <br />