Agenda - Planning Commission - 08/04/2016

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PURCHASE AGREEMENT This Agreement is entered into by and between the City of Ramsey, a Minnesota municipal corporation ("Seller"), and OGA Acquisitions, LLC, a Tennessee limited liability company ("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 date on which it is signed by the last of the parties hereto, as evidenced by the dates beside their signatures below (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: Approximately 1.00 acre of land located on Ramsey Boulevard, adjacent to the existing Casey's General Store, Ramsey, MN 55303 as shown on the drawing attached hereto as Exhibit A and further identified by Anoka County by the following property identification number(s): Portion of PID: 28-32-25-41-0020 Seller and Buyer shall agree on the exact size and dimensions of the Property prior to the expiration of the Inspection Period. Any size adjustments will be made on a pro rata basis based upon the agreed to price per square foot. Buyer assumes that Seller will retain ownership of the land underlying the proposed access road to the Property as shown on Exhibit A. 3. PURCHASE PRICE. The purchase price for the Property is $230,000.00 (the "Purchase Price"). 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 $5.28 per square foot. 4. EARNEST MONEY. Within three (3) business days after the Effective Date, Buyer must deposit the sum of $10,000 (the "Earnest Money") with Commercial Partners Title, LLC, 200 South Sixth Street, Suite 1300, Minneapolis, MN 55402 ("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.