Agenda - Council - 04/11/2017 - Laserfiche WebLink

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PURCHASE AGREEMENT This Agreement is entered into by and between the Series Sunfish of Athans Holdings, LLC, an Illinois Limited Liability Company("Seller"), and the City of Ramsey, a Minnesota municipal corporation("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 January 31, 2017 (the "Effective Date"). 2. SALE OF PROPERTY. Seller agrees to sell to Buyer, and Buyer agrees to buy from Seller, the Property within the City legally described as follows: Lot 2,Block 1,Sunfish Commons, County of Anoka,State of Minnesota and further identified by Anoka County by the following property identification number: 34-32-25-14-0027 with a street address of 6401 Highway 10,Ramsey, Minnesota 55303. 3. PURCHASE PRICE. The purchase price for the Property is $645,000 (the "Purchase Price"). 4. EARNEST MONEY. Within five(5)business days after the Effective Date,Buyer will deposit the sum of$5,000 (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. Upon Seller's receipt of a Notice to Proceed from Buyer in accordance with Section 8(b), the Earnest Money becomes non-refundable(except in accordance with Section 21 as a result of a default by Seller). b. If Buyer does not provide a Notice to Proceed to Seller in accordance with Section 8(b), this Agreement automatically terminates and Escrow Agent must disburse the Earnest Money Escrow Agent holds to Buyer. c. At Closing, Buyer shall receive a credit against the Purchase Price owing at Closing in an amount equal to the amount of the Earnest Money.