Agenda - Council - 08/08/2017 - Laserfiche WebLink

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15.10 Complete Agreement. This instrument and any exhibits, schedules or addendums attached hereto contain the entire Agreement of the parties, and supersedes all prior negotiations, agreements or understandings, whether oral or in writing. This Agreement may not be changed orally but only by an Agreement in writing signed by the party against whom enforcement of any such waiver, change, modification, extension or discharge is sought. 15.11 Counterparts. This Agreement may be executed in any number of counterparts, each of which shall constitute an original but all of which, taken together, shall constitute but one and the same instrument. 16. Building and Site Design. The Development Agreement required for development of the Land shall include, as exhibits, the site design and the front, side and rear elevations of the proposed structure(s). In light of the location of the Land and the importance of the COR to Seller's comprehensive planning, Seller expressly reserves the right to approve the site design and elevations to be utilized on this Property. 17. Option to Purchase. 17.1 Option Property. The property legally described in Exhibit B as Outlot A, Ramsey Town Center 7th Addition, Anoka County, Minnesota, will be subdivided prior to Closing. The portion being purchased by Buyer pursuant to this Agreement is the Land. The remaining property (approximately 1.36 acres) is subject to this Section 17 (the Option Property). 17.2 Option to Purchase. Seller grants Buyer the exclusive option to purchase the Option Property under the following terms: 17.2.1 Option Period. Buyer's option to purchase the Option Property shall remain available to Buyer for a period of five years from the Effective Date of this Agreement (the Option Period), provided Buyer fulfills its obligations under this Section 17. In the event the option to purchase is not exercised by the end of the Option Period, the option shall be deemed null and void without notice or action by either party. 17.2.2 Purchase Price. The purchase price for the Option Property is $2.08 per square foot for a total of $123,368. The Option Cost, as described below, is in addition to, and not part of, the Purchase Price. 17.2.3 Option Cost. In consideration for Seller providing Buyer with the exclusive option to purchase the Option Property, Buyer shall pay Seller $10,000.00 per year for each year Buyer chooses in its sole discretion to retain the option, up to five years. The first two years of option payments ($20,000.00) are due at Closing. In order to retain the right to purchase the Option Property, the subsequent option payments (beginning two years after the Closing) are due annually on the anniversary of the Closing US.106153450.02