Agenda - Council - 03/12/2019 - Laserfiche WebLink

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PURCHASE AGREEMENT This Agreement is entered into by and between the City of Ramsey, a Minnesota municipal corporation ("Seller"), and PSD LLC, a Minnesota 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 March 12, 2019 (the "Effective Date"). 2. SALE OF PROPERTY. Seller agrees to sell to Buyer, and Buyer agrees to buy from Seller approximately 2.38 acres of vacant land, legally described as follows: Part of Lot 2, Block 2, Hy-10 Ramsey and Part of Lot 3, Block 2, Hy-10 Ramsey INSERT REVISED LEGAL DESCRIPTION, Anoka County, Minnesota. (the "Property") Addresses: 8020 147th Avenue NW, Ramsey, MN and 8019 146th Avenue NW Ramsey, MN 55303. Anoka County Property Identification: Part of 29-32-25-14-0019 and Part of 29-32-25-14- 0009; 3. PURCHASE PRICE. The purchase price for the Property is $INSERT NET Sale Price (About $8,294 right now) (the "Purchase Price"). 4. EARNEST MONEY AND ADDITIONAL EARNEST MONEY. Within (5) business days after the Effective Date, Buyer must deposit the sum of $3,000 (the "Earnest Money") with Registered Abstracters Inc., 2115 3rd Avenue, Anoka, MN 55303 ("Escrow Agent"), via wire transfer or delivery of a certified check payable to Escrow Agent. a. If Buyer does not deposit the Earnest Money 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. Page 1 of 11