Agenda - Council - 04/23/2019 - 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 Meadow Creek Builders, Inc., a Minnesota 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 December 12, 2018 (the "Effective Date"). 2. SALE OF PROPERTY. Seller agrees to sell to Buyer, and Buyer agrees to buy from Seller 6.42 (+/-) acres of vacant land in Ramsey, Minnesota. Legal Description: Lot 25, Block 1, Harvest Estates, Anoka County, Minnesota Anoka County Property Identification: 23-32-25-41-0081 Platting: Buyer is responsible for subdividing and re -platting Property. 3. PURCHASE PRICE. The purchase price for the Property is variable, as outlined in the table below. Upon completion of the Inspection Period (Section 9), and submission of the written Notice -to -Proceed, Buyer shall provide Seller with final purchase price, and this Agreement shall be amended accordingly. Seller has the right to reject a purchase price different than outlined below. Layout #1, Exhibit A $ Layout #2, Exhibit B $ P/SF P/Acre Purchase Price 0.64 $ 28,037.00 $ 180,000.00 0.04 $ 1,558.00 $ 10, 000.00 4. EARNEST MONEY. By December 19, 2018, Buyer must deposit the sum of $10,000 (the "Earnest Money") with Commercial Partners Title Company, 200 South 6th Street, #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 Page 1 of 11