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SS# 2385
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<br />5195 NW 142nd Avenue, Ramsey, MN
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<br /> Real Estate Contract
<br /> (Surplus Property)
<br /> 26-884-sp (7-98) E
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<br /> THIS CONTRACT, made as of final exeCUtion of this! instrUrment (the "Effective Date"), between BP PRODUCTS NORTH
<br /> AMERICA INC., a Maryland corporation, f/k/a Am°co ioji company, with offices at 4101 Winfield Road, Warrenville, Illinois
<br /> 60555, hereinafter called "Seller"; and the'~ 'CITY OF RAM$~; a Minnesota municipal corporation, whose address is 15153
<br /> Nowthen Boulevard N.W., Ramsey, Minnes~ 5§303, Hereinafter called "Purchaser".
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<br /> WlTNESSETH:
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<br /> 1. That in consideration. Of the rnut¥~t COvenant~ and ragreements herein contained, Seller hereby agrees to sell, and
<br /> Purchaser agrees to buy for the pdce of T~> Hundred !Thirfy;~fi~e Thousand and No/100 Dollars ($235,000.00) (the "Purchase
<br /> Price ) and upon the terms and condition~il~ereinafter ~et f0rtli, certain real property located ~n the C~ty of Ramsey Minnesota
<br /> and described in Attachment #1:annexed I~'eto ahd ~adeai~art hereof, together With all improvements located thereon, and
<br /> all dghts, title and interest of Seller in ar'Id to :any a(nd'all~ muds, easements, streets, and ways affecting the same (the
<br /> "Property"). ' i: i '
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<br /> Seller hereby agrees, subject tar the conditions hereinafter Set forth, to convey title to the Property to Purchaser by Quit Claim
<br /> Deed, subject to (among other things):
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<br /> a. Easements, covenants an d COnditionS of'reco?d, if any.
<br /> b. Taxes and special assesStr ents not yet dUe'and payable against the Property, if any.
<br /> c. Zoning laws and municip~COuqty/sta~e~and~federal regulations, if any; environmental laws and regulations, if
<br /> any; use restrictions and building re~trictlonSOf record~if any; and any party wall agreements of record.
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<br /> d. Encroachments, oveda(3s ;~nd Other rrlattersithat would be disclosed by an accurate and current survey of the
<br /> Property. :
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<br /> e. The Release and Right-or, Entry annexed hereto as Exhibit A and made a part hereof (the "Right-of. Entry").
<br /> f. The following covenants a~id agreements Of :tlie Purchaser:
<br /> See Attach..mertt #:~ annexed hereto and rria .de a part hereof (the "Restrictive CoVenants").
<br /> The foregoing exceptions shall sorrleti~es.heri,~inafter be'referred to as the "Permitted Encumbrances."
<br />It is further agreed between Seller and PurChaser that: ' :
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<br />2. Purchaser shall, within five (5) day, S after theiEffective Date, deposit w~th F~rst Amencan T~tle Insurance Company
<br />("First American") the sum of Five Thou$~hd and N~/100 I~llars ($5,000.00), as earnest money to be applied against the
<br />Purchase Price. Purchaser agrees to pay~io Seller lYle: balar~ce'of the Purchase Pdce on the Closing Date, as hereinafter
<br />defined.
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<br />3. Seller agrees' to furnish to Purcha_.~er within ten (i0) days from the date hereof a commitment to insure title to the
<br />Property issued by First American, showing titie;in-~eller 'sUbject only to the exceptions above specified and the usual
<br />exclusions and exceptions contained in standard title in~,uranca~policies.
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<br />4. Purchaser shall, within ten (10) daYS after receiving Said title commitment, deliver to Seller a wdtten statement of any
<br />objections to the title or a wdtten statemedt~ t°.theeff~ct thatithe title is satisfactory. If Seller does not receive Purchasers
<br />written statement of objections Within such ,t~n. (.10)day!pedod,~it shall be conclusively presumed that purchaser has waived all
<br />objections to title. If there are objections toithe title~ S~lerr sha!_l be allowed sixty (60) days or until the Closing Date; whichever
<br />is longer, to cure the same, and ~should such~objection~ not be ~cured or waived within such period, then Seller agrees to refund
<br />the earnest money deposit, this Contract sh~all thereafter, be ~ ~_ '
<br /> ~noperat~ve and void and neither Seller nor Purchaser shall have
<br />further liability hereunder, except for the Surt, iving:CovehantS,:,, '.~: ': !~s hereinafter defined.
<br />5. Purchaser's obligation ;to close h~eunder St[ail be ~,ubject to Purchaser, at Purchasers sole cost and expense,
<br />inspecting or causing an inspection to be ~ade bY 'q~aJJfied ~rofessionals on Purchaser's behalf of the Property and other
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