Agenda - Council - 01/14/2020 - Laserfiche WebLink

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PURCHASE AGREEMENT FIRST AMENDMENT This is the First Amendment is to the Purchase Agreement by and between AEON RAMSEY 2 LLC, a Minnesota limited liability corporation, and the CITY OF RAMSEY, a Minnesota municipal corporation, with an effective date of June 30, 2017. Recitals 1. Pursuant to the terms of the Purchase Agreement, the Closing Date is to be no later than October 13, 2018. 2. Buyer seeks an additional year to close on the transaction. 3. Buyer completed its inspection during the Inspection Period, which is expired, and Buyer also completed its examination of title. 4. Seller is willing to extend the Closing Date in exchange for making the existing escrow non-refundable and receiving additional non-refundable escrow, in accordance with the terms set forth below. 5. The outlot that is the subject of the Purchase Agreement was platted, requiring a change in the legal description. Agreement In consideration for the mutual promises set forth below, the parties agree as follows: 1. The above recitals are incorporated into the Agreement. 2. The Closing Date is hereby amended to be 30 days after the expiration of the contingencies but no later than October 13, 2019. 3. Buyer acknowledges that the Inspection Period expired on November 1, 2017. 4. Buyer acknowledges that its title examination pursuant to section 5 of the Purchase Agreement is completed. 5. Buyer acknowledges that its contingencies under paragraphs 6.2 (Title), 6.4 (Document Review), 6.5 (Government Approvals) and 6.6 (Financing) of the Purchase Agreement have been satisfied. 6. Notwithstanding section 3 or any other provisions in the Purchase Agreement: