Agenda - Council - 05/11/2021 - Laserfiche WebLink

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DONATION AGREEMENT This Donation Agreement is entered into by and between DoubleT L.L.C., a Minnesota limited liability company (Donor), and the City of Ramsey, a Minnesota municipal corporation. Recitals A. Donor owns the Property legally described as: Outlot A, Northfork Alpine Addition, County of Anoka, State of Minnesota. PID 19-32-25-42-0005 Torrens Property B. Donor seeks to donate the Property to the City, and the City desires to accept said donation, pursuant to the terms and conditions set forth in this Agreement. Agreement 1. Donation. Donor hereby donates the Property to the City subject to the terms of this Agreement. 2. Property Value. The parties agree that the market value of the Property is $100.00. 3. Contingencies. The City's acceptance of the donation of the Property is subject to the following: a. City's receipt of a title commitment and acceptance of the condition of title, as provided for below. b. Approval of the donation by the City Council. 4. Title Commitment. Within 30 days after the date of the latest signature below, the City shall obtain a Title Commitment from a title company of the City's choosing. The City shall have seven days after receipt of the Title Commitment to review title and to give Donor written notice of (i) any defects in the marketability of Donor title to the Property or any encumbrances on Donor's title to the Property that are objectionable to City, and (ii) the specific actions City requests that Donor take with respect to each such defect or encumbrance (a "Title Objection Notice"). Any defects in or encumbrances on Donor's title that City does not identify in a timely Title Objection Notice are each a "Permitted Exception." Within three business days after Donor's receipt of a Title Objection Notice from City, Donor will notify City, in writing, of the actions, if any, that Donor is willing to take with respect to each of the matters identified in the Title Objection Notice