Agenda - Council - 08/23/2022 - Laserfiche WebLink

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PURCHASE AGREEMENT Upon payment in the amount of One Hundred Thousand and no hundredths dollars ($100,000.00), Blackjack Farms, L.L.C. (hereinafter, the "Seller") a Minnesota Limited Liability Company agrees to convey to the City of Ramsey, a municipal corporation and charter city operating under the laws of Minnesota (hereinafter, the "Buyer"), the following: The fee title interest underlying the roadway in the City of Ramsey known as "Quicksilver Street Northwest" as well as a strip immediately to the west thereof of ten (10) feet, creating a fee in a public right-of-way of way of approximately 60 feet, which property is evidenced by the document attached hereto as "Exhibit 1", estimated to consist of 1.78 acres, more or less, and which shall be more precisely described in a survey to be undertaken for that purpose by the Buyer. The cost of the aforesaid survey will be split equally between the Buyer and the Seller. 1. DEED/MARKETABLE TITLE: Subject to performance by Buyer, Seller agrees to execute and deliver a Quit Claim Deed conveying marketable title to the property subject only to the following exceptions: (a) building and zoning laws, ordinances, State and Federal regulations; (b) restrictions relating to use or improvement of the premises without effective for forfeiture provisions; (c) reservation of any minerals or mineral rights to the State of Minnesota; and (d) utility and drainage easements which do interfere with present improvements. 2. REAL ESTATE TAXES: Real estate taxes due and payable in the year of closing shall be prorated between Seller and Buyer on a calendar year basis to the actual date of closing, unless otherwise provided in this Purchase Agreement. Real estate taxes payable in the years prior to closing shall be paid by Seller. Real estate taxes payable in the years subsequent to closing shall be paid by Buyer. 3. SPECIAL ASSESSMENTS: BUYER SHALL PAY on the date of closing: all installments of special assessments, certified for payment with the real estate taxes due and payable in the year of closing. BUYER SHALL PAY on date of closing all other special assessments levied as of the date of this Agreement. PRORATIONS: All items customarily prorated and adjusted in connection in connection with the closing of the sale of the property herein including but not limited to rents, operating expenses, interest on any debt assumed by Buyer, shall be prorated as of the date of closing. It shall be assumed that Buyer will own the property for the entire date of closing. 4. EXAMINATION OF TITLE: Within a reasonable time after acceptance of this Purchase Agreement, Buyer may elect to obtain evidence of title, which shall include proper searches covering bankruptcies, state and federal judgments and liens, and levied and pending special assessments, as follows: Buyer shall have twenty (20) business days after receipt of the Abstract of Title, Registered Property Abstract, or title insurance commitment to provide Seller, with written objections to title. Buyer shall be deemed to have waived any title objections not made within such twenty (20) day period, except that this shall not operate as a waiver of Seller's covenant to deliver a Quit Claim Deed. Seller shall use Seller's best efforts to correct any title objections noted by Buyer and to provide marketable title by the date of