Agenda - Council - 01/10/2006 - Laserfiche WebLink

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PURCHASE AGREEMENT 1. PARTIES. This Agreement is made on this . day of ,2005 by and between Yern and Wanda Olson ("SELLER"), whose address is 7039 Highway 10 Northwest, Ramsey, Minnesota 55303 and the CITY OF RAMSEY, a Minnesota municipal corporation, ("BUYER"), with address 15153 Nowthen Boulevard, Ramsey, Minnesota 55303. 2. OFFER/ACCEPTANCE. BUYER offers to purchase and SELLER agrees to sell real property located at 7039 Highway 10 NW., Ramsey, Minnesota, 55303, Anoka County, Minnesota, legally described on the attached Exhibit A (the "Property"). The term "Property" as used in this Agreement shall include all improvements, fixtures, including any trade fixtures and, now existing on the date of closing, together with all hereditaments and appurtenances to the Property including but not limited to all mechanical, electrical, heating, air conditioning, drainage, sewer, water, plumbing and roofing systems, if any. The parties do not contemplate the conveyance of any personal property pursuant to this Agreement. 3. ACCEPTANCE. The acceptance date of this Agreement is the date it is delivered by the last party signing to the other party. 4. PRICE. The Purchase Price for the Property is Four Hundred Forty Thousand Dollars ($440,000.00), ("Purchase Price"), payable at Closing less earnest money. 5. EARNEST MONEY. Conctwrently with the execution hereof BUYER shall deposit with SELLER the amount of Twenty Thousand Dollars ($20,000.00) as Earnest Money hereunder ("Earnest Money"). 6. DEED/MARKETABLE TITLE. Conveyance Terms. Upon BUYER'S full performance of BUYER'S obligations under this Agreement, SELLER shall execute and deliver to BUYER, on the date of closing, a Warranty Deed conveying fee title to the Property to BUYER, subject only to: a. Building, zoning and subdivision statutes, laws, ordinances and regulations. Reservations of minerals or of mineral rights in favor of the State of Minnesota, if any. c. The lien of real estate taxes and special assessments not yet due and payable. d. Covenants, conditions, restrictions and easements of record. 7. REVIEW PERIOD. Within five (5) days following the execution of this Agreement, SELLER shall provide to BUYER copies of any Envirmunental Site Assessment reports in its possession relating to the Property and/or any reports, notifications, or correspondence of any kind from rmy governmental entities relating to environmental conditions of the Property. BUYER shall have thirty (30) days from the date hereof ("Review Period") to inspect the Property. SELLER agrees to permit access to the Property at reasonable times and with advance notice, to -263-