Agenda - Council - 01/24/2006 - Laserfiche WebLink

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RIGHT OF FI:RST REI~SAL This Agreement, made and entered into the 25* day of June, 2002, is by and between Jack and Ellen Stanley, and Shane and Lynn Hanson. Whereas, the Stanleys are conveying their center lot of three to the Hansons; and Whereas, the center lot contains a house which uses a septic system for sanitary waste; and Whereas, the drain field for the septic system is located partially on one of the other two lots; and Wheryas, the Stanleys des[re for sanita~? sewer to be constructed to serve their remaining lots; and Whereas, the Hansons wish to have an option to purchase the lot upon wh/ch the current drain field is located. Now, Therefore, it is agreed as follows: 1. The Hansons are hereby given a fight of first refusal upon the sale by the Stanleys of Lot 3, Block 3, Pondvale Estates 2°d Addition, Ramsey County, Minnesota. 2. Under this fight the Stanleys agree not to sell Lot 3 without first giving the Hansons the opportunity to buy on the same terms and conditions as the Stanleys are willing to sell to a third party. 3. In exchange for this right, the Hansons agree to remain neutral regarding the extension of sanitary sewer and water through Pondvale Estates 2na Addition, or in another location which would make these utilities available to Lot 3, Block 3 or Lot 1, Block 3, Pondvale Estates 2 Addition. - 4. The fight of first refusal is personal to the Hansom, and may not be transferred to anyone else. 5. The Hansons must exercise their right of first refusal within 10 days after they receive notification fi.om the Stanleys that the Stanleys have a purchase offer they are prepared to accept. An "exercise" of this fight shall be done by signing an enfomeable purchase agreement with the Stanleys. 6. This fight of first refusal is not a continuing fight. Once the 10-day period expires, the fight of first refusal terminates. -277-