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REAL ESTATE PURCHASE AGREEMENT <br />THIS REAL ESTATE PURCHASE AGREEMENT (this "Agreement") is made and entered <br />into, effective on the date that both parties have executed and delivered this Agreement (the <br />"Effective Date"), by and between City of Ramsey, a Minnesota municipal corporation ("Seller"), <br />and Aldi Inc. (Minnesota), a Minnesota corporation ("Buyer"). <br />Background Information <br />A. Seller is the owner of a certain tract of real property located at the southwest corner <br />of Armstrong Blvd. SW and 147th Ave. N, Ramsey, Minnesota, containing approximately 2.83 <br />acres and being generally depicted on Exhibit A, attached hereto (said real property, together <br />with all appurtenances and hereditaments thereto, shall be referred to as the "Property"). Exhibit <br />A is a map/site plan, setting forth a general depiction of the size, location and configuration of the <br />Property (the "Site Plan"). <br />B. The Property is currently a part of a larger parcel which is owned by (the "Overall <br />Parcel"). In the event that the transaction contemplated herein closes, the Overall Parcel shall <br />be subdivided into 2 (or more) parcels — the Property and the remainder of the Overall Parcel, to <br />be referred to herein as "Seller's Residual". The Overall Parcel and the development currently <br />contemplated thereon are also depicted on the Site Plan. The land that comprises the Overall <br />Parcel is more particularly described on Exhibit B, attached hereto. <br />C. Seller desires to sell to Buyer, and Buyer desires to purchase from Seller, all of <br />Seller's right, title and interest in the Property, at the price and on the terms and conditions <br />hereinafter set forth. <br />Statement of Agreement <br />NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of <br />which are hereby acknowledged, the parties hereby agree to the foregoing Background <br />Information and as follows: <br />ARTICLE I <br />PURCHASE AND SALE OF PROPERTY <br />1.01 Agreement. On the terms and conditions set forth below, and in consideration of <br />Buyer's delivery of $10,000.00 (which, together with interest accrued thereon, is referred to as the <br />"Earnest Money"), within 5 business days after the Effective Date, to Northwest Title, 1160 Dublin <br />Rd, Ste #500, Columbus, OH 43215, Attn: Shannon Carifa, (614) 682-8921 ("Escrow Agent"), <br />Seller hereby agrees to sell the Property to Buyer and Buyer hereby agrees to purchase the <br />Property from Seller. <br />ARTICLE II <br />PURCHASE PRICE <br />1 <br />B: <br />S: <br />