Agenda - Economic Development Authority - 08/10/2023

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PURCHASE AGREEMENT This Purchase Agreement (the "Agreement") is entered into by and between the City of Ramsey, a Minnesota municipal corporation ("Seller"), and Norhart Architecture LLC, a Minnesota limited liability company or its Assigns ("Buyer"). In consideration of the Earnest Money, the mutual covenants set forth below, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Seller and Buyer agree as follows: 1. EFFECTIVE DATE. The effective date of this Agreement is August , 2023 (the "Effective Date"). 2. SALE OF PROPERTY. Seller agrees to sell to Buyer, and Buyer agrees to buy from Seller approximately 4 acres (174,240 SF) of vacant land, legally described on Exhibit A attached hereto the "Property"). 3. PURCHASE PRICE. The purchase price for the Property is $2.50 / square foot or $435,600 as described on attached Exhibit A and graphically depicted on attached Exhibit B; subject to square footage of Final Plat (the "Purchase Price"). 4. EARNEST MONEY AND ADDITIONAL EARNEST MONEY. Within five business days after the Effective Date, Buyer must deposit the sum of $25,000.00 (the "Earnest Money") with Stewart Title or other title company that is mutually agreed upon ("Escrow Agent"), via wire transfer or delivery of a certified check payable to Escrow Agent. a. If Buyer does not deposit the Earnest Money as required above, then Seller may terminate this Agreement by written notice to Buyer; provided, however, if Buyer deposits the Earnest Money with Escrow Agent before Seller exercises Seller's right to terminate, Seller's right to terminate is extinguished. b. Upon Seller's receipt of a Notice to Proceed from Buyer in accordance with Section 9(b), all of the Earnest Money becomes non-refundable (except in accordance with Section 23 as a result of a default by Seller). c. If Buyer does not provide a Notice to Proceed to Seller in accordance with Section 9(b), this Agreement automatically terminates, and Escrow Agent must disburse all Earnest Money Escrow Agent holds to Buyer. d. At Closing, Escrow Agent shall disburse to Seller any Earnest Money not previously disbursed to Seller, and Buyer shall receive a credit against the Error! Unknown document property name.