Agenda - Council - 05/23/2006 - Laserfiche WebLink

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DRAFT Date: May 16, 2006 Page 1 of 3 PURCHASE AGREEMENT This Agreement is made as of this ___ day of May, 2006, by and between the City of Ramsey, a municipal corporation under the laws of the State of Minnesota ("Buyer"), and Lawrence J. Boike and Michelle A. Garcia-Boike, husband and wife, ("Seller"). In consideration of the mutual covenaats contained herein, Seller and Buyer agree as follows: 1. SALE OF PROPERTY. Sefler shall sell to Buyer and Buyer shall buy from Seller the following property: The teat property located at XXX Highway 10, Ramsey, Minnesota, consisting of approximately 41.61 acres. The properly to be sold is identified by Anoka County for tax purposes as PIN Nos. 29-32-25-21-0002 and 29-32-25-24-0001. The legal description of the property to be sold is contained in Exhibi~ A, which is attached hereto and incorporated herein by reference. 2. PURCttASE PI~.ICE. The total purchase price of the properly shall be Four Million, Four-Hundred and Eight-One Thousand Dollars (4,481,000.00), which Buyer agrees to pay in the fo/lowing manner: One million dollars ($1,000,000.00) cash on ',he date of closing and the balance of Three Million Four-Hundred and Eighty-One Thousand Dollars ($3,481,000.00) by financing as shown on the attached Addendum. DEED/MARKETABLE TITLE: Sabject to pelformance by Buyer, Seller agrees to execute and deliver a general Warrant Deed conveying mapketable 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 improvemel of the premises without effective for fodeiture provisions; (c) reservation of any minerals or i'nineral rights to the State of Minnesota; (d) utility and drainage easements which do not interfere with present improvements; (e) dgi]ts of k;nants as follows: REAl.. ESTATE TAXES: Real estate taxes due and payable in the year of closing shall be prorated between Seller and Buyer ga a calendar year basis to the actual date ()l: closing unless othelyzise provided in this Purchase Agreement. Real estate taxes payable in the years prior to dosing shall be paid by Seller. Real estate taxes payable in the years subsequent to ciosing shall be paid by Buyer. 5. SPECtAL ASSESSMENTS: SELLER 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 dosing. SELLER SHALL PAY ON DATE OF CLOSING all other special assessments levied aa of the: date of this Agreement. SELLER SHAbL PROVIDE FOR PAYMENT OF special assessments pending as of the date of this Agreement for improvements that have been ordered by the City Conncil or any other governmental or private assessing authorities. (SelIer's provision for payment shall be by payment into escrow of 1 1/2 times the estimated amount of the assessFnents.) If a special assessment becomes pending after the date of this Purchase Agreement and before tl~e date of closing, Buyer may, at Buyer's option; (a) assume payment of the pending special assessment without adjustment to the purchase price; or (b) require Seller to pay the pending special assessiT~eot (or escrow fei pa,. of same a sum equal to 1 1/2 times the project pendiag assessment) and Buyer shall pay a commensurate increase