|
VACANT LAND PURCHASE AGREEMENT
<br /> THIS VACANT LAND PURCHASE AGREEMENT(this "Agreement")is made and entered
<br /> into as of February , 2024 (the "Effective Date"), by and between the City of Ramsey, a
<br /> Minnesota municipal corporation (the "Seller"), and Oak Terrace Estates, LLC, a Minnesota limited
<br /> liability company(the "Buyer").
<br /> RECITALS:
<br /> A. Seller desires to sell to Buyer, and Buyer desires to purchase from Seller, approximately
<br /> 12,265.7 square feet of real property located in Anoka County, Minnesota ("Parcel I"), as
<br /> depicted on Exhibit A-1 and legally described on Exhibit A-2 attached hereto (the"Property).
<br /> B. Buyer is the owner of a mobile home community known as"Oak Terrace Estates Mobile Home
<br /> Park"located at 6545 Highway 10,Ramsey,Minnesota(the"Community"),which Community
<br /> is located near Parcel 1.
<br /> C. Both Seller and Buyer currently claim fee title ownership to that certain additional parcel of
<br /> approximately 4,520 square feet of real property located depicted on Exhibit A-3 as Parcel 2
<br /> and concurrently with the closing of the purchase and sale of Parcel 1, Seller desires to transfer
<br /> all of its ownership interests in Parcel 2, if any, to Buyer, and Buyer desires to accept such
<br /> transfer,in order to settle the title claim dispute with respect to Parcel 2.
<br /> AGREEMENT:
<br /> NOW, THEREFORE, in consideration of the covenants and agreements contained herein, the
<br /> parties agree as follows:
<br /> 1. Purchase and Sale. Seller hereby agrees to sell, and Buyer hereby agrees to purchase from Seller,
<br /> upon the terms and conditions set forth in this Agreement, the Property, together with any and all other
<br /> easements,tenements,hereditaments, and appurtenances belonging to Parcel 1.
<br /> 2. Purchase Price. The total purchase price for Parcel 1 (collectively, the "Purchase Price") shall
<br /> equal Forty-One Thousand One Hundred and No/100 Dollars ($41,100.00), plus Buyer's obligation to
<br /> pay all transfer taxes, and the costs, fees and expenses of Seller involved in this matter. The Purchase
<br /> Price shall be payable by wire transfer,certified or cashier's check at the Closing(as hereinafter defined).
<br /> 3. As-is,Where-is Purchase. Buyer acknowledges and agrees that Buyer is purchasing the Property
<br /> in its existing condition"AS IS,WHERE IS,AND WITH ALL FAULTS AND DEFECTS"with respect
<br /> to all facts, circumstances, conditions, and defects, whether known or unknown, and without any
<br /> representation or warranty by Seller.
<br /> 4. Representations of Buyer. Buyer hereby represents and warrants to Seller that Buyer is a limited
<br /> liability company, duly organized,existing and in good standing under the laws of the State of Minnesota
<br /> and qualified and duly authorized by all requisite action of Buyer to complete the transactions
<br /> contemplated by this Agreement.
<br /> 5. Financing Contingency. Buyer shall have until one hundred eighty(180) days after the Effective
<br /> Date (the "Initial Contingency Period") to apply for and attempt to secure, at Buyer's expense, a
<br />
|