Agenda - Council - 02/25/2025 - Laserfiche WebLink

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VACANT LAND PURCHASE AGREEMENT THIS VACANT LAND PURCHASE AGREEMENT(this"Agreement")is made and entered into as of July , 2024 (the "Effective Date"), by and between the City of Ramsey, a Minnesota municipal corporation (the "Seller"), and Oak Terrace Estates, LLC, a Minnesota limited liability company(the"Buyer"). RECITALS: A. Seller desires to sell to Buyer, and Buyer desires to purchase from Seller, approximately 12,265.7 square feet of real property located in Anoka County, Minnesota ("Parcel I"), as depicted on Exhibit A-1 and legally described on Exhibit A-2 attached hereto (the"Property). B. Buyer is the owner of a mobile home community known as"Oak Terrace Estates Mobile Home Park"located at 6545 Highway 10,Ramsey,Minnesota(the"Community"),which Community is located near Parcel 1. C. Both Seller and Buyer currently claim fee title ownership to that certain additional parcel of approximately 4,520 square feet of real property located depicted on Exhibit A-3 as Parcel 2 and concurrently with the closing of the purchase and sale of Parcel 1, Seller desires to transfer all of its ownership interests in Parcel 2, if any, to Buyer, and Buyer desires to accept such transfer, in order to settle the title claim dispute with respect to Parcel 2. AGREEMENT: NOW, THEREFORE, in consideration of the covenants and agreements contained herein, the parties agree as follows: 1. Purchase and Sale. Seller hereby agrees to sell,and Buyer hereby agrees to purchase from Seller, upon the terms and conditions set forth in this Agreement, the Property, together with any and all other easements,tenements, hereditaments, and appurtenances belonging to Parcel 1. 2. Purchase Price. The total purchase price for Parcel I (collectively, the "Purchase Price") shall equal Forty-three Thousand Four Hundred Sixty and No/100 Dollars ($43,460.00), plus Buyer's obligation to pay all transfer taxes,and the costs,fees and expenses of Seller involved in this matter. The Purchase Price shall be payable by wire transfer,certified or cashier's check at the Closing(as hereinafter defined). 3. As-is,Where-is Purchase. Buyer acknowledges and agrees that Buyer is purchasing the Property in its existing condition"AS IS, WHERE IS,AND WITH ALL FAULTS AND DEFECTS"with respect to all facts, circumstances, conditions, and defects, whether known or unknown, and without any representation or warranty by Seller. 4. Representations of Buyer. Buyer hereby represents and warrants to Seller that Buyer is a limited liability company,duly organized,existing and in good standing under the laws of the State of Minnesota and qualified and duly authorized by all requisite action of Buyer to complete the transactions contemplated by this Agreement. 5. Financing Contingency. Buyer shall have until one hundred eighty(180)days after the Effective