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

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Date: February 12, 2025 Page 1 of 9 COMMERCIAL/ INDUSTRIAL PURCHASE AGREEMENT Received by the City of Ramsey, a Minnesota municipal corporation ("Seller")from the RM Property Management LLC. a Minnesota Limited Liability Company ("Buyer") the sum of Ten Thousand dollars ($10,000.00), earnest money for the purchase of property located at: 7039 Highway 10 NW, Ramsey, MN 55303, situated in the County of Anoka, State of Minnesota, and legally described as follows: Lot 2, Block 1, Kovar Addition, according to the map or plat thereof on file and of record in the office of the Anoka County Recorder and Registrar of Titles. (the "Property") together with the following personal property: NONE all of which Property the undersigned Seller has this day sold to Buyer for the sum of: Five Hundred Fifty Thousand and 00/100 dollars ($550,000.00), plus all applicable closing costs and fees as reflected on the Closing Statement, which Buyer and Seller agree to pay in the following manner. Payment Method: By agreement of the parties, the amounts due for the Property shall be paid by Buyer at Closing to the Metropolitan Council, to repay the Seller's RALF loan on the Property. Payment to the Metropolitan Council shall be made via check or preferably via ACH, with remittance to metcar(aD-metc.state.mn.us, including reference "RALF Loan L06-03". Upon payment, the Seller shall ensure that Buyer receives a release of any restrictive covenant related to the RALF loan, if such release is needed. 1. DEED/MARKETABLE TITLE: Subject to performance by Buyer, Seller agrees to execute and deliver a Limited Warranty Deed conveying marketable 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 improvement of the premises without effective for forfeiture provisions; (c) reservation of any minerals or mineral rights to the State of Minnesota; and (d) utility and drainage easements which do interfere with present improvements. 2. REAL ESTATE TAXES: Real estate taxes due and payable in the year of closing shall be prorated to the date of closing between the Buyer and Seller unless otherwise provided in this Purchase Agreement. Real estate taxes payable in the years prior to closing shall be paid by Seller. Real estate taxes payable in the years subsequent to closing shall be paid by Buyer. 3. SPECIAL 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 closing. SELLER SHALL PAY on date of closing all other special assessments levied as of the date of this Agreement. SELLER SHALL PROVIDE FOR PAYMENT OF special assessments pending as of the date of this Agreement for improvements that have been ordered by the City Council or any other governmental or private assessing authorities. If Buyer terminates this Agreement, Buyer and Seller shall immediately sign a cancellation of purchase agreement directing all earnest money paid hereunder to be refunded to Buyer. Seller shall pay on date of closing any deferral real estate taxes or special assessments payment of which is required as a result of the closing of this sale.