Agenda - Council - 12/28/2006 - Laserfiche WebLink

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5.2 Representations and Warranties of Developer. Developer represents and warrants to City that: (a) Developer is a Minnesota corporation in good standing under the laws of the State, and the individuals executing this Agreement of behalf of Developer have all necessary legal can corporate authority to execute this Agreement on behalf of Developer and to bind Developer; and (b) Developer has terminated Developer's purchase agreements for the Purchase of Parcels C and E. 6. Acquisition and Purchase and Sale of the Development Property. 6.1 City Acquisition of the Development Profterty. City has commenced proceedings in Anoka County District Court to acquire title to all of the Parcels through the exercise. of the City's power of eminent domain. City must proceed with the eminent domain proceedings and use City's best efforts to acquire kle-title to and possession of all-e~the PareelsDevelonment Property, subject only to "Permitted Encumbrances," as defined in the Purchase Agreement, on or before July 13, 2007 or as soon thereafter as is reasonably possible through the application of 1~eCitv's best efforts. City is responsible for all costs and- expenses ~-City incurs to acquire `~~~3titIe to and possession of the Development Property including, without limitation, any relocation benefits City is legally obligated to pay to Parcel owners-eke Feels or their tenants. 6.2 Assi~mment of Parcel H and I Purchase A~,reement. On or before Developer will, at City's direction, either (a) cancel the purchase agreement between KRH Land LLC, as Seller, and Developer, as Buyer, dated , 2006 for the purchase of Parcels H and I (the "Parcels H and I Purchase Agreement"); or (b) assign to Ci Developer's rights under the.Parcels H and I Purchase Agreement-a~~ Developer's rights to the $15,000.00 earnest money Old Republic Title Company is holding pursuant to the Parcels H and I Purchase Agreement-a~~and Developer's r~hts. if any. to the $10,000.00 extension fee (which Developer represents is applicable to the purchase price under the Parcel H and I Purchase Agreement) that Developer has paid to the owners of Parcels H and I pursuant to the Parcels H and I Purchase Agreement-to-C-i~. If City directs Developer to assign the Parcels H and I Purchase Agreement to City, City will assume Developer's rights and obligations under the Parcel H and I Purchase Agreement and AA~ive Developer a credit of S25 000 against the~urchase price Developer is obligated to City under the Purchase Agreement as compensation for Developer's assignment of Developer's rights in the earnest money and the extension fee to City. 6.3 Environmental Remediation. As City acquires title to the Parcels, City will commence will diligently pursue completion of the environmental remediation and remediation documentation activities described on the attached Exhibit _ (the i9~aai~~ao~ v2 to vi ivisio6 6 -131-