5.7. SR 04-04-2011 - Laserfiche WebLink

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COMMERCIAL PURCHASE AGREEMENT THE HOULTON INVESTMENT COMPANY, a Minnesota Corporation ("Seller") and the CITY OF ELK RIVER, a mnesota Municipal Corporation, ("Buyer"), make this Agreement effective as of the ~~day of /~ , ~r , 2011 ("Effective Date"). In consideration of the parties' mutual covenants and representations in this Agreement and for other good and valuable consideration, the receipt and sufficiency of which the parties acknowledge, the parties agree as follows: 1. Sate of Real Property. Seller agrees to sell to Buyer, and Buyer agrees to purchase from Seller, real property located in the City of Elk River, Sherburne County, Minnesota, legally described on the attached Exhibit A, together with all easements, improvements, and rights benefiting or appurtenant to the property and also together with the easements referenced in 3e herein (collectively the "Property"). The exact boundary lines and legal description of the Property will be determined or confirmed by a survey of the Property, as detailed in paragraph 6(b) herein. 2. Purchase Price and Manner of Payment. The total purchase price ("Purchase Price") Buyer will pay to Seller for the Property will be Two Hundred Twenty-five Thousand and 00/100 Dollars ($225,000.00), payable as follows. a. Earnest Money. $1,000 as earnest money, which earnest money will be held in escrow with the Buyer's title company, Sherburne County Abstract and Title Company, 351 Main Street, Elk River, MN 55330 ("Title Company"), at the time of execution of this Agreement ("Earnest Money"). b. Closing Payment. The remaining balance of $224,000.00 shall be paid in cash, by certified check, or wire transfer on or before the Closing Date ("Closing Payment"). 3. Contingencies. Buyer's obligations under this Agreement are expressly contingent upon satisfaction or waiver of each of the following conditions: a. Title. Title will have been found acceptable to Buyer, or been made acceptable, in accordance with this Agreement's requirements and terms. b. Performance of Seller's Obligations. Seller will have performed all of its obligations required under this Agreement, as and when required by this Agreement. c. Inspection. Seller, without charge to Buyer, shall allow Buyer and Buyer's agents access to the Property at all reasonable times for the purpose of Buyer's investigation, testing and surveying of the Property. Buyer shall pay all costs and expenses of such Inspection and shall hold Seller and the Property harmless from all costs and liabilities, including but not limited to reasonable attorney's fees, GP:2945285 v4 1