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5.0. 6.0. 7.0. 8.0. HRSR 03-27-2000
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5.0. 6.0. 7.0. 8.0. HRSR 03-27-2000
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City Government
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HRSR
date
3/27/2000
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PURCHASE AGREEMENT ttor <br /> THIS PURCHASE AGREEMENT (the "Purchase Agreement") is made this <br /> day of March, 2000, by and between First National Bank of Elk River, National <br /> Association ("Buyer"), and the Housing and Redevelopment Authority in and for <br /> the City of Elk River, a public body corporate and politic ("Seller"). <br /> In consideration of the mutual covenants and undertakings contained herein the <br /> parties agree as follows: <br /> 1. Sale and Purchase of Property. Seller agrees to sell, and Buyer agrees <br /> to purchase, certain real property situated in the County of Sherburne, State of <br /> Minnesota, consisting of certain land legally described on Exhibit A attached hereto and <br /> made a part hereof, together with all the appurtenant rights, mineral rights, privileges, <br /> and easements belonging thereto (the "Property"). <br /> 2. Purchase Price. Buyer agrees to pay to Seller, as the purchase price for <br /> the Property (the "Purchase Price"), the sum of $175,000.00 which shall be paid in cash <br /> at closing. <br /> 3. Title. As soon as reasonably possible after Buyer's acceptance of this <br /> • Purchase Agreement, Seller shall deliver to Buyer a commitment for an owner's title <br /> insurance policy issued by a title company to be determined by Seller, naming Buyer as <br /> the proposed owner-insured of the Property in the amount of the Purchase Price (the <br /> "Commitment"). Buyer will be allowed 10 days after receipt of the Commitment for <br /> examination thereof and for making any objections to the marketability of the title to the <br /> Property, said objections to be made by written notice delivered to Seller within said 10 <br /> day period or to be deemed waived. If any objections are so made to the marketability <br /> of the title to the Property, Seller shall be allowed 90 days after the making of such <br /> objections by Buyer to cure such objections and make the title to the Property good and <br /> marketable of record in Seller. Pending the correction of the title, the Closing Date and <br /> the payments hereunder required shall be postponed, but upon correction of the title <br /> and within 15 days after written notice of such correction given by Seller to Buyer, Seller <br /> and Buyer shall perform this Purchase Agreement according to its terms. <br /> If the title to the Property, as evidenced by the Commitment, is not good and <br /> marketable of record in Seller and is not made so within 90 days after the date on which <br /> the Buyer delivers written objections thereto to Seller, or is not good and marketable of <br /> record in Seller at the Closing Date, Buyer may either: <br /> a. Terminate this Purchase Agreement by giving written notice <br /> to Seller in which event this Purchase Agreement shall become null and <br /> • <br />
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