4.1. ERMUSR 07-12-2016 - Laserfiche WebLink

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SALE AND PURCHASE AGREEMENT THIS SALE AND PURCHASE AGREEMENT (the "Agreement"), is made as of Z.>.ne 2 C[ , 2016 (the "Effective Date" of this Agreement) between the ELK RIVER MUNICIPAL UTILITIES, a Minnesota municipal utility (the "Buyer") and STUART W. MACGIBBON, a single person, and JAMES H. MACGIBBON, a single person, as tenants in common,("Sellers"). In consideration of the mutual covenants and agreements hereinafter contained, the parties agree as follows: 1. SALE AND PURCHASE OF REAL PROPERTY. Sellers shall sell to Buyer, and Buyer shall purchase from Sellers the property legally described and attached hereto as Exhibit A (the "Property"), together with improvements, easement, air rights and other rights benefitting or appurtenant to the Property. 2. PURCHASE PRICE AND MANNER OF PAYMENT. The purchase price ("Purchase Price")to be paid by Buyer to Sellers shall be Three Hundred Thousand and No/100 Dollars($300,000.00),subject to the following deductions and payable as follows: (a) Upon execution of this Agreement, $15,000.00 as earnest money ("Earnest Money"), to be held by the Seller and disbursed in accordance with the terms of this Purchase Agreement; (b) The balance of the Purchase Price, as adjusted by any prorations and other adjustments required hereunder, shall be paid by wire transfer on the Closing Date. Sellers shall provide Buyer wire transfer instructions in advance of the Closing Date. Sellers and Buyer acknowledge that the Property is sold under the threat of condemnation. Sellers specifically acknowledge that the Purchase Price paid pursuant to this Agreement fully satisfies Buyer's obligations to provide relocation assistance, minimum compensation and other benefits as required under applicable law. Sellers agree that by acceptance of the consideration provided for herein, Sellers release and discharge Buyer, its officers, employees, agents, successors and assigns, of and from any and all liability and claims, at law or in equity, and under any state or federal law, for relocation expenses for real and personal property taken, including minimum compensation damages, other damages, interest, and costs, arising out of or in connection with the acquisition of the Property. Buyer and Sellers shall, at closing, enter into an Agreement Regarding Release, Payment and Assignment of Relocation Benefits substantially in the form attached as Exhibit B. 3. CONDITIONS TO BUYER'S OBLIGATIONS. The obligations of Buyer under this Agreement are conditioned upon satisfaction or waiver by Buyer of each of the following by the respective dates indicated: 187865v2 71