6.1. SR 05-24-1999 - Laserfiche WebLink

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. T.S. Restaurant LLC or their assignee, ("Buyer"), whose principle address is 6405 James Circle North, Brooklyn Center, MN. 55430, hereby agrees to buy and the City of Elk River ("Sellers''), whose principle address is 13065 Orono Parkway, Elk River, MN., hereby agrees to sell for the consideration and upon the terms hereinafter set forth, the Real Estate (the "Real Estate") located at the northwest quadrant of Jackson Avenue and U.S. Highway #169 in the State of Minnesota, County of Anoka, and City of Elk River, and further depicted and described on Exhibit A which is attached hereto and made part thereof: . Together with all easements, rights and appurtenances relating to the above-descn"bed Real Estate, all buildings, improvements and fixtures now or hereafter located thereon, and the Sellers' rights, title and interest in and to any streets, roadways, alleys and/or sidewalks, both public and private, adjacent to the Real Estate (hereinafter, with the Real Estate, Collectively called the ("Real Estate'')). The exact legal description of the Real Estate, in accordance with Article 9, shall be substituted for the foregoing description and inserted in the General Warranty Deed (the "Deed") referred to in Article 4(A). ARTICLE 1 - PURCHASE PRfCE The Purchase Price for the Real Estate (Approximately 3.0 acres) shall be Three Hundred Fifty Thousand and Noll 00 ($350,000) (''Purchase Price"), payable on the day of Closing (''Closing Date") by cash, cashier's check or certified check. . ARTICLE 2 - CLOSING Unless otherwise extended by the provisions of the Real Estate Purchase Contract (the "Contract"), the Closing of this transaction ("Closing'') shall be held not later than October 1, 1999 unless mutually extended by both parties. The Closing shall be held at the office of Guaranty Title Insurance Company at 330-200 Avenue South, Suite 750, Minneapolis, MN (the "Title Insurance Company'') issuing the title insurance commitment specified in Article 5. ARTICLE 3 - POSSESSION Possession of the Real Estate shall be given to the Buyer at the Closing. ACCESS TO PROPERTY PRIOR TO CLOSING. Prior to Closing, Sellers shall afford Buyer or Buyer's designees reasonable access to the Real Estate during reasonable hours of the day for the purpose of examining the Real Estate, conducting soil tests and engineering feasibility studies, and planning the proposed development of the Real Estate, provided such activities do no interfere with the activities of the Sellers on the Real Estate. .