7.2. HRSR 06-04-2018 - Laserfiche WebLink

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-7.2.4 } nctputTs N�ZA (- 4-2-019 PURCHASE AGREEMENT THIS PURCHASE AGREEMENT (the "Agreement') is made as of this 4'" day of June, 2018, by and between Ronald J. and Lori L. Touchette, married to each other (the "Sellers") and the Housing and Redevelopment Authority of the City of Elk River, a public body corporate and politic under the laws of the State of Minnesota (the "Buyer"). RECITALS The Sellers are the owners of property located at: 430 Main Street NW, Elk River, Minnesota, which is legally described on the attached Exhibit A (the "Property"). AGREEMENT 1. Offer/Acceptance for Sale of Property. The Sellers agree to sell to Buyer the Property and Buyer agrees to purchase the same, according to the terms of this Agreement. Purchase Price for Property and Terms. A. PURCHASE PRICE: The total purchase price for the Property is One Hundred and Sixty -Eight Thousand and 00/100ths Dollars ($168,000.00) (the "Purchase Price"). B. TERMS: (1): EARNEST MONEY. The sum of One Thousand Dollars ($1,000.00) (the "Earnest Money") shall be paid by the Buyer to the Sellers, receipt of which is hereby acknowledged by the Sellers. (2): BALANCE DUE SELLERS. The Buyer agrees to pay by check or electronic transfer of funds on the date of closing on the Property (the "Closing Date") any remaining balance of the Purchase Price due to the Sellers according to the terms of this Agreement. (3): DEED/MARKETABLE TITLE. Subject to performance by the Buyer, the Sellers agree to execute and deliver a Warranty Deed conveying marketable title to the Property to the Buyer, subject only to the following exceptions: a. Building and zoning laws, ordinances, state and federal regulations. b. Reservation of minerals or mineral rights to the State of Minnesota, if any. Public utility and drainage easements of record which will not 525535v2 SJS ELI 8548