4.9. SR 06-21-2021 - Laserfiche WebLink

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LAND EXCHANGE AGREEMENT This Purchase Agreement (the "Agreement") is made this day of , 20 (the "Effective Date") by and between the CITY OF ELK RIVER, a Minnesota municipal corporation ("City") and COPART OF CONNECTICUT, INC., a Connecticut corporation ("Copart"). RECITALS A. City is the fee owner of Outlot B, Parkview Addition, Sherburne County, State of Minnesota, according to the recorded plat thereof ("City Land"); B. Copart is the fee owner of the property legally located within the City of Elk River legally described in Exhibit A attached hereto ("Copart Land"); C. Copart desires to acquire a portion of the City Land, which portion is legally described in Exhibit B attached hereto ("City Parcel); D. The City agrees to convey the City Parcel to Copart in exchange for a portion of Copart Land, which portion is legally described in Exhibit C attached hereto ("Copart Parcel"); The City Parcel and Copart Parcel are collectively referred to hereunder as "Properties." NOW, THEREFORE, THE PARTIES AGREE AS FOLLOWS: 1. SALE AND PURCHASE OF PROPERTIES. In consideration of the agreements herein contained, the City agrees that it will convey the City Parcel to Copart. Concurrently, Copart agrees that it will convey to the City the Copart Parcel. 2. PURCHASE PRICE. The parties agree that this is a land exchange only and no monetary consideration, other than the lands to be exchanged and the performance of the obligations under this Agreement, shall be due to either party. If environmental investigation of the Properties pursuant to Section 3 indicates contamination of a property that necessitates remediation of a property, the valuation of the contaminated property may be affected and further negotiations may require an amendment of this Agreement related to the purchase price or remediation of a property to be conveyed hereunder. 3. ENVIRONMENTAL ASSESSMENT. As soon as possible after the execution hereof, the City and Copart shall have the right, if they desire, at their own expense to inspect the respective properties of the other parry being exchanged for the purpose of determining whether or not there are any environmental conditions that affect the parcel to be acquired. Notwithstanding the foregoing, Copart has completed a Phase I of the City Parcel and the Copart Parcel and agrees to provide the Phase I Environmental Reports to the City upon execution of this Agreement at no cost to the City. If the environmental inspection reveals any environmental 1 215118v12