4.14 SR 11-07-2022 ADD ON - Laserfiche WebLink

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49461726v5 222417v6 REAL ESTATE PURCHASE AGREEMENT THIS AGREEMENT (“Agreement”), dated as of the ____ day of _______, 2022 (the “Effective Date”), by and between CITY OF ELK RIVER, a Minnesota municipal corporation (“Seller”) and the RAN PROPERTIES, L.L.C., a Minnesota limited liability company (“Purchaser”). WHEREAS, the Seller is the owner of real property in the City of Elk River, Sherburne County, Minnesota, legally described as Outlot B, Nature’s Edge Business Center Third Addition, according to the recorded plat, Sherburne County, Minnesota (PID 75-915-0020) (“Seller Property”); WHEREAS, the Purchaser owns a parcel of real property in the City of Elk River, Sherburne County, Minnesota that is adjacent to the Seller Property (PID 75-828-0150) (the “Purchaser Property”) WHEREAS, the Purchaser desires to acquire approximately 6.875 acres of the Seller Property as depicted on the attached Exhibit “A” (the “Property”) and the Seller will retain the portion of the Seller Property less the Property (the “Retained Property”); NOW, THEREFORE, the Purchaser and Seller agree as follows: 1. PROPERTY. In consideration of the mutual promises, covenants, and agreements hereinafter contained, Seller agrees to sell and convey to Purchaser, and Purchaser agrees to buy the Property upon the terms and conditions hereinafter set forth. The Property shall include: (i) all improvements thereon (the “Improvements”), if any; (ii) all easements, rights-of-way and entitlements relating or appertaining to the Property and/or to the Improvements; (iii) all sewer, septic and waste disposal rights and interests applicable or appurtenant to or used in connection with the operation of the Property or the Improvements; (iv) all mineral rights, air rights and development credits or rights; and (v) all interest in streets, roads, alleys or other public ways adjoining or serving the Property, including any land lying in the bed of any street, road, alley or other public way, open or proposed, and any strips, gaps, gores, culverts and rights-of way adjoining or serving the foregoing Property or Improvements 2. PURCHASE PRICE AND MANNER OF PAYMENT. Except as otherwise provided herein, the purchase price (“Purchase Price”) for the Property shall be payable to Seller at Closing (as hereinafter defined) in the amount of Two Dollars and 25/100 ($2.25) per square foot, based on and as determined by an ALTA survey of the Property. The Purchase Price shall be paid by Purchaser to Seller as follows: (a) The sum of Ten Thousand and 00/100 Dollars ($10,000.00) earnest money (the “Deposit”), shall be deposited with the Title Company (as hereafter defined) within five (5) business days of execution of this Agreement by both parties. The Deposit shall be held in escrow by the Title Company in a non-interest bearing account and shall be disbursed in accordance with the terms of this Agreement.