Laserfiche WebLink
<br />PURCHASE AGREEMENT <br /> <br />THIS AGREEMENT (Agreement), effective , 2005 ("Effective <br />Date") is made by and between Tiller Corporation, a Minnesota corporation ("Seller" or "Tiller") <br />and the City of Elk River, a Minnesota Municipal Corporation, ("Buyer" or "City"). <br /> <br />RECITALS <br /> <br />(Rl) Seller owns certain real property located in the City of Elk River, Sherburne County, <br />Minnesota, consisting of approximately seventy-five (75) acres ofland, legally described <br />on Exhibit "A" attached hereto, herein "Property". <br /> <br />(R2) Seller desires to sell and Buyer desires to purchase the Property upon the terms and <br />conditions hereinafter set forth. <br /> <br />AGREEMENT <br /> <br />NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency <br />of which are hereby expressly acknowledged, the parties hereto hereby agree as follows: <br /> <br />ARTICLE I <br />DEFINITIONS <br /> <br />Unless the context otherwise specifies or requires, for the purposes of this Agreement the <br />following terms shall have the meanings set forth in this Article: <br /> <br />1.1 Closing Date. The term "Closing Date" shall mean April 14, 2006, or any other <br />date approved in writing by Buyer and Seller for the closing with respect to the <br />purchase and sale of the Property. <br /> <br />1.2 Title Commitment. The term "Title Commitment" shall mean a title commitment <br />with respect to the Property to be issued by the Title Company. <br /> <br />1.3 Title Companv. The term "Title Company" shall mean Old Republic National <br />Title Insurance Company, 400 Second Avenue South, Minneapolis, Minnesota <br />55401. <br /> <br />Page 1 <br />Version Date: 6/15/06 <br />C:\Docnments and Settings\tallardlLocal Settings\Temporary Internet Files\OLKF\Agreement attach to 7 2.DOC <br />