1 - HRA Agenda Packet 07-24-17 - Laserfiche WebLink

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HRA Exhibit A PURCHASE AGREEMENT THIS REAL ESTATE PURCHASE AGREEMENT ("Agreement"), dated for reference purposes only the day of , 2017 (the "Effective Date"), between the ORONO HOUSING AND REDEVELOPMENT AUTHORITY, a political subdivision under the laws of the State of Minnesota ("Seller") and LANEL HOUSING SERVICES, INC., a Minnesota corporation ("Purchaser"). RECITALS A. Seller is the fee owner of certain real property located in the City of Orono, Hennepin County, Minnesota legally described in Exhibit A attached hereto ("Property"); B. The Property is subject to a ground lease for a 62 -unit senior rental apartment development, parking facilities and related improvements on the Property ("Project") in favor of Orono Senior Housing, LLC, a Minnesota limited liability company ("Tenant"), which ground lease is dated November 30, 2001, filed December 4, 2001, as Document No. 3466808, as amended by First Amendment to Ground Lease Dated December 1, 2006, filed December 29, 2006, as Document No. 4342059 (collectively "Ground Lease"); C. Tenant (as Seller) and Purchaser's predecessor in interest are parties to that certain Purchase Agreement (Orono Woods Apartments) dated April 17, 2017, pursuant to which Purchaser will purchase and acquire the Project from Tenant, as Seller (the "Related Agreement"). By prior assignment, Purchaser is the "Buyer" under the Related Agreement. D. Simultaneously with the closing of this Agreement, Tenant will sell and transfer its interest in the Project under the Ground Lease to Purchaser pursuant to the Related Agreement, and the Seller and Tenant will terminate the Ground Lease. NOW, THEREFORE, THE PARTIES 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 purchase from Seller, upon the terms and conditions hereinafter set forth, Seller's right, title and interest in that real property located within the City of Orono, Hennepin County, Minnesota as legally described in Exhibit A attached hereto and incorporated by reference herein, together with any interest Seller may have in all attached improvements and fixtures, easements, and other real property interests appurtenant thereto, if any (hereinafter referred to as the "Property"). 2. PURCHASE PRICE. The purchase price for the Property shall be One Dollar and 00/100 Dollars ($1.00) ("Purchase Price"), paid by Purchaser to Seller, subject to closing adjustments and pro -rations, by wire transfer of immediately available funds at the Closing (as defined below) to an account designated by Seller. 193424v4