Resolution 6563 Attachment - Laserfiche WebLink

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VACANT LAND PURCHASE AGREEMENT THIS REAL ESTATE PURCHASE AGREEMENT ("Agreement"), dated for reference purposes only the day of September, 2015 (the "Effective Date"), between CLIFFORD L. OTTEN, a single person ("Seller"), and the CITY OF ORONO, a Minnesota municipal 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 ("Seller Property"); B. Purchaser proposes to acquire a portion of the Seller Property as legally described in Exhibit B attached hereto ("Property") and Seller will retain the remainder legally described in Exhibit C ("Remainder Property"); C. Seller also owns two commercial parcels to the south of the Seller Property, legally described in Exhibit D ("Seller Commercial Property"); 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 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 approximately One Dollar and 001100 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. 3. CLOSING. Unless terminated earlier, the date for closing the sale and purchase of the Property (the "Closing") shall be on or before December 15, 2015. Closing shall be held at the office of Land Title, Inc. ("Title Company"), or at such other time, date or place as the parties may mutually agree. The Closing shall occur through an escrow with the Title Company, whereby Seller, Purchaser and their attorneys need not be physically present at the Closing and may deliver documents by overnight air courier or other means. 4. CONVEYANCE OF PROPERTY. Upon performance by Purchaser, Seller shall execute and deliver a Warranty Deed conveying marketable title of record, subject to all of the following: 181815v6