Loading...
HomeMy WebLinkAboutItem 06.nLakeville Date: May 16, 2016 Item No. PURCHASE AGREEMENT WITH MOSES FAMILY LIMITED PARTNERSHIP FOR FUTURE WELL SITE Proposed Action Staff recommends adoption of the following motion: Move to approve a purchase agreement with Moses Family Limited Partnership for the purchase of land for a future water supply well Overview The approved 2016-2020 Capital Improvement Plan programs construction of a water supply well in 2016. The proposed location for the well is the southeast corner of County State Aid Highway (CSAH) 9 (Dodd Boulevard) and Highview Avenue, consistent with the City's Water Plan. City staff, with assistance from Wilson Development Services and Dakota County staff, negotiated with representatives of the Moses Family Limited Partnership to reach a mutually agreeable price of $10,000 for 4.1 acres of land. The land acquisition is needed for the construction and maintenance of the future well. The land acquisition serves an additional public purpose as it includes land currently used and land proposed for future use for roadway purposes. Primary Issues to Consider • Well construction is programmed to begin in 2016, with the goal of substantial completion by spring, 2017. Supporting Information • Purchase Agreement • Acquisition Exhibit Financial Impact $10,000 Budgeted: YN NO Source: Water Trunk Fund Related Documents: (CIP, ERP, etc.): Envision Lakeville Community Values: Good Value for Public Services Report Completed by: Zach Johnson, City Engineer PURCHASE AGREEMENT: LAND (NON-RESIDENTIAL) This form approved by the Minnesota Association of REALTORS®, which disclaims any liability arising out of use or misuse of this form. © 2015 Minnesota Association of REALTORS®, Edina, MN 1. Date 04/26/2016 2. Page 1 of 9 3. BUYER (S): City of Lakeville, 4. a municiple corporation 5. Buyer's earnest money in the amount of 6. Dollars ($ 0.00 ) shall 7. be delivered to listing broker no later than two (2) Business Days after Final Acceptance Date of this Purchase 8. Agreement. Buyer and Seller Agree that listing broker shall deposit any earnest money in the listing broker's trust 9. account within three (3) Business Days of receipt of the earnest money or Final Acceptance Date of this Purchase 10. Agreement, whichever is later. 11. Said earnest money is part payment for the purchase of the property legally described as 12. Section/Township/Range See attached "Exhibit An 13. 14. Street Address unaddressed Dodd Boulevard 15. PID # (s) Part of 22.00900.52.010 16. , City of Lakeville 17. County of Dakota State of Minnesota, including all fixtures, if any, 18. ❑ INCLUDING 0 EXCLUDING all emblements within the Property at the time of this Purchase Agreement, if any, one.) ------------ (collectively the "Property") and ❑ INCLUDING W] EXCLUDING the following personal property, if any, which shall - -------- - -(Check one.}------- --- -- 20. be transferred with no additional monetary value, and free and clear of all liens and encumbrances: 21. 22. 23. 24. all of which Property Seller has this day agreed to sell to Buyer for the sum of ($ 10, 000.00 ) 25. Ten Thousand 26. Dollars, 27. which Buyer agrees to pay in the following manner: 28. CASH of $ 0.00 or more in Buyer's sole discretion, which includes the earne t 29. money and the balance to be paid at the time of closing. 30. The date of closing shall be '20 f� '1�� 31. DUE DILIGENCE: This Purchase Agreement ❑ IS ✓❑ IS NOT subject to due diligence contingency. (If answ is Y, ----(Check one.) ----- 32. IS, see attached Addendum to Commercial Purchase Agreement: Due Diligence.) 33. This Purchase Agreement ❑ IS 0 IS NOT subject to cancellation of a previously written purchase agreement dated ---(Check one.) ----- 34. 20 (If answer is IS, said cancellation shall be obtained 35. no later than , 20 . 36. If said cancellation is not obtained by said date, this Purchase Agreement is canceled. Buyer and Seller shall 37. immediately sign a Cancellation of Purchase Agreement confirming said cancellation and directing all earnest money 38. paid hereunder to be refunded to Buyer.) MN:PA:L-1 (8/15) InstanetFORMS' PURCHASE AGREEMENT: LAND (NON-RESIDENTIAL) 39. Page 2 Date 04/26/2016 40. Property located at unaddressed Dodd Boulevard Lakeville 41. OTHER CONTINGENCIES: This Purchase Agreement is subject to the following contingencies, and if 42. the checked contingencies specified below, if any, are not satisfied or waived, in writing, by Buyer by 43. , 20 , this Purchase Agreement is canceled as of said date. Buyer and Seller 44. shall immediately sign a Cancellation of Purchase Agreement confirming said cancellation and directing all earnest 45. money paid hereunder to be refunded to Buyer. (Check all that apply.) 46. ❑ FINANCING CONTINGENCY: Buyer shall provide Seller, or licensee representing or assisting Seller, with the 47. Written Statement, on or before the date specified on line 43. 48. For purposes of this Contingency, "Written Statement" means a Written Statement prepared by Buyer's 49. mortgage originator(s) or lender(s) after the Final Acceptance Date that Buyer is approved for the loan(s) 50. specified in this Purchase Agreement, including both the first mortgage and any subordinate financing, if any, 51. and stating that an appraisal, satisfactory to the lender(s), has been completed and stating conditions required 52. by lender(s) to close the loan. 53. Upon delivery of the Written Statement to Seller, or licensee representing or assisting Seller, the responsibility 54. for satisfying all conditions, except work orders, required by mortgage originator(s) or lender(s) are deemed 55. accepted by Buyer. Upon delivery of the Written Statement, if this Purchase Agreement does not close on the 56. stated closing date for ANY REASON relating to financing, other than Seller's failure to complete work orders 57. to the extent required by this Purchase Agreement, including but not limited to interest rate and discount points, 58. if any, Seller may, at Seller's option, declare this Purchase Agreement canceled, in which case this Purchase 59. Agreement is canceled. If Seller declares this Purchase Agreement canceled, Buyer and Seller shall 60. immediately sign a Cancellation of Purchase Agreement confirming said cancellation and directing all earnest 61. money paid hereunder to be forfeited to Seller as liquidated damages. In the alternative, Seller may seek all 62. other remedies allowed by law. 63. If the Written Statement is not provided by the date specified on line 43, Seller may, at Seller's option, declare 64. this Purchase Agreement canceled by written notice to Buyer at any time prior to Seller receiving the Written 65. Statement, in which case this Purchase Agreement is canceled. In the event Seller declares this Purchase 66. Agreement canceled, Buyer and Seller shall immediately sign a Cancellation of Purchase Agreement 67. confirming said cancellation and directing all earnest money paid hereunder to be refunded to Buyer. 68. If the Written Statement is not provided, and Seller has not previously canceled this Purchase Agreement, this 69. Purchase Agreement is canceled as of the closing date specified in this Purchase Agreement. Buyer and 70. Seller shall immediately sign a Cancellation of Purchase Agreementconfirming said cancellation and directing 71. all earnest money paid hereunder to be refunded to Buyer. 72. © OTHER CONTINGENCIES: -This purchase agreement is subject to the City of Lakeville's 73• council approval at their regularly scheduled meeting. 74. -Sellers and Buyers are responsible for their own real estate brokerage fees, if any. 75. -Buyer to pay all closing costs typically charged to a seller in 76. this transaction, except title issue charges for clear title, if 77. any. 78. 79. 80. 81. 82. 83. Seller's expenses for these contingencies, if any, shall not exceed $ 0.00 MN:PA:L-2 (8/15) InstanetFoRrns' PURCHASE AGREEMENT: LAND (NON-RESIDENTIAL) 84. Page 3 Date 04/26/2016 85. Property located at unaddressed Dodd Boulevard Lakeville 86. DEED/MARKETABLE TITLE: Upon performance by Buyer, Seller shall deliver a (check one): 87.✓❑ Warranty Deed, ❑ Personal Representative's Deed, ❑ Contract for Deed, ❑ Trustee's Deed, or 88. ❑ Other: Deed joined in by spouse, if any, conveying marketable title, subject to 89. (a) building and zoning laws, ordinances, state and federal regulations; 90. (b) restrictions relating to use or improvement of the Property without effective forfeiture provisions; 91. (c) reservation of any mineral rights by the State of Minnesota; 92. (d) utility and drainage easements which do not interfere with existing improvements; 93. (e) rights of tenants as follows (unless specified, not subject to tenancies): 94.' and 95. (f) others (must be specified in writing): 96. 97. 98. REAL ESTATE TAXES: Seller shall pay on the date of closing all real estate taxes due and payable in all prior years 99. including all penalties and interest. 100. Buyer shall pay © PRORATED FROM DAY OF CLOSING ❑ 12ths OF ❑ ALL ❑ NO real estate - - - - -- - - - - - - - - - - - ---(Check one.}---- -- - - - -_ _- _- --- - _------ ------- 101. taxes due and payable in the year 20 16 102. Seller shall pay, ✓❑ PRORATED TODAY OF CLOSING ❑ 12ths OF ❑ ALL ❑ NO real estate taxes - - - -- - -- ----------------(Check one.) - 103. due and payable in the year 20 16 If the closing date is changed, the real estate taxes paid shall, if prorated, 104. be adjusted to the new closing date. 105. Buyer shall pay real estate taxes due and payable in the year following closing and thereafter, the payment of which 106. is not otherwise herein provided. No representations are made concerning the amount of subsequent real estate 107. taxes. 108. DEFERRED TAXES/SPECIAL ASSESSMENTS: 109. ❑ BUYER SHALL PAY © SELLER SHALL PAY on date of closing any deferred real estate taxes ---- -------------------(Check one.)----------- --- - _--- -- 110. (e.g. Green Acres) or special assessments, payment of which is required as a result of the closing of this sale. 111. ❑ BUYER AND SELLER SHALL PRORATE AS OF THE DATE OF CLOSING © SELLER SHALL PAY ON - - - - -- - - -- - -- --- - - -- -- - -- - -------(Check one.)------ ----- -- -- -- - - --- ------------ 112. DATE OF CLOSING all installments of special assessments certified for payment, with the real estate taxes due and 113. payable in the year or closing. 114. ❑ BUYER SHALL ASSUME n SELLER SHALL PAY on date of closing all other special assessments levied as -- - - -- ---------------(Check one.)--- ----- --- ----------- ---- 115. of the date of this Purchase Agreement. 116. ❑ BUYER SHALL ASSUME © SELLER SHALL PROVIDE FOR PAYMENT OF special assessments pending as ----------------------------------(Check- 117. of the date of this Purchase Agreement for improvements that have been ordered by any assessing authorities. 118. (Seller's provision for payment shall be by payment into escrow of two (2) times the estimated amount of the 119. assessments or less, as required by Buyer's lender.) 120. Buyer shall pay any unpaid special assessments payable in the year following closing and thereafter, the payment of 121. which is not otherwise herein provided. MN:PA:L-3 (8/15) InstanetFORMS' PURCHASE AGREEMENT: LAND (NON-RESIDENTIAL) 122. Page 4 Date 04/26/2016 123. Property located at unaddressed Dodd Boulevard Lakeville 124. As of the date of this Purchase Agreement, Seller represents that Seller ❑ HAS © HAS NOT received a notice -----(Check one.) --------- 125. regarding any new improvement project from any assessing authorities, the costs of which project may be assessed 126. against the Property. Any such notice received by Seller after the date of this Purchase Agreement and before 127. closing shall be provided to Buyer immediately. If such notice is issued after the date of this Purchase Agreement and 128. on or before the date of closing, then the parties may agree in writing, on or before the date of closing, to pay, provide 129. for the payment of or assume the special assessments. In the absence of such agreement, either party may declare 130. this Purchase Agreement canceled by written notice to the other party, or licensee representing or assisting the other 131. party, in which case this Purchase Agreement is canceled. If either party declares this Purchase Agreement canceled, 132. Buyer and Seller shall immediately sign a Cancellation of Purchase Agreement confirming said cancellation and 133. directing all earnest money paid hereunder to be refunded to Buyer. 134. POSSESSION: Seller shall deliver possession of the Property on the date of closing, unless otherwise agreed to 135. in writing. Seller agrees to remove ALL DEBRIS AND ALL PERSONAL PROPERTY NOT INCLUDED HEREIN from 136. the Property by possession date. 137. PRORATION& All interest and rents shall be prorated between the parties as of date of closing, unless otherwise 138. agreed to in writing. Buyer shall pay Seller for remaining gallons of fuel oil or liquid petroleum gas on the day of closing, 139. at the rate of the last fill by Seller. 140. TITLE AND EXAMINATION: Within a reasonable time period after Final Acceptance Date of this Purchase Agreement, 141. Seller shall provide one of the following title evidence options, at Seller's selection, which shall include proper searches 142. covering bankruptcies, state and federal judgments and liens, and levied and pending special assessments to Buyer 143. or Buyer's designated title service provider: 144. (1) A commitment for an owner's policy of title insurance on a current ALTA form issued by an insurer licensed to write 145. title insurance in Minnesota as selected by Buyer. Seller shall be responsible for the title search and exam costs 146. related to the commitment. Buyer shall be responsible for all additional costs related to the issuance of the title 147. insurance policy(ies), including but not limited to the premium(s), Buyer's name search and plat drawing, if 148. any. Seller shall deliver any abstract of title and a copy of any owner's title insurance policy for the Property, 149. if in Seller's possession or control, to Buyer or Buyer's designated title service provider. Any abstract of title or 150. owner's title insurance policy provided shall be immediately returned to Seller, or licensee representing or assisting 151. Seller, upon cancellation of this Purchase Agreement. 152. (2) An abstract of title certified to date if Abstract Property or a Registered Property Abstract (RPA) certified to date 153. if Registered (Torrens) Property. Seller shall pay for the abstracting or RPA costs and deliver any abstract for 154. this Property in Seller's possession or control to Buyer or Buyer's designated title service provider. Any abstract 155. shall be immediately returned to Seller, or licensee representing or assisting Seller, upon cancellation of this 156. Purchase Agreement. If Property is abstract and Seller does not have an abstract of title, Option (1) will 157. automatically apply. 158. Seller shall use Seller's best efforts to provide marketable title by the date of closing. In the event that Seller has not 159. provided marketable title by the date of closing, Seller shall have an additional 30 days to make title marketable or, in 160, the alternative, Buyer may waive title defects by written notice to Seller. In addition to the 30 -day extension, Buyer 161. and Seller may by mutual agreement further extend the closing date. Lacking such extension, either party may declare 162. this Purchase Agreement canceled by written notice to the other party, or licensee representing or assisting the other 163. party, in which case this Purchase Agreement is canceled. If either party declares this Purchase Agreement canceled, 164. Buyer and Seller shall immediately sign a Cancellation of Purchase Agreement confirming said cancellation and 165. directing all earnest money paid hereunder to be refunded to Buyer. 166. SUBDIVISION OF LAND, BOUNDARIES, AND ACCESS: If this sale constitutes or requires a subdivision of land 167. owned by Seller, Seller shall pay all subdivision expenses and obtain all necessary governmental approvals. Seller 168. warrants the legal description of the real Property to be conveyed has been or shall be approved for recording as of 169. the date of closing. Seller warrants that there is a right of access to the Property from a public right of way. MN:PA:L-4 (8/15) InstanetFORMs- 171. Property located at PURCHASE AGREEMENT: LAND (NON-RESIDENTIAL) 170. Page 5 Date 04/26/2016 unaddressed Dodd Boulevard Lakeville 172. MECHANIC'S LIENS: Seller warrants that prior to the closing, payment in full will have been made for all labor, materials, 173. machinery, fixtures, or tools furnished within the 120 days immediately preceding the closing in connection with 174. construction, alteration, or repair of any structure on, or improvement to, the Property. 175. NOTICES: Seller warrants that Seller has not received any notice from any governmental authority as to condemnation 176. proceedings or violation of any law, ordinance or regulation. If the Property is subject to restrictive covenants, Seller 177. warrants that Seller has not received any notice from any person or authority as to a breach of the covenants. Any 178. such notices received by Seller shall be provided to Buyer immediately. 179. DIMENSIONS: Buyer acknowledges any dimensions or acreage of land or improvements provided by Seller, third 180. party, or broker representing or assisting Seller are approximate. Buyer shall verify the accuracy of information to 181. Buyer's satisfaction, if material, at Buyer's sole cost and expense. 182. ACCESS AGREEMENT: Seller agrees to allow Buyer reasonable access to the Property for performance of any 183. surveys, inspections or tests as agreed to herein. Buyer shall restore the premises to the same condition it was in prior 184. to the surveys, inspections or tests and pay for any restoration costs relative thereto. 185. RISK OF LOSS: If there is any loss or damage to the Property between the date hereof and the date of closing for 186. any reason, including fire, vandalism, flood, earthquake or act of God, the risk of loss shall be on Seller. If the Property 187. is destroyed or substantially damaged before the closing date, this Purchase Agreement is canceled, at Buyer's 188. option, by written notice to Seller or licensee representing or assisting Seller. If Buyer cancels this Purchase Agreement, 189. Buyer and Seller shall immediately sign a Cancellation of Purchase Agreement confirming said cancellation and 190. directing all earnest money paid hereunder to be refunded to Buyer. 191. TIME OF ESSENCE: Time is of the essence in this Purchase Agreement. 192. CALCULATION OF DAYS: Any calculation of days begins on the first day (calendar or Business Days as specified) 193. following the occurrence of the event specified and includes subsequent days (calendar or Business Days as specified) 194. ending at 11:59 P.M. on the last day. 195. BUSINESS DAYS: "Business Days" are days which are not Saturdays, Sundays or state or federal holidays unless 196. stated elsewhere by the parties in writing. 197. DEFAULT: If Buyer defaults in any of the agreements herein, Seller may cancel this Purchase Agreement, and any 198. payments made hereunder, including earnest money, shall be retained by Seller as liquidated damages and Buyer 199. and Seller shall affirm the same by a written cancellation agreement. 200. If Buyer defaults in any of the agreements hereunder, Seller may terminate this Purchase Agreement under the 201. provisions of MN Statute 559.21. 202. If this Purchase Agreement is not canceled or terminated as provided hereunder, Buyer or Seller may seek actual 203. damages for breach of this Purchase Agreement or specific performance of this Purchase Agreement; and, as to 204. specific performance, such action must be commenced within six (6) months after such right of action arises. 205. METHAMPHETAMINE PRODUCTION DISCLOSURE: 206. (A Methamphetamine Production Disclosure is required by MN Statute 152.0275, Subd. 2 (m).) 207. © Seller is not aware of any methamphetamine production that has occurred on the Property. 208. ❑ Seller is aware that methamphetamine production has occurred on the Property. 209. (See Disclosure Statement: Methamphetamine Production.) 210. NOTICE REGARDING AIRPORT ZONING REGULATIONS: The Property may be in or near an airport safety zone 211. with zoning regulations adopted by the governing body that may affect the Property. Such zoning regulations are 212. filed with the county recorder in each county where the zoned area is located. If you would like to determine if such 213. zoning regulations affect the Property, you should contact the county recorder where the zoned area is located. 214. NOTICE REGARDING PREDATORY OFFENDER INFORMATION: Information regarding the predatory offender 215. registry and persons registered with the predatory offender registry under MN Statute 243.166 may be 216. obtained by contacting the local law enforcement offices in the community where the Property is located 217. or the Minnesota Department of Corrections at (651) 361-7200, or from the Department of Corrections web 218. site at www.cornstate.mmus. MN:PA:L-5 (8/15) InstanetFORMS' PURCHASE AGREEMENT: LAND (NON-RESIDENTIAL) 219. Page 6 Date 04/26/2016 220. Property located at unaddressed Dodd Boulevard Lakeville 221. SUBJECT TO RIGHTS OF TENANTS, IF ANY, BUYER HAS THE RIGHT TO VIEW THE PROPERTY PRIOR TO 222. CLOSING TO ESTABLISH THAT THE PROPERTY IS IN SUBSTANTIALLY THE SAME CONDITION AS OF THE 223. DATE OF THIS PURCHASE AGREEMENT. 224. BUYER IS NOT RELYING ON ANY ORAL REPRESENTATIONS REGARDING THE CONDITION OFTHE PROPERTY. 225. SPECIAL DISCLOSURES: Seller discloses, to the best of Seller's knowledge, t t the Property described in this 226. Purchase Agreement consists of approximately 7 acres and is currently zoned 227 228 229. Residential 230. Seller discloses, to the best of Seller's knowledge, that the Property ❑ IS © IS NOT in a designated flood plain 231. area. area. 232. Seller discloses, to the best of Seller's knowledge, that the Property ❑ DOES © DOES NOT currently receive ---------(Check 233. preferential preferential tax treatment (e.g. Green Acres). 234. Seller discloses, to the best of Seller's knowledge, that the Property ❑ IS © IS NOT enrolled in any Federal, State, or -----(Check one. ---- -- 235. local governmental programs (e.g., CREP, CRP, EQIP, WRP, Conservation programs, riparian buffers, Sustainable 236. Forest Incentive Act, etc.). 237. ENVIRONMENTAL CONCERNS: To the best of the Seller's knowledge there are no hazardous substances or 238. underground storage tanks, except where herein noted. 239. 240 241 242. (Check appropriate boxes.) 243. SELLER WARRANTS THAT THE PROPERTY IS EITHER DIRECTLY OR INDIRECTLY CONNECTED TO: 244. CITY SEWER [-]YES © NO I CITY WATER ❑YES © NO 245. SUBSURFACE SEWAGE TREATMENT SYSTEM 246. SELLER ❑ DOES © DOES NOT KNOW OF A SUBSURFACE SEWAGE TREATMENT SYSTEM ON OR SERVING --------(Check one.}-------- 247. THE PROPERTY. (If answer is DOES, and the system does not require a state permit, see Subsurface Sewage 248. Treatment System Disclosure Statement.) 249. PRIVATE WELL 250. SELLER ❑ DOES © DOES NOT KNOW OF A WELL ON OR SERVINGTHE PROPERTY. (If answer is DOES and well -----------(Check 251. is is located on the Property, see Well Disclosure Statement.) 252. THIS PURCHASE AGREEMENT ❑ IS © IS NOT SUBJECT TO AN ADDENDUM TO PURCHASE AGREEMENT: ---(Check one.) ----- 253. SUBSURFACE SEWAGE TREATMENT SYSTEM AND WELL INSPECTION CONTINGENCY. 254. (If answer is IS, see attached Addendum.) 255. IF A WELL OR SUBSURFACE SEWAGE TREATMENT SYSTEM EXISTS ON THE PROPERTY, BUYER HAS 256. RECEIVED A DISCLOSURE STATEMENT. WELL AND/OR A DISCLOSURE STATEMENT ; SUBSURFACE 257. SEWAGE TREATMENT SYSTEM. MN:PA:L-6 (8/15) InstanetFORMS' 259. Property located at 260 PURCHASE AGREEMENT: LAND (NON-RESIDENTIAL) 258. Page 7 Date 04/26/2016 unaddressed Dodd Boulevard Lakeville NOTICE 261. Daniel a Wilson is ❑ Seller's Agent 0 Buyer's Agent ❑ Dual Agent ❑ Facilitator. (Licensee) -- - - - -- -- - - - -(Check one.}_.. 262 Wilson Development Services (Real Estate Company Name) 263. 264. (Licensee) (Real Estate Company Name) is ❑ Seller's Agent ❑ Buyer's Agent ❑ Dual Agent ❑ Facilitator. - - -- ---- - -- -----------(Check one.) ---------- ------ ------- 265. DUAL AGENCY DISCLOSURE: Dual agency occurs when one broker or salesperson represents both parties to a 266. transaction, or when two salespersons licensed to the same broker each represent a party to the transaction. Dual 267. agency requires the informed consent of all parties, and means that the broker or salesperson owes the same fiduciary 268. duties to both parties to the transaction. This role limits the level of representation the broker and salespersons can 269. provide, and prohibits them from acting exclusively for either party. In dual agency, confidential information about price, 270. terms and motivation for pursuing a transaction will be kept confidential unless one party instructs the broker or 271. salesperson in writing to disclose specific information about him or her. Other information will be shared. Dual agents 272. may not advocate for one party to the detriment of the other. 273. CONSENTTO DUAL AGENCY 274. Broker represents both parties involved in the transaction, which creates a dual agency. This means that Broker and 275. its salespersons owe fiduciary duties to both parties. Because the parties may have conflicting interests, Broker and its 276. salespersons are prohibited from advocating exclusively for either party. Broker cannot act as a dual agent in this 277. transaction without the consent of both parties. Both parties acknowledge that 278. (1) confidential information communicated to Broker which regards price, terms or motivation to buy, sell or lease will 279. remain confidential unless the parties instruct Broker in writing to disclose this information. Other information will 280. be shared; 281. (2) Broker and its salespersons will not represent the interest of either party to the detriment of the other; and 282. (3) within the limits of dual agency, Broker and its salesperson will work diligently to facilitate the mechanics of the 283. sale. 284. With the knowledge and understanding of the explanation above, the parties authorize and instruct Broker and its 285. salespersons to act as dual agents in this transaction. 286. SELLER: 287 BUYER: (Date) (Date) 288. SELLER: BUYER: 289. (Date) (Date) 290. CLOSING COSTS: Buyer or Seller may be required to pay certain closing costs, which may effectively increase the 291. cash outlay at closing or reduce the proceeds from the sale. MN:PA:L-7 (6/15) InstanetFORMs 293. Property located at PURCHASE AGREEMENT: LAND (NON-RESIDENTIAL) 292. Page 8 Date 04/26/2016 unaddressed Dodd Boulevard Lakeville 294. FOREIGN INVESTMENT IN REAL PROPERTY TAX ACT ("FIRPTA"): Section 1445 of the Internal Revenue Code 295. provides that a transferee (`Buyer") of a United States real property interest must be notified in writing and must withhold 296. tax if the transferor ("Seller") is a foreign person and no exceptions from FIRPTA withholding apply. Buyer and Seller 297. agree to comply with FIRPTA requirements under Section 1445 of the Internal Revenue Code. 298. Seller shall represent and warrant, under the penalties of perjury, whether Seller is a "foreign person" (as the same 299. is defined within FIRPTA), prior to closing. Any representations made by Seller with respect to this issue shall survive 300. the closing and delivery of the deed. 301. Buyer and Seller shall complete, execute, and deliver, on or before closing, any instrument, affidavit, or statement 302. reasonably necessary to comply with the FIRPTA requirements, including delivery of their respective federal taxpayer 303. identification numbers or Social Security numbers. 304. Due to the complexity and potential risks of failing to comply with FIRPTA, including the Buyer's responsibility for 305. withholding the applicable tax, Buyer and Seller should seek appropriate legal and tax advice regarding FIRPTA 306. compliance, as the respective licensees representing or assisting either party will be unable to assure either 307. party whether the transaction is exempt from FIRPTA withholding requirements. 308. ENTIRE AGREEMENT: This Purchase Agreement and any addenda or amendments signed by the parties shall 309. constitute the entire agreement between Buyer and Seller. Any other written or oral communication between Buyer 310. and Seller, including, but not limited to, e-mails, text messages, or other electronic communications are not part of this 311. Purchase Agreement. This Purchase Agreement can be modified or canceled only in writing by Buyer and Seller or by 312. operation of law. All monetary sums are deemed to be United States currency for purposes of this Purchase Agreement. 313. ELECTRONIC SIGNATURES: The parties agree the electronic signature of any party on any document related to this 314. transaction constitute valid, binding signatures. 315. FINAL ACCEPTANCE: To be binding, this Purchase Agreement must be fully executed by both parties and a copy 316. must be delivered. 317. SURVIVAL: All warranties specified in this Purchase Agreement shall survive the delivery of the deed or contract 318. for deed. 319. OTHER: Buyer will pursue the splitting of the land through the City of 320. Lakeville's application process at Buyers expense. Seller agrees to 321 sign application requirements for land split. 322. 323. 324. 325. 326. 327. 328. 329. 330. MN:PA:L-8 (8/15) InstanetFORMS' PURCHASE AGREEMENT: LAND (NON-RESIDENTIAL) 331. Page 9 Date 04/26/2016 332. Property located at unaddressed Dodd Boulevard Lakeville 333. ADDENDA AND PAGE NUMBERING: Attached addenda are a part of this Purchase Agreement. 334. Enter total number of pages of this Purchase Agreement, including addenda, on line two (2) of page one (1). 335. NOTE: Disclosures and optional Arbitration Agreement are not part of this Purchase Agreement and should 336. not be part of the page numbering. 337. I, the owner of the Property, accept this Purchase I agree to purchase the Property for the price and on 338. Agreement and authorize the listing broker to withdraw the terms and conditions set forth above. 339. said Property from the market, unless instructed otherwise 1 have reviewed all pages of this Purchase 340. in writing. Agreement. 341. 1 have reviewed all pages of this Purchase Agreement. 342. ❑ If checked, this Agreement is subject to attached 343. Addendum to Purchase Agreement., Counteroffer. 344. FIRPTA: Seller represents and warrants, under penalty 345. of perjury, that Seller ❑ IS © IS NOT a foreign person (i.e., a - --(Check one.} ----- 346. non-resident alien individual, foreign corporation, foreign 347. partnership, foreign trust, or foreign estate for purposes of 348. income taxation. (See lines 294-307.)) This representation 349. and warranty shall survive the closing of the transaction 350. and the delivery of the deed. 351. SELLER 352. 353. By: Joses F ily Limited Partnership 354. Its: (Title) 355. (Date) 356. SELLER 357. 358. By: Moses Family Limited Parnershin 359. Its: (Title) 360. (Date) BUYER By: Matt Little Its: Mayor for the City of Lakeville (Title) (Date) BUYER By:Charlene Fridges (Date) Its: Clerk for the City of Lakeville (Title) 361. FINAL ACCEPTANCE DATE: 362. is the date on which the fully executed Purchase Agreement is delivered. The Final Acceptance Date 363. THIS IS A LEGALLY BINDING CONTRACT BETWEEN BUYER(S) AND SELLER(S). 364. IF YOU DESIRE LEGAL OR TAX ADVICE, CONSULT AN APPROPRIATE PROFESSIONAL. MN:PA:L-9 (8/15) InstanetFORMS' Exhibit A — Legal Description City of Lakeville -PARCEL B (4.1 acres) That part of the West half of the Southwest quarter of Section 9, Township 114 North, Range 20 West, Dakota County, Minnesota, described as follows: Beginning at the Southwest corner of the West half of the Southwest Quarter of said section; thence North 1 degree 12 minutes 00 seconds West, along the West line thereof, 704.40 feet; thence North 73 degrees 02 minutes 00 seconds East, 251.90 feet; thence North 1 degree 12 minutes 00 seconds West, 44.45 feet; thence North 72 degrees 50 minutes 47 seconds East, 1125.30 feet to a point on the East line of the West half of the Southwest quarter of said section; thence South 1 degree 13 minutes 13 seconds East, along said East line thereof, 1140.54 feet to the Southeast corner of the West half of the Southwest quarter of said section; thence South 89 degrees 24 minutes 10 seconds West, along the South line of the West half of the Southwest Quarter of said section, 1324.85 feet to the point of beginning, EXCEPTING THEREFROM that portion heretofore conveyed by warranty deed to Ramsey County, Minnesota, dated June 3, 1924 and recorded November 4, 1924 in Book 172 of Deeds, page 296 and described as follows: Beginning at the Southwest corner of said Section 9; thence North 1 degree 12 minutes 00 seconds West, along the West lines of said section; 704.4 feet; thence North 73 degrees 02 minutes East, 251.9 feet; thence Southwesterly following a curve left (whose radius is 254.94 feet and with a central angle of 74 degrees 14 minutes, 325 feet; thence South 1 degree 12 minutes East 524.94 feet; thence West 33 feet to the point of beginning. And also EXCEPTING described line, said from the line being above described the easterly and property southerly that part lying easterly and southerly of the following boundary Parcel 7 RIGHT OF WAY MAP NO. 346, according to the recorded of and 7A, DAKOTA COUNTY ROAD map thereof: Commencing at the southwest corner of the Southwest Quarter of the Southwest Quarter of Section 9, Township 114 North, Range 20 West, Dakota County, Minnesota; thence North 89 degrees 54 minutes 05 seconds East, assumed bearing along the south line of said Southwest Quarter of the Southwest Quarter of Section 9 a distance of 65.72 feet to the point of beginning of the line to be described; thence North 05 degrees 43 minutes 37 seconds East a distance of 234.77 feet; thence northerly a distance of 76.03 feet along a tangential curve concave to the west having a radius of 1089.50 feet and a central angle of 03 degrees 59 minutes 53 seconds; thence northeasterly a distance of 661.67 feet along a non—tangential curve concave to the southeast having a radius of 923.44 feet and a central angle of 41 degrees 03 minutes 13 seconds, the chord of said curve bears North 38 degrees 21 minutes 29 seconds East; thence northeasterly a distance of 107.98 feet along a non—tangential curve concave to the southeast having a radius of 1448.00 feet and a central angle of 04 degrees 16 minutes 22 seconds, the chord of said curve bears North 71 degrees 08 minutes 38 seconds East; thence North 73 degrees 17 minutes 42 seconds East tangent to said curve a distance of 740.99 feet to the east line of said Southwest Quarter of the Southwest Quarter and said line there terminating. 1 /1 r%A TI r%AI +IAPl Edo^ le, 11 Z 8 6! --_ _____A___ z BnN3AV M31AH01H ! (Oma) tobu c mw) ew"', A