HomeMy WebLinkAbout25-014 Approval of First Amendment of Purchase Agreement CITY OF LAKEVILLE
RESOLUTION NO.25-014
RESOLUTION APPROVING FIRST AMENDMENT OF PURCHASE AGREEMENT
WHEREAS, the City entered into a Purchase Agreement with Lakeville 210 MOB
Investors LLC ("Buyer")with an effective date of January 6, 2025, ("Purchase Agreement") for the
sale of a portion of 20830 Keokuk Avenue, Lakeville, MN 55044, as more particularly described in
the Purchase Agreement;
WHEREAS, the parties desire to amend the Purchase Agreement to correct the rime
periods for the Inspection Period and Approval Period as defined under the Purchase Agreement, as
provided in the First Amendment to Purchase Agreement attached hereto("Amendment").
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Lakeville,
Minnesota that the Amendment is hereby approved.
ADOPTED this 3rd Day of February, 2025, by the City Council of the City of Lakeville,
Minnesota.
CITY OF LAKEVILLE
BY:
L e M. Hellier, Mayor
ATTEST:
Ann Or ofsk City Clerk
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[attach first amendment to purchase agreement]
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FIRST AMENDMENT TO PURCHASE AGREEMENT
This First Amendment to Purchase Agreement (the "First AmendmenY'), is made and
entered into by and between the City of Lakeville, a Minnesota municipal corporation (the "Seller"),
and Lakeville 210 MOB Investors LLC, a Minnesota limited liability company(the"Buyer").
BACKGROUND STATEMENT
A. Seller and Buyer entered into a Purchase Agreement dated January 6, 2025 (the
"Agreement"),for the purchase of the real property located in Dakota County,Minnesota.
B. The time periods for the "Inspection Period" and the "Approval Period", as those
terms are defined in in Section 4 of the Agreement,were inadvertently misstated.
C• The purpose of this First Amendment is to correct the time periods for the Inspection
Period and the Approval Period.
D• Any capitalized terms used but not defined in this First Amendment shall have the
meanings ascribed to them in the Agreement.
NOW,THEREFORE, Seller and Buyer agree as follows:
1• T�tle Comnanv. The first sentence in Section 2(a) of the Agreement is deleted in its
entirety and the following is substituted in its place:
Buyer shall deposit Twenty-five Thousand ($25,000.00) Dollars (the "Earnest
Money") in escrow within two (2) business days of the Effective Date with Stewart
Title Company, 333 South 7th Street, Suite 2420, Minneapolis, Minnesota 55402,
Attn: Mike Fleming (612) 355-3735 (the "Title Company"), which the Title
Company is instructed to hold and disburse in accordance with the terms of this
Agreement.
2- Insuection Period. The fust clause in Section 4(b) of the Agreement is deleted in its
entirety and the following is substituted in its place:
Buyer shall have deternuned,on or before the first business day which is six(6)months
after the Effective Date("Inspection Period"):
3. Auuroval Period. The first clause in Section 4(c) of the Agreement is deleted in its
entirety and the following is substituted in its place:
On or before the first business day which is nine (9) months after the Effective Date
("Approval Period"),Buyer shall have:
4• Ratification. The Agreement, as amended by this First Amendment, is ratified and
conf'umed by Seller and Buyer.
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5. Execution. This First Amendment may be executed in any number of identical
counterparts, any or all of which may contain the signatures of less than all of the parties, and all of
which shall be construed together as but a single instrument. Signatures to this First Amendment
transmitted by fax or electronic transmission shall be valid and effective to bind the parties so signing
and transmitting.
{Signatures on following page)
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SELLER:
City of Lakeville,
a Minnesota municipal corporation
By: `
Luke M. Hellier, Mayor
Date: ,2025 B : l/�
Y
Ann rlofsky, City Clerk
BUYER:
Lakeville 210 MOB Investors LLC,
a Minnesota limited liability company
By: Davis Investment Management,LLC,
a Minnesota limited liability company �
Its: anager
.
Date: ,2025 By:
Mar A. Davis
Its: Manager
26575349_1.DOC
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