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VACANT LAND PURCHASE AGREEMENT <br /> THIS AGREEMENT is made as of ,2019, between the City of Pequot <br /> Lakes, a Minnesota municipal corporation,4638 Main Street, Pequot Lakes,Minnesota 56472 <br /> (herein the"Seller"), and The Doriy Holdings Limited Liability Partnership, an Arizona limited <br /> liability partnership, its successors and assigns,4517 East Main Street, Mesa,Arizona 85205 <br /> (herein the"Buyer"); (collectively the"Parties"). <br /> In consideration of the covenants and agreements of the parties hereto, Seller and Buyer <br /> agree as follows: <br /> 1. SALE OF PROPERTY. Upon and subject to the terms and conditions of this <br /> Agreement, Seller agrees to sell to Buyer, and Buyer agrees to purchase from Seller,the <br /> following legally described property: <br /> a. Real Property. The real property located in Crow Wing County, Minnesota, <br /> depicted on Exhibit A, which is attached hereto and incorporated herein by <br /> reference, and legally described as follows: <br /> Lot 1, Block 2,Pequot Lakes Industrial Park, City of Pequot Lakes,Crow <br /> Wing County,Minnesota, <br /> excepting any easements and rights benefiting or appurtenant to the Real Property <br /> and improvements including any right,title or interest in the bed of any street, <br /> road, highway or alley adjoining the Real Property(herein the "Real Property"). <br /> b. Personal Property: none. <br /> 2. PURCHASE PRICE AND MANNER OF PAYMENT. The total purchase price <br /> ("Purchase Price")to be paid by Buyer to Seller for the Real Property is Fifty-Five <br /> Thousand Five Hundred and No/100ths Dollars($55,500.00),which amount shall be paid <br /> on the Closing Date in immediately payable current U.S. funds. <br /> 3. CLOSING. The closing of the purchase and sale contemplated by this Agreement(the <br /> "Closing") shall occur on or before October 31, 2019(the"Closing Date"), at Pequot <br /> Lakes City Hall, 4638 Main Street, Pequot Lakes, Minnesota 56472, or at such other time <br /> and place as may be agreed to mutually by the Parties subject to the contingencies and <br /> other terms and conditions contained herein being satisfied. Seller agrees to deliver <br /> possession of the Real Property to Buyer on the Closing Date. <br /> a. Seller's Closing Documents. On the Closing Date, Seller shall execute and/or <br /> deliver to Buyer the following (collectively, "Seller's Closing Documents"): <br /> i. Quit Claim Deed. Attached hereto and made a part hereof as Exhibit B is <br /> the required Quit Claim Deed containing the terms, covenants, and <br /> conditions upon which the sale of the Real Property is based. The Quit <br /> 1 <br />