10.5 Purchase Agreement - Laserfiche WebLink

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VACANT LAND PURCHASE AGREEMENT THIS VACANT LAND PURCHASE AGREEMENT (the "Agreement') is made as of , 2024 (the "Effective Date"), between the City of Pequot Lakes, a Minnesota municipal corporation, 4638 Main Street, Pequot Lakes, Minnesota 56472 (herein the "Seller"), and CLL Land II, LLC, a Florida limited liability company, 1000 Riverside Avenue, Sixth Floor, Jacksonville, Florida 32204 (herein the "Buyer"); (collectively the "Parties"). In consideration of the covenants and agreements of the parties hereto, Seller and Buyer agree as follows: 1. SALE OF PROPERTY. Upon and subject to the terms and conditions of this Agreement, Seller agrees to sell to Buyer, and Buyer agrees to purchase from Seller, the following legally described property: a. Real Property. The real property (PID No. 29230533) located in Crow Wing County, Minnesota, depicted on Exhibit A, which is attached hereto and incorporated herein by reference and legally described as follows: Lot 2, Block 1, Heart of the Good Life First Addition, including any easements and rights benefiting or appurtenant to the Real Property and improvements including any right, title or interest in the bed of any street, road, highway or alley adjoining the Real Property (herein the "Real Property"). Subject to easements and restrictions of record. b. Personal Property: none. 2. PURCHASE PRICE AND MANNER OF PAYMENT. The total purchase price ("Purchase Price") to be paid by Buyer to Seller for the Real Property is One Hundred and Sixty Thousand and No/100ths Dollars ($160,000.00), which amount shall be paid as follows: a. $16,000.00 as earnest money; receipt of which is hereby acknowledged by Seller; and b. $144,000.00 cash, on the Closing Date, in immediately payable current U.S. funds. 3. CLOSING. The closing of the purchase and sale contemplated by this Agreement (the "Closing") shall occur on a date mutually agreed upon, but not later than July 1, 2024 (the "Closing Date"), at Pequot Lakes City Hall, 4638 Main Street, Pequot Lakes, Minnesota 56472, or at such other time and place, including at the Title Company as defined herein below, as may be agreed to mutually by the Parties subject to the contingencies and other terms and conditions contained herein being satisfied. Seller agrees to deliver possession of the Real Property to Buyer on the Closing Date.