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HomeMy WebLinkAbout2016-2756.08CONTRACT NO' 2016-008 CONTRACT DATE., 03/07/16 PURCHASE AND REDEVELOPMENT AGREEMENT 4618 Polk Street NE, Columbia Heights, Minnesota 1. Parties. This Purchase and Redevelopment Agreernent is made as of AartA N2016, between the COLUMBIA HEIG14TS ECONOMIC DEVELOPMENT AUTHORITY, a public body corporate and politic under the laws of Minnesota having itsofficelocatedat59040'" Avenue NE, Columbia Heights, MN (the -Seller'),, and' TOLLBERG HOMES, LLC, a Minnesota limited liability company, having its principal office at142815'h Avenue, Anoka, N4N 55303 (the "Buyer) (the "Agreernent"). 2. Offer/Acceptance. Buyer offers to purchase and Seller agrees to sell real property in Anoka County, Minnesota, legally described as follows (the "Property"): Lot 11, and the North 10 feet of Lot 12, Block 2, Sheffield's Second Subdivision Cheek here fpart or all (?fthe land is Re;istered (Torrens) 0 3. Acceptance Deadline. This offer to purchase, unless accepted sooner, shall be null and void at,430 p.ra on Match 21, 20.16 , which is 14 days after Seller authorized the sale, 4. Price and Terms. The price for the Property is $18,500.00 ("Purchase Price") which Buyer shall pay as follows. earnest money of $2,000 by check, receipt of which is hereby acknowledged by Seller. '"the balance of the Purchase Price must be paid by certified check or wire transfer on the Date of Closing, The "Date of Closing7 shall be no later than July 15, 2016. S. Personal Property Included in Sale. There are no items of personal property or fixtures owned by Seller and currently located on the Property for purposes ofthis sale, 6. Deed. Upon perfonnance by Buyer, Seller shall deliver a quit clafin deed conveying title to the Property to Buyer, in substantially the form attached as Exhibit A, subject to the conditions subsequent required by Sections 15, 16, and 17 of this Agreement (the "Deed"). 473282v2 C1.2,05-61 7. Real Estate Taxes and Special Assessments. A. Seger shall pay, at or before closing all real estate taxes due and payable in 2O 15 and prior years. Seller warrants that the Property is classified as Exempt f6i• real estate taxes due and payable in 2016, B. Seller shall pay on Date ofClosing all special assessments levied against the Property as of the date of this agreement, including those certified for payment in 2016. Seger represents that there are no special assessments pending as of the date of this agreement. If a special assessment becornes pending after the date ofthis ageenient and before the Date of Closing, Buyer may, as Buyer's option: 1. Assume payment of the pending special assessment without adjustment to the purchase agreement price of the property; or 2. Require Seller to pay the pending special assessment and Buyer shall pay a cornmensurate increase in the purchase price of the Property, which increase shall be the same as the estimated amount ofthe assessment; or 3. Declare this agreement null and void by notice to Seger, and earnest Imney shall be refunded to Buyer. 8. Closing Costs and Related Items. The Buyer will pay: (a) the closing fees charged by the title insurance or other closing agent, if any, utilized to close the transaction contemplated by this Agreement; (b) fees for title evidence obtained by Buyer; (c) the recordingfeesforthisAgreementandfbrtheDeedtransferringtitletoBuyer. Seger will pay all other fees normally paid by sellers, including (a) any transt6r taxes, and Well Disclosure fees required to enable Buyer to record its deed from Seger under this Agreement, and (b) lbes and charges related to the filing of any instrument required to make title marketable. Each party shall pay itsownattorneyfees. 9. Sewer and Water. Seger warrants that city sewer is available at the Property line, and that city water is available in the right of way adjacent to the Property. Seller makes no warranty regarding the conditions of any existing water stub fi-orn the main to the Property line, Seller advises Buyer to inspect the condition ofthe water stub. 10. Condition of Property. Buyer acknowledges that they have inspected or have had the Opportunity to inspect the Property and agree to accept the Property "AS IS." Buyer has the right, at its own expense to take soil samples for the purpose of determining if the soil is suitable, for construction of the dwelling, described in section 14 below. If the soil is determined to be unacceptable the Buyer may rescind this agreement by written notice to the Seger, in which case 2 473282v2 (1205-61 the agreement shall be null and void and all earnest money paid hereunder shall be refiinded to the Buyer. Seller makes no warranties, as to the condition ofthe Property. 11. Marketability of Title. As soon as reasonably possible after execution of this Agreenient bybothparties: a) Seller shall surrender any abstract oftile and a copy ofany ovmer's tile insurance policy for the property, if in Seller's possession or control, to Buyer or to Buyers designated title service provider-, and b) Buyer shall obtain the tile evidence determined necessary or desirable by Buyer, The Buyer shall have 20 days from the date it receives such title evidence to raise any objections to title it may have, Objections not made within such time will be deemed waived. The Seller shall have 90 days, from the date of such objection to affect a cure; provided, however, that Seller shall have no obligation to cure any objections, and may inform Buyer of such. The Buyer may then elect to close notwithstanding the uncured objections or declare this Agreement null and void, and the parties will thereby be released from any ftirther obligation hereunder. 12. Title Clearance and Remedies. If Seller shall tail to have title objections tinily removed, the Buyer may, at is sole election (a) terminate this Agreement without any liability on As pail; in which event the earnest money shall be promptly refunded in exchange for a quit clairn deed to tile Property from Buyer; or (b) take tile to the Property subject to such objections. If title is marketable, or is made marketable as provided here'Hil, and Buyer defaults in any of the agreements herein, Seller may elect either ofthe following options, as permitted by law: A. Cancel this contract as provided by statute and retain all payments made hereunder as litluidated dartlages. The parties acknowledge they intention that any note given pursuant to this contract is a down payment note, and may be presented tier payment notwithstanding cancellation; B. Seek specific perlbrinance within six nlonths after such right of action arises, including costs and reasonable attorneys fees, as permitted by law. If title is marketable, or is made marketable as provided hereh-4 and Seller defaults in any ofthe agreements herein, Buyer may, as permitted by law: C, Seek damages from Seller including costs and reasonable attomey's fees; D. Seek specific performance within six months after such right of action arises. 3 473282v2 (4,205-61 13. Well Disclosure. Seller's knowledge of wells is as follows: 2 The Seller certifies that the Seller does not know of any wells on the described real property. 0 A well disclosure certificate accompanies this document, CI 1 am familiar with the property described in this instrument and I certify that the status and number of wells on the Property have not changed since the last previously filed well disclosure certificate. 14. Individual Sewage Treatment System Disclosure. Seller certifies, that there is no individual sewage treatment system on or serving the Property, 15. Construction and Sale of Dwelling. Buyer agrees that it will construct a new single fan* dwelling on the Property, intended for sale to a person or persons for residential occupancy (an Dwner Occupant'). This covenant shall survive the delivery of the Deed. A. The single family dwelling described in this Section is referred to as the "Minimurn Improvements." R The Minimum Improvements shall consist of a new single family dwelling, and shall be constructed substantially in accordance with the Single Family Home Wt Sales Program Guidelines on file at City :Ball and the proposal approved by Seller on December 7, 2015, attached hereto as Exhibit B. C. Construction of the Minimum Improvements must be substantially completed within one year from the Date of Closing. Construction will be considered substantially complete when the final certificate ofoccupancy has been issued by the City ofCokimbia Heights building official, D. Pron-4)tly after substautia I completion o fthe Minhnum Iniprovernents in accordance with those provisions of the Agreement relating solely to the obligations of the Buyer to construct such Minimurn Improvements (including the date for completion thereof), the Seller will ftirnish the Buyer with a Certificate of Completion, in the form attached hereto as Exhibit C, for such improvernents, Such certification by the Seller shall be (and it shall be so provided in the Deed and in the certification itself a conclusive determination of satisfaction and termination ofthe agreements and covenants in the Agreement and in the Deed with respect to the obligations of the Buyer and its successors and assigns, to construct the Minimum Improvements and the dates for completion thereof The certificate provided for in this Section ofthis Agreenient shall be in such form as will enable it to be recorded in the proper office for the recordation of deeds and other instruments pertaining to the Property. If the Seller shall refuse or fad to provide any certification in accordance with the provisions of this Section, the Seller shall, within 4 473282v2 C.1,205-61 thirty (30) days alder written request by the Buyer, provide the Buyer with a written statement, indicating in adequate detail in what respects the Buyer has failed to complete the Minimum Improvements in accordance with the provisions of the Agreement, or is otherwise in default, and what measures or acts it will be necessary, in the opinion ofdie Seller for the Buyer to take or perform in order to obtain such certification E. The Buyer represents and agrees that until issuance ofthe Certificate ofCompletion for the Minimum Improvernetits: 1) Except for any sale to an Owner Occupant, the Buyer has not made or created and will not make or create or suffier to be made or created any total or partial sale, assignment, conveyance, or lease, or any trust or power, or transfer in any other inodc or form of or with respect to this Agreement or the Property or any pail thereof or any interest therein, or any contract or agreement to do any of the same, to any person or entity (collectively, a '-Transfer'), without the prior written approval of the Seller's board of commissioners. The term "Fransfee' does not include encumbrances made or granted by way of security 16r, and only Ibr, the purpose of obtaining construction, interfin or permanent financing necessary to enable the Buyer or any successor in interest to the Property, or any part thereof; to construct the Minimum Improvements or cornponent thereof 2) 11"the Buyer seeks to effect a Transfer to any person or entity other than an Owner Occupant prior to issuance of he Certificate of Completion, the Seller shall be entitled to require as conditions to such Transfer that: i) any proposed transferee shall have the qualifications and financial responsibility,, in the reasonable judgment of the Seller, necessary and adequate to fiffil the obligation,-, undertaken in this Agreernent by the Buyer as to the portion ofthe Property to be transferred; and Any proposed transferee, by instrurnent in writing satisfactory to the Seller and in form recordable irt the public land records of Anoka County, Minnesota, shall, for itself and its successors and assigns, and expressly for the benefit of the Seller, have expressly assumed all of the obligations ofthe Buyer under this Agreement as to the portion of the Property to be transferred and agreed to be subject to all the conditions and restrictions to which the Buyer is subject as to such portion; provided, however, that the fact that any transferee of or any other successor in interest whatsoever to, the Property, or any part thereof, shall not, for whatever reason, have assurned such obligations or so agreed, and shall not (unless and only to the extent otherwise specifically provided in this Agreement or agreed to in writing by the Seller) deprive the Seller of any rights or remedies or controls with respect to the Property, the Minimum Improvements or any part thereofor the construction of the Minimum Improvements; it being the intent of the parties as expressed in this Agreement. 5 473282v2 C1,205-61 that (to the fifflest extent permitted at law and in equity and excepting only in the mamier and to the extent specifically provided otherwise in this Agreement) no transfer of, or change with respect to, ownership in the Property or any part thereof; or any interest therein, however consummated or occurr* and whether voluntary or involuntary, shall operate, legally, or practically,, to deprive or limit the Seller of or with respect to any rights or remedies on controls provided in or resulting from this Agreement with respect to the Property that the Seller would have had, had there been no such transfer or change. In the absence of specific written agreement by the Seller to the contrary, no such transfer or approval by the Seller thereofshall be deemed to relieve the Buyer, or any other party bound in any way by this Agreement or otherwise with respect to the Property, from any ofits obligations with respect thereto. iii) Any and all instruments and other legal documents involved in effecting the transfer of any interest in this Agreement or the Property governed by this subsection E. shall be in a fbrrn reasonably satisfactory to the Seller. 3) If the conditions described in paragraph (2) above are satisfied then the Transfer will be approved and the Buyer shall be released from its obligation under this Agreement, as to the portion of the Property that is transferred, assigned, or otherwise conveyed. The provisions ofthis paragraph (3) apply to all subsequent transferors. 4) Upon issuance ofthe Certificate ofCompletion, the Buyer may Transfer the Property and/or the Buyer's rights and obligations under this Agreement with respect to such Property without the prior written consent ofthe Seller. F. The Buyer, and its successors and assigns, agree that they (a) will use the Minimum Improvements only as a single family dwelling, and in the case of an Owner Occupant, will occupy the Property as a residence, (b) will not rent the Property to any person or entity, (c) will not seek exemption from real estate taxes on the Property under State law, and (d) will not transfer or permit transfer of the Property to any entity whose ownership or operation of the Property would result in the Property being exempt from real estate taxes under State law (other than any portion thereofdedicated or conveyed to the City of Columbia Heights or Seller in accordance with this Agreerne. nt). The covenants in this paragraph run -Aith the land, survive both delivery of the Deed and issuance of the Certificate of Completion for the Minimum Improvements, and shall remain in effect for ten years after the Date of Closing. 16. Revesting Title in Seller upon Happening of Event Subsequent to Conveyance to Buyer. In the event that subsequent to conveyance of the Property or any pail thereof to the Buyer and prior to receipt by the Buyer of the Certificate of Completion for of the Minimum Improvements, the Buyer, subject to Unavoidable Delays (as hereatter defined), fails to carry 6 473282v2 0I-205-61 out its obligations with respect to the construction of the Minimum Improvements (including the nature and the date for the completion thereof), or abandons or substantially suspends construction work, and any such ififlure, abandonment, or suspension shall not be cured, ended, or renw- died within thirty (30) days after written demand from the Seller to the Buyer to do so, then the Seller shall have the right to re-enter and take possession of the Property and to terminate (and revest in the Seller) the estate conveyed by the Deed to the Buyer, A being the intent of this provision, together with other provisions of the Agreement, that the conveyance of the Property to the Buyer shall be made upon, and that the Deed shall contain a condition subsequent to the effect that in the event of any default on the part of the buyer .and failure on the pail of the Buyer to remedy, end, or abrogate such default within the period and in the manner stated in such subdivisions, the Seller at its option may declare a termination in favor of the Seller of the title, and of all the rights and interests in and to the Property conveyed to the Buyer, and that such title and all rights and interests ofthe Buyer, and any assigns or successor's in interest to and in the Property, shall revert to the Seller, but only if the events stated in this Section have not been cured within the time periods provided above. Notwithstanding anything to the contrary contained in this Section, the Seller shall have no right to reenter or retake title to and possession of a portion ofthe Property for which a Certificate of Completion has been issued. For the purposes ofthis Agreement, the term "Unavoidable Delays" means delays beyond the reasonable control of the Buyer as a result thereof which are the direct result of strikes, other labor troubles, prolonged adverse weather or acts ofGod, fire or other casualty to the Minimurn Improvements, litigation commenced by third parties which, by injunction or other sin-tilar judicial action, directly results in delays, or acts of any federal, state or local governmental unit other than the Seller in exercising As rights under this Agreement) which directly results in delays, Unavoidable Delays shall not include delays in the Buyer's obtaining of permits or governmental approvals necessary to enable construction of the Mijimn Improvements by the dates such construction is required under this section of this Agreement. 17. Resale of Reacquired Property; Disposition of Proceeds. Upon the revesting in the Seger of title to and/or possession of the Property or any part thereof as provided in Section 16, the Seller shall apply the purchase price paid by the Buyer under Section 4 of this Agreement as follows: a) First, to refiriburse the Seger for all costs and expenses incurred by the Seger, including but not limited to proportionate salaries of personnel, in connection with the recapture,, management, and resale ofthe Property or pail thereof (but less any income derived by the Seller from the Property or part thereof in connection with such management); all taxes, assessments, and water and sewer charges with respect to the Property or part thereof (or, in the event the Property is exempt from taxation or assessment or such charge during the period ofownership thereofby the Seger, an amount, ifpaid, equal to such taxes, assessments, or charges (as determined by the Seller assessing official) as 7 473282v2 C1,205-61 would have been payable ifthe Property were not so exernpt); any payments made or necessary to be made to discharge any encurribrances or liens existing on the Property or art thereof at the time of revestin of title thereto in the Seller or to discharge orpha prevent from attaching or being made any subsequent encumbrances or liens due to obligations, defaults or acts ofthe Buyer, its successors or transferees; any expenditures made or obligations incurred with respect to the making or completion ofthe Mininiurri Improvements or any part thereof on the Property or pall thereof, and any amounts otherwise owing the Seller by the Buyer and its successor or transferee; and b) Second, to reirnburse the Buyer fbi• the balance ofthe purchase price remaining after the reimbursements specified in paragraph (a) above. Such reimbursement shalli be paid to the Buyer upon delivery of an executed, recordable warranty deed to the Property by the Buyer to the Seller. 18. Time is of the essence for all provisions of this contract. 19. Notices. All notices required herein shall be in writing and delivered personally or rnaRed to the address shown at paragraph I above and, ifmailed, are effective as ofthe date of'rnailing. 20. Minnesota Law. This contract shall be governed by the laws ofthe State of Minnesota. 21. Specific Performance. This Agreement may be specifically enforced by the parties, provided that an action is brought within one year ofthe date ofalleged breach of this Agreement. 22. No Remedy Exclusive. No remedy herein conferred upon or reserved to the Seller or Buyer is intended to be exclusive of any other available remedy or ren-Yedies, but each and every such remedy shall be curnulative and shall be in addition to every other remedy given under this Agreement or now or hereafter existing at law or in equity or by statute. No delay or omission to exercise any tight or power accruing upon any default shall in-pair any such right or power or shall be construed to be a waiver thereof, but any such right and power iyoy be exercised fi-om time to time and as often as may be deemed expedient, 23. No Merger of Representations, Warranties. All representations and warranties contained in this Purchase Agreement shall not be merged into any instniments or conveyance delivered at closing, and the parties shall be bound accordingly. 24. Recording. 47his Agreenient shall be filed of record with the Anoka County Registrar ofTitles or Office of Recorder, as the case may be. Buyer shall pay all recording costs. 25. No Broker Involved. The Seller and represent and warrant to each other that there is no broker involved in this transaction with whom it has negotiated or to whom it has agreed to pay a broker commission. Buyer agrees to indenr* Seller for any and all claims for brokerage conit-nissions or finders' fees in connection with negotiations for purchase ofthe Property arising 473282v2 (1,205-61 out of any alleged apvement or commitment or negotiation by Buyer, and Seller agrees to indemnify Buyer for any and all claims f6r brokerage comin ssions or finders' fees in connection With negotiations for purchase of the Property arising out of any alleged agreement or conuit"ment or negotiation by Seller. In witness of the foregoing, the parties have executed this, agreement on the year and date written above, SELLER: COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY By By: Its President Its Executive "rector STATE OF MINNESOTA 1 ss. COUNTY OF ANOKA T1 oin was )X lu/"` Was acknowlelged before i S' day of Na–l-L 20,16, by esident and Executive Director ofMa—1 qk/ the Pt Colwuaab Heights Economic Developrr&nt Authority, a public body corporate and politic under the laws ofMinnesota, on behalf ofthe public body corporate and politic, Notary Public 9 473282v2 C1,205-61 BUYER: Tollberg Homes, LLC By:'— ss' The foregoing was acknowledged before rne this day of 1' 2016, by Wade Toffefson, the President and Chief Manager of Tollberg Horner, conipany, on behalfofthe linked liability coirpany. s, LC, a Minnesota linifted liability NotaIy 4hc IThis document dratted by, Kennedy& Graven, Chartered 470 U.S. Bank Plaza 200 So. 6th Street Minneapolis, NIN 55402 ff 473282v2 0,205.61 wr to PURCHASE AND REDEVELOPMENT AGREEMENT Deed Tax Due: $ ECRV: THIS INDENTURE, between the Columbia Heights E-onornic Development Authority, a Minnesota, a public body corporate and politic (the "Grantor"), and a Minnesota the `'Grantee' "), WITNESSETH, that Grantor, in consideration of the sung of $_ and other good and valuable consideration the receipt whereof is hereby acknowledged,, does hereby grant, bargair, quitclaim and convey to the Grantee, its successors and assigns forever, all the tract or parcel of land lying and being in, the County of Anoka and State of Minnesota described as hallows, to-wit (such tract or parcel ofland is hereinafter referred to as the "Property"): Check here !fpeer! or a.11 of the land is Registered (Tbrrens) 0 To have and to hold the same, together with all the hereditaments and appurtenances thereunto belonging, SECTION 1, It is understood and agreed that this Deed is subject to the covenants, conditions, restrictions and provisions ofan agreement recorded herewith entered into between the Grantor and Grantee on the of , 20_, identified as "Purchase and Redevelopment Agreement" (hereafter referred to as the "Agreement') and that the Grantee shall not convey this Property, or any part thereof? except as permitted by the Agreement until a certificate ofcompletion releasing the Grantee from certain obligations of said Agreement as to this Property or such pail thereof then to be conveyed, has been placed of record, This provision, however, shall in no way prevent the Grantee fi•orn mortgaging this Property in order to obtain funds for the purchase of the Property hereby conveyed or for erecffig the Minimum Improvements fliereon. (as defined in the Agreement) in conformity with the Agreement, any applicable development program and applicable provisions of the inning ordinance of the City of Columbia Heights, Minnesota, or f6r the refinancing ofthe same. It is specifically agreed that the Grantee shall promptly begin and diligently prosecute to con pletion the redevelopment of the Property through the construction of the Minirnurn Improvements thereon, as provided in the Agreement, 473282v2 (1,205-61 Promptly after cornpletionof the Minimum Improvements in accordance with the provisions of the Agreement, the Grantor will furnish the Grantee with an appropriate instrument so certffying. Such certification by the Grantor shall be (and it shall be so provided in the certification itself) a conclusive determination of satisfaction and termination of the agreements and covenants ofthe Agreement and of this Deed with respect to the obligation of the Grantee, and its successors and assigns, to construct the Minirnw-n Improvements and the dates for the beginning and completion thereof Such. certification and such determination shall not constitute evidence of compliance with or satisfaction of any obligation of the Grantee to any holder ofa n-Knigage, or any insurer of a mortgage, securing money loaned to finance the purchase ofthe Property hereby conveyed or the Min:irnuin Improvements, or any part thereof All certifications provided for herein shall be in such form as will enable them to be recorded with the County Recorder, or Registrar of Titles, Anoka County, Minnesota, If the Grantor shall refuse or fail to provide any such certification in accordance with the provisions of the Agreement and this Deed, the Grantor shall, within thirty (30) days after written request by the Grantee, provide the Grantee with a written statement indicating in adequate detail in what respects the Grantee has failed to cornplete the Minimuni Irnprovements in accordance with the provisions of the Agreement or is otherwise in default, and what rneasures or acts it will be necessary,, in the opinion ofthe Grantor, ffir the Grantee to take or perform in order to obtain such certification. SECTION 2. 17he Grantee's rights and interest in the Property are subJect to the terms and conditions of Sections 15, 16 and 17 of the Agreement relating to the Grantor's right to re-enter and revest in Grantor title to the Property wider conditions specified therein, including but not limited to tern ination of such right upon issuance ofa Certificate ofCompletion as defined in the Agreement. SECTION 3. The Grantee agrees for itself and its successors and assigns to or of the Property or any part thereof, hereinbefore described, that the Grantee and such Successors, and assigns shall comply with. Section 15F ,of the Agreement fora period of ten years after the date hereof. It is intended and agreed that the above and foregoing agreements and covenants shall be covenants running wroth the land for the respective terms herein provided, and that they shall, in any event, and without regard to technical classification or designation, legal or otherwise, and except only as otherwise specifically provided in this Deed, be binding, to the fullest extent permitted by law and equity for the benefit and in favor of, and enforceable by, the Grantor against the Grantee, its successors and assigns, and every successor in interest to the Property, or any part thereof or any interest therein, and any party in possession or occupancy of the Property or any part thereof. 473282v2 ('1.205-61 In amplification, and not in restriction cal: the provisions of the preceding section, it is intended. and agreed that the Grantor shall be deemed a beneficiary of the agreetnents and covenants provided herein, both for and in As own right, and also for the purposes of protecting the interest of the community and the other parties, public or private, in whose favor or for whose benefit these agreements and covenants have been provided. Such agreements and covenants shall run in fhvor of the Grantor without regard to whether the Grantor has at any time been, remains, or is an owner ofany land or interest therein to, or in favor of, which such agreements and covenants relate, The Grantor shall have the right, in the event of any breach of any such agreement or covenant to exercise all the rights and remedies, and to maintain any actions or suits at law or in equity or other proper proceedings to enforce the curing of such breach of agreement or covenant, to which it or any other beneficiaries of such agreement or covenant may be entitled; provided that Grantor shall not have any right to re-enter the Property or revert in the Grantor the estate conveyed by this Deed on grounds ofGrantee's tiflure to comply with its obligations under this Section 3. IN WITNESS WHEREOF, the Grantor has caused this Deed to be duty executed in its behalf by its President and Executive Director, this _ day 20 The Seller certifies that the Seller does not know of any wells on the described real property. A well disclosure certificate accompanies this document or has been electronically filed. (If electronically filed, insert WDC number: 1 am fai-niliar with the property described in this imshument and I certify that the status and number of wells on the described real property have not changed since the last previously filed well disclosure certificate. 473282v2 (1-205-61 COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY By _ Its President By Its Executive Director STATE OF MINNESOTA ) ss COUNTY OF ANOKA On this — day of _, 24 me, a notary public within and for County, personally appeared and to me personally known who by me duly sworn, did say that they are the President and Executive Director of the Columbia Heights Economic Development Authority (the "Authority") named U'l the foregoing instrument; that said iristrumnt was signed on behalf of said Authority pursuant to a resolution of its governing body; and said and acknowledged said instrument to be the fi-ee act and deed ofsaid Authority, ffis instrurnent was drafted by: Kemiedy,& Graven, Charted 470 U.S. Bank Plaza 200 South Sixth Street Minneapolis, MN 515402 612) 337-9300 473282v2 (1,205-61 Notary Public Tax Statements should be sent to: mc PURCHASE AND REDEVELOPMENT AGREEMENT i 11 1 1 a 473282v2 (1205-61 10 PURCHASE AND REDEVELOPMENT AGREEMENT FORM OF CERTIFICATE OF COMPLETION 473282v2 (1-205-H CERTIFICATE OF COMPLETION WHEREAS, the Colurnbia Heights Econornic Development Authority, a public body, corporate and politic (the "Grantor'), conveyed land in Anoka County, Minnesota to a the "Grantee), by a Deed recorded in the Office of the County Recorder and in the Office of the Registrar of Titles] in and f6r flie County ofAnoka and State ofMinnesota, as Document Numbers — . . ........ --. and respectively,- and WHEREAS, said Deed contained certain covenants and restrictions set forth in Sections I and 2 of said Deed; and WHEREAS, said Grantee has perf6rrned said covenants and conditions insofar as A is able in a manner deemed sufficient by the Grantor to pennit the execution and recording ofthis certification; NOW, THEREFORE, this is to certify that all building construction and other physical in-iproverrients specified to be done and made by the Grantee have been con4fleted and the above covenants and conditions in said Deed and the agreements and covenants in Sections 14A and 14B of the Agreement (as described in said Deed) have been perf6rrned by the Grantee therein, and the County Recorder [and the Registrar of Titles] in and for the County ofAnoka and State ofMinnesota are hereby authori2vd to accept for recording and to record, the filing of this instrurnent, to be a conclusive detennination ofthe satisfactory tennination ofthe covenants and conditions ofSections 15A and 15B ofthe Agreenient and the covenants and restrictions set forth in Sections I and 2 of said Deed; provided that the covenants set forth in Sections 15f' of the Agreement, and in Section 3 of the Deed, remain in full I-6rce and effect through the period stated thereon Dated: 20 COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY ME Its President By Its Executive Director 47328,2v2 (.1205-61 STATE OF MINNESOTA ss COUNTY OF ANOKA The foregoing instrument was acknowledged bef6re me this _ . day of . .......... . .. —"- 1 20_, by and the President and Executive Director, respectively, of the Cohanbia Heights, Econonic Development Authority, on behalf of the authority, Notary Public This document drafted by: KENNEDY & GRAVEN, CHARTERED 470 U.S. Bank Plaza Minneapolis, MN 55402 612) 337-9300 473282v2 (1.205-61