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HomeMy WebLinkAbout2016-2756.15CONTRACT NO: 2016-015 1 PURCHASE AND REDEVELOPMENT AGREEMENT 4.235 Washington Street, Columbia Heights, Minnesota 1. Parties. This Purchase Agreement is made as of September 6, 2016 between the COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORJTY, a public body corporate and politic under the laws of Minnesota having its office located at 590 40TH Avenue NE, Columbia. Heights, MN (the "Seller"), and TimberCraft Enterprises, Inc., a Minnesota corporation (the "Buyer"). 2. Offer/Acceptance. Buyer offers to purchase and Seller agrees to sell real property legally described as follows (the "Property"): The North 10 feet of Lot 23, and all of Lot 24, Block 31, Columbia Heights Annex to Minneapolis, Anoka County, Minnesota. 3. Price and Terms. The price for the Property is $10,000.00 which Buyer shall pay as follows: Earnest money of $500.00 by check, receipt of which is hereby acknowledged by Seller, and the balance of $9,500.00 to be paid by certified check on the Date of Closing. The "Date of Closing" shall be September 9"', 2016, or such other earlier or later date as the parties mutually agree. 4. Personal Property Included in Sale. There are no items ofpersonal property or fixtures owned by Seller and currently located on the Property for purposes of this sale. 5. Deed. Upon performance by Buyer, Seller shall deliver a quit claim deed conveying title to the Property to Buyer, in substantially the form attached as Exhibit A (the "Deed"). 6. Real Estate Taxes and Special Assessments. The parties agree and understand that the Property is exempt from real estate taxes for taxes payable in the current year. Seller shall pay on Date of'Closing all special assessments levied against the Property as of the date of this agreement, including those certified for payment with taxes due and payable in 2016. Seller represents that there are no special assessments pending as of the date of this agreement. If a special assessment becomes pending after the date of this agreement and before the Date of Closing, Buyer may, as Buyer's option: 484508v I CL205-49 A. Assume payment of the pending special assessment without adjustment to the purchase agreement price of the Property; or B. Require Seller to pay the pending special assessment and Buyer shall pay a commensurate increase in the purchase price of the Property, which increase shall be the same as the estimated amount of the assessment; or C. Declare this agreement null and void by notice to Seller, and earnest money shall be refunded to Buyer. 7. Closing Costs and Related Items. The Seller shall be responsible for the following costs: a) recording fees and conservation fees for all instruments required to establish marketable title in Seller; (b) deed transfer taxes and conservation fees required to be paid in connection with the Deed be given by Seller; and (c) Seller's broker fees. Buyer shall be responsible for the payment of the following costs: (d) recording fees required to be paid in connection with the Deed to be given by Seller; (e) the cost of the registered property abstract or updated abstract, or in the absence of an abstract, the cost of the premium for an owner's policy of title insurance, and (f) closing fee, if any. Each party shall be responsible for its own attorneys' fees and costs. S. Sewer and Water. Seller 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 from the main to the Property line. Seller advises Buyer to inspect the condition of the water stub. 9. 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 Seller, in which case the agreement shall be null and void and all earnest money paid hereunder shall be refunded to the Buyer. Seller makes no warranties as to the condition of the Property. 10. Marketability of Title. As soon as reasonably practicable after the date of this Agreement, Seller shall furnish to Buyer a registered property abstract or an updated abstract of title to the Property, certified to date to include proper searches covering bankruptcies, state and federal judgment and liens. In the absence of an abstract of title, the Seller will provide a title commitment and title insurance. Buyer shall have fifteen 15) business days after receipt of the abstract or title conimitinent to examine the same and to deliver written objections to title, if any, to Seller. Seller shall have the greater of i) the number of days remaining -until the Date of Closing or (ii) thirty (30) days to have such objections removed or satisfied. 2 4845080 CL20549 11. Title Clearance and Remedies. If Seller shall fail to have title objections timely removed, the Buyer may, at its sole election: (a) terminate this Agreement without any liability on its part; in which event the earnest money shall be promptly refunded in exchange for a quit claim deed to the Property from Buyer, or (b) take title to the Property subject to such objections. If title is marketable, or is made marketable as provided herein, and Buyer defaults in any of the .agreements herein, Seller may elect either of the following options, as pern-litted by law: A. Cancel this contract as provided by statute and retain all payments made hereunder as liquidated damages. 'rhe parties acknowledge their intention that any note given pursuant to this contract is a down payment note, and may be presented for payment notwithstanding cancellation; B. Seek specific performance within six months after such right of action arises, including costs and reasonable attorney's fees, as permitted by law. If title is marketable, or is made marketable as provided herein, and Seller defaults in any of the agreements herein, Buyer may, as permitted by law: C. Seek damages from Seller including costs and reasonable attorney's fees; D. Seek specific performance within six months after such right of action arises. 12. Well Disclosure. Seller certifies that Seller does not know of any wells on the Property. 13. Individual Sewage, Treatment System Disclosure. Seller certifies that there is no individual, sewage treatment system on or serving the Property. 14. Construction and Sale of Dwelling. Buyer agrees that it will construct a new singleZ: family dwelling on the Property, intended for sale to a person or persons for residential occupancy (an "Owner Occupant"). This covenant shall survive the delivery of the Deed. A. The single faintly dwelling described in this Section is referred to as the Minimum Improvements." B. The Minimum Improvements shall consist of a house with approximately 1248 square feet, 3 bedroorns, and shall be constructed substantially in accordance with the Scattered Site Housing Program. Design Requirements on file in City Hall. Construction plans must be approved by the Community Development Department prior to commencement of construction. Construction of the Minimum Improvements must be substantially completed by December 3-1! 2016. Construction will be considered substantially complete when the final 3 484508vl CL205,-49 certificate of occupancy has been issued by the City of Columbia Heights building official. C. Promptly after substantial completion of the Minimum Improvements in accordance with those provisions of the Agreement relating solely to the obligations of the Buyer to construct such Minimum Improvements (including the date for completion thereof)., the Seller will furnish the Buyer with a Certificate of Completion for such improvements. 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 'of the 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 of this Agreement 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 fail to provide any certification in accordance with the provisions of this Section, the Seller shall, within thirty (30) days after written request by the Buyer, provide the Buyer with a written statement, indicating inadequate 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 of the Seller for the Buyer to take or perform in order to obtain such certification. D. The Buyer represents and agrees that until issuance of the Certificate of Completion for the Minimum Improvements, 1) Except for any sale to an Owner Occupant.. the Buyer has not made or created and will not make or create or suffer to be made 'or created any total or partial sale, assignment, conveyance, or lease, or any trust or power, or transfer in any other mode or form of or with respect to this Agreement or the Property oranypartthereoforanyinteresttherein, 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 ten-n "Transfer", does not include encumbrances inade or granted by way of security for, and only for, the purpose of obtaining construction, interim 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 component thereof. 2) If the Buyer seeks to effect a Transfer to any person or entity other than an Owner Occupant prior to issuance of the 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 4 494508v] CL205-49 and adequate to fulfill the obligations undertaken in this Agreement by the Buyer as to the portion of the Property to be transferred; and ii) Any proposed transferee, by instrument in writing satisfactory to the Seller and in form recordable in 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 of the 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 thereof or the construction of the Miniinum Improvements; it being the intent of the parties as expressed in this Agreement that (to the fullest extent permitted at law and in equity and excepting only in. the manner 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 occurring, 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 thereof shall be deemed to relieve the Buyer, or any other part), bound in any way by this Agreement or otherwise with respect to the Property, from any of its 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 form 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 proNrIisions of this paragraph (3) apply to all subsequent transferors. 4) Upon issuance of the Certificate of Completion, the Buyer may Transfer the Property and/or the Buyer's rights and obligations under this Agreement 5 4945080 CL205-49 with respect to such Property, without the prior written consent of the Seller [, except to the extent required under paragraph. F of this Section], E. The Buyer, and its successors and assigns, agree that they (a) will use the Minirnum 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 thereof dedicated or conveyed to the City of Columbia Heights or Seller in accordance with this Agreement). The covenants in this paragraph run with 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 tenyear after the Date of Closing. F The Buyer shall use its best eff"orts to convey the Property (either before or after issuance of the Certificate of Completion) to an Owner Occupant whose household income does not exceed (a) 100% of median income in the case of one or two person household Owner Occupants, or (b) H 5% of median income in the case of three or more person Owner Occupants. The term, "median income" means the median income in the seven-county metropolitan area, or the State as a whole, whichever is greater, using income data available from the Minnesota Housing Finance Agency as of the date of closing on sale to the Owner Occupant. Prior to closing on sale the Property by Buyer to an Owner Occupant, Buyer shall: 1) Notify the Seller in writing whether the proposed Owner Occupant will meet the income qualifications under this paragraph; and 2) If the proposed Owner Occupant will not meet the income limits, describe Buyer's efforts to find an income- qualified buyer; and 2) If the proposed Owner Occupant will meet the income limits, submit to Seller evidence of Owner Occupant's income in a form satisfactory to Seller, evidencing compliance with the income limits described above. The covenant in tl is Section applies only to the first sale of the Property to an Owner Occupant, and does not apply to any subsequent sale by an Owner Occupant to any other person or party. 15. 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 part thereofto 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 hereafter defined), fails to canT out its obligations with respect to the construction of the Minimum Improvements including the nature and the date for the cornpletion thereof), or abandons or substantially 494508vl CL205-49 suspends construction work, and any such failure, abandonment, or suspension shall not be cured, ended, or remedied within thirty (3 0) 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 revert in the Seller) the estate conveyed by the Deed to the Buyer, it 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 part 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 ofthe 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 of the Buyer, and any assigns or successors 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 of the Property for which a Certificate of Completion has been issued. For the purposes of this 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 of God, fire or other casualty to the Minimum Improvements, litigation commenced by third parties which, by injunction or other similar judicial action, directly results in delays, or acts of any federal, state or local governmental unit (other than the Seller in exercising its 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 Minimum Improvements by the dates such construction is required under this section of this Agreement. 16. Resale of Reacquired Property; Disposition of Proceeds. Upon the revesting, in the Seller 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 reimburse the Seller for all costs and expenses incurred by the Seller, including but not limited to proportionate salaries of personnel, in connection with the recapture, management, and resale of the Property or part thereof (but less any income derived by the Seller from the Property or part thereof in conriection 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 of ownership thereof by the Seller, an amount, if paid, equal to such taxes, assessments, or charges (as determined by the Seller assessing official) as would have been payable if the Property were not so exempt); any payments made or necessary to be made to 7 484508vl CL205-49 discharge any encumbrances or liens existing on the Property or part thereof at the time of revesting of title thereto in the Seller or to discharge or prevent from attaching or being made any subsequent encumbrances or liens due to obligations, defaults or acts of the Buyer, its successors or transferees; any expenditures made or obligations incurred with respect to the making or completion of the Minimum Improvements or any part thereof on the Property or part thereof-, and any amounts otherwise owing the Seller by the Buyer and its successor or transferee; and b) Second, to reimburse the Buyer for the balance of the purchase price remaining after the reimbursements specified in paragraph (a) above, Such reimbursement shall be paid to the Buyer upon delivery of an executed, recordable warranty deed to the Property by the Buyer to the Seller. 17. Time is of the essence for all provisions of this contract. 18. Notices. All notices required herein shall be in writing and delivered personally or mailed to the address shown at paragraph I above and, if mailed, are effective as of the date of mailing. 19. Minnesota Law. This contract shall be governed by the laws ofthe State of Minnesota. 20. Specific Performance. This Agreement may be specifically enforced by the parties, provided that an action is brought within one year of the date of alleged breach of this Agreement. 21. 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 remedies, but each and every such remedy shall be cumulative 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 right or power accruing upon any default shall impair any such right or power or shall be construed to be a waiver thereof, but any such right and power may be exercised from time to time and as often as may be deerned expedient. 22. No Merger of Representations, Warranties. All representations and warranties contained in this Purchase Agreement shall not be merged into any instruments or conveyance delivered at closing, and the parties shall be bound accordingly. 23. Recording. This Agreement shall be filed of record With the Anoka County Registrar of Titles or Office of Recorder, as the case may be. Buyer shall pay all recording costs. M 484508x 4 CL205-49 In witness of the foregoing, the parties have executed this agreement on the year and date written above. SELLER: COLUMBIA S ECONOMIC DEVELOPMENT AUTHORITV By: By: Its President Its Execu ive irector STATE OF MINNESOTA ss. COtJNTY OF ANOKA I -kL- The foregoing was acknowledged before me this - t& day of _ 20 11, by CrarH P rsor\ and the President and Executive Director of Columbia Heights Economic Development Authority, a public body corporate and politic under the laws of Minnesota, on behalf of the public body corporate and politic. S-1 484508v4' CL205-49 By: STATE OF MINNESOTA SS. COUNTY OF ANOKA 11i,z r'C__ 1--- _ The foregoing was acknowledged before me this 1 11 day of 20j_ by J? iWAAV I he fk('l vi of —'Emi rev a Minneso,ta on behalf of the This document drafted by: Kennedy & Graven, Chartered 470 U.S. Bank Plaza lis. MIN 55402 S-2 484508v] CL20549 BALTSHEII-A RA-E HU FAI" y C 1,NNESOTA 31 2021 1--- _ The foregoing was acknowledged before me this 1 11 day of 20j_ by J? iWAAV I he fk('l vi of —'Emi rev a Minneso,ta on behalf of the This document drafted by: Kennedy & Graven, Chartered 470 U.S. Bank Plaza lis. MIN 55402 S-2 484508v] CL20549 EXHIBIT A to PURCHASE AND REDEVELOPMENT AGREEMENT FORM OF QUIT CLAIM DEED THIS I-NDENTURE, between the Columbia. Heights Economic Development Authority, a Mimiesota, a public body corporate and politic (the "Grantor"), and a Minnesota (the "Grantee"). WITNESSETH, that Grantor, in consideration of the sum 6f $ and other good and valuable consideration the receipt whereof is hereby acknowledged, does hereby grant, bargain, 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 Ai-ioka and State .of Minnesota described as follows, to-wit (such tract or parcel of land is hereinafter referred to as the "Property"): To have and to hold the same, together with all the hereditarnents and appurtenances there-unto belonging. SECTION 1. It is understood and agreed that this Deed is subject to the covenants, conditions, restrictions and provisions of an 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 of completion releasing the Grantee from certain obligations of said Agreement as to this Property or such part thereof then to be conveyed, has been placed of record. This provision, however, shall in no way prevent the Grantee from mortgaging this Property in order to obtain funds for the purchase of the Property hereby conveyed or for erecting the Minimum Improvements thereon (as defined in the Agreement) in conformity with the Agreement, any applicable development program and applicable provisions of the zoning ordinance of the City of Columbia Heights, Minnesota, or for the refinancing of the same. It is specifically agreed that the Grantee shall promptly begin and diligently prosecute to completion the redevelopment of the Property through the construction of the Minimum Improvements thereon, as provided in the Agreement. Promptly after completion ' of the Minimum Improvements in accordance with the provisions of the Agreement, the Grantor will furnish the Grantee with an appropriate instrument so certifying. Such certification by the Grantor shall be (and it shall be so provided in the certification. itself) a conclusive detern-iination of satisfaction and termination of the agreements A-1 484508v1 CL205-49 and covenants of the Agreement and of this Deed with respect to the obligation of the Grantee, and its Successors and assigns, to construct the Minimum 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 of a mortgage, or any insurer of a mortgage, securing money loaned to finance the purchase of the Property hereby conveyed or the Minimum 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 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 of the Grantor, for the Grantee to take or perform in order to obtain such certification. SECTION 2. The Grantee's rights and interest in the Property are subject to the terins and conditions of Sections 14A, 14B and 15 of the Agreement relating to the Grantor's right to re-enter and revest in Grantor title to the Property under conditions specified therein, including but not limited to termination of such right upon issuance of a Certificate of Completion 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, hereiribefore described, that the Grantee and such successors and assigns shall comply with Section 14E of the Agreement for a 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 with the land for the respective terms herein provided, and that the), 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 In amplification, and not in restriction of, the provisions of the preceding section, it is intended and agreed that the Grantor shall be deemed a beneficiary of the agreements and covenants provided herein, both for and in its 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 M 484508v] CL205-49 shall run in favor of the Grantor without regard to whether the Grantor has at any time been, remains, or is an owner of any 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 action's 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 revest in the Grantor the estate conveyed by this Deed on grounds of Grantee's failure to comply with its obligations under this Section 3. Grantor certifies that it does not know of any wells on the Property. M 484508v 'I 01,205-49 IN WITNESS WHEREOF, the Grantor has caused this Deed to be duly executed in its behalf by its President and Executive Director and has caused its corporate seal to be hereunto affixed this _ day of , 20_- COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY By Its President By its Executive Director STATE OF MINNESOTA ss COUNTY OF On this — day of , 20—, before: me, a notary public within and for County, personally appeared and to nee 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 in the foregoing instrument; that the seal affixed to said instrument is the seal of said Authority-, that said instrument was signed and sealed on behalf of said Authority pursuant to a resolution of its governing body; and said and acknowledged said instrument to be the free act and deed of said Authority. This instrument was drafted by: Kennedy & Graven, Charted (SJB) 470 U.S. Bank, Plaza Minneapolis, MN 55402 A-4 484508v1 01.205-49 Notary Public ramulan"I To PURCHASE AND REDEVELOPMENT AGREEMENT FORM OF CERTIFICATE OF COMPLETION WHEREAS, the Columbia Heights Economic 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 [am-id in the Office of the Registrar of Titles] in and for the County of Anoka and State of Minnesota, 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 performed said covenants and conditions insofar as it is able in a inanner deemed sufficient by the Grantor to permit the execution and recording of this certification; NOW, THEREFORE, this is to certify that all building construction and other physical improvements specified to be done and made by the Grantee have been completed and the abo,7e covenants and conditions in said Deed and the agreements and covenants in Sections 14A and 14E of the Agreement (as described in said Deed) have been perfon-ned by the Grantee therein, and the County Recorder [and the Registrar of Titles] in and for the County of Anoka and State of Minnesota are hereby authorized to accept for recording and to record, the filing of this instrument, to be a conclusive deterniination of the satisfactory termination. of the covenants and conditions of Sections 14A and 14B of the Agreement and the covenants and restrictions set forth in Sections I and 2 of said Deed; provided that the covenants set forth in Sections 14E of the Agreement, and in Section 3 of the Deed, remain in full force and effect through the period stated thereon, Dated: .20 B-1 484508Nil CL205-49 COLUMBIA HEIGHTS ECONOMIC DEVELOPMEN AUTHORITY M Its President By Its Executive Director STATE OF MINNESOTA ss COUNTY OF ANOKA The foregoing instrument was acknowledged before me this -- day of 5 20_, by and . the President and Executive Director, respectively, of the Columbia Heights Economic 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 B-2 4845,08vl CL205-49