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HomeMy WebLinkAbout2017-2833.01CONTRACT NO: 2017-001 This, Release of Purchase and Redevelopment Agreement entered into this L-'ITa—y ofE41ruai 2017, by and between Colurnbia Heights Economic Development Authority, "bfiAutho (toy k,– a *c body corporate and politic under the laws of the State of Minnesota EDA") and Steven Lloyd Pepple and Katherine Marie Pepple ("Pepples"). WHEREAS, EDA and Pepples entered into a Purchase and Redevelopment Agreement, dated August 28, 2014, recorded October 10, 2014 in the office of the Anoka County Registrar of Titles as Document No. 526146,006 (the "Agreement") regarding the real property legally described as follows: Lot 25 and Lot 26, Block 1, Sheffields Second Subdivision (the "Property") Check here fall carpart of'properly is registered (Torrens) 0 WHEREAS, Pepples are in default under the Agreement and the EDA has given notice of its intent to revert title in the EDA pursuant to Paragraph 16 of the Agreement. WHEREAS, Pepples have conveyed the Property back to the EDA by Warrany Deed (the "Warranty Deed") pursuant to the Agreement; WHEREAS, Pepples and the EDA, following recording of the Warranty Deed, desire to release the Property from the Agreement. NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, EDA and Pepples hereby agree as follows: 1. Pepples represents and warrants to EDA that P'epples has not assigned, transferred, or conveyed its interest in the Agreement or any interest in the Property, except the Warranty Deed to the EDA. 2. The Agreement is hereby cancelled, terminated and null and void and neither party shall have any further rights or obligations thereunder. Pepp les hereby acknowledges that it has no interest in the Property, 493860v1 CBR CL205-52 IN WITNESS, WHEREOF the undersigned have executed this instrument the day and date first above written, COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY By M, Its Its Executive Director STATE OF MINNESOTA SS. COUNTY OF ANOKA Z Steven Lloyd Pepple? Katherine Marie Pepple This document was drafted by: KENNEDY & GRAVEN, Chartered (MNI) 470 U.S. Bank P'laza Minneapolis, Minnesota 55402 Telephone: 337-9300 493860vt CBRCT ?05-52 Notary Public Catherine RoCkIRZ Nota,,, pubiic, state of minn,60ta My Commission EypiresJanuary31, ;'1020