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HomeMy WebLinkAbout2019-2978.01Kennedy Graven Offices in Minneapolis Sainr Paul St. Cloud 470 U .. Bank Plaza 200 ou ,h Sixth rreer Minneapolis, MN -5402 (612) 337-9300 telephone (6 I 2) 337-93 IO fu www.kennedy-gr:iven.com C H A R T E R E D Aflirmarive Action. Equal Opportunity Employer September 17th, 2019 Kelly Bourgeois Executive Director Columbia Heights Economic Development Authority 590 40th Avenue E Columbia Heights, MN 55421 RE: 3986 Central Avenue NE Dear Kelly: Federal Express Enclosed are copies from the sale of the property at 3986 Central Avenue E. incerely, Ten-i Reichert 612972v I Cl.205-73 Terri Reichert Legal Assistant Direct Dial (612) 337-9226 email: treichert@kennedy-graven.com Contract # 2019-2978.01 Kennedy Graven C H A R T E R E D Offices in Minneapolis Saint Paul Sr. Cloud 470 U.S. Bank Plaza 200 South Sixth Screec Minneapolis, M 55402 (612) 337-9300 relephone (612) 337-9310 fax www.kennedy-gravcn.com Affirmative Action, EquaJ Opportunity Employer CLOS[NG BOOK JULY 31, 2019 Buyer: Seller: 500, LLC, a Minnesota limited liability company Columbia Heights Economic Development Authority Property: Title: Closer: 3986 Central Avenue NE, Columbia Heights, MN [Abstract & Torrens] Commercial Partners Title Jamie L. Kalbler-Siggerud Diligence Documents 1.Title Commitment #55977 Transfer Documents 2.Purchase Agreement 3.Resolution authorizing conveyance from Seller to Buyer 4.Termination of Management Agreement for Parking Facilities and Lease of thePlaza Property & Parking Ramp Operations Agreement 5.Limited Warranty Deed Seller to Buyer per Contract 6.Seller's Affidavit 7.FIRPTA 8.Bring Down Ce1tificate 9.IRS Form 2099S 10.Closing Statement Kennedy & Graven, Chartered Post-Closing D Letter to Examiner requesting Directive. D Final Policy from CPT. 612966v I CL205-73 � COMN\ERCIALPARTNERS T I T L E, L L C 200 South Sixth Street, Suite 1300 Minneapolis, MN 55402 Phone: (612) 337-2470 Fax: (612) 337-2471 Privacy Policy Notice PURPOSE OF THIS NOTICE We may collect nonpublic personal information about you from the following sources: •Information we receive from you such as on applications or other forms.•Information about your transactions we secure from our files, or from [ our affiliates or] others.•Information that we receive from others involved in your transaction, such as the real estate agentor lender. Unless it is specifically stated otherwise in an amended Privacy Policy Notice, no additional nonpublic personal information will be collected about you. We may disclose any of the above information that we collect about our customers or former customers to our affiliates or to nonaffiliated third parties as permitted by law. We also may disclose this information about our customers or former customers to the following types of nonaffiliated companies that perform services on our behalf or with whom we have joint marketing agreements: •Financial service providers such as companies engaged in banking, consumer finance, securitiesand insurance.•Non-financial companies such as envelope stuffers and other fulfillment service providers. WE DO NOT DISCLOSE ANY NONPUBLIC PERSONAL INFORMATION ABOUT YOU WITH ANYONE FOR ANY PURPOSE THAT IS NOT SPECIFICALLY PERMITTED BY LAW. We restrict access to nonpublic personal information about you to those employees who need to know that information in order to provide products or services to you. We maintain physical, electronic, and procedural safeguards that comply with fe.deral regulations to guard your nonpublic personal information. ***** * !0 LD RE PUBLIC NATTONAL TITLE INSURANCE COMPANY** * ** COMMITMENT FOR TITLE INSURANCE NOTICE IMPORTANT -READ CAREFULLY: THIS COMMITMENT IS AN OFFER TO ISSUE ONE OR MORE TITLE INSURANCE POLICIES. ALL CLAIMS OR REMEDIES SOUGHT AGAINST THE COMPANY INVOLVING THE CONTENT OF THIS COMMITMENT OR THE POLICY MUST BE BASED SOLELY IN CONTRACT. THIS COMMITMENT IS NOT AN ABSTRACT OF TITLE, REPORT OF THE CONDITION OF TITLE, LEGAL OPINION, OPINION OF TITLE, OR OTHER REPRESENTATION OF THE STATUS OF TITLE. THE PROCEDURES USED BY THE COMPANY TO DETERMINE INSURABILITY OF THE TITLE, INCLUDING ANY SEARCH AND EXAMINATION, ARE PROPRIETARY TO THE COMPANY, WERE PERFORMED SOLELY FOR THE BENEFIT OF THE COMPANY, AND CREATE NO EXTRACONTRACTUAL LIABILITY TO ANY PERSON, INCLUDING A PROPOSED INSURED. THE COMPANY'S OBLIGATION UNDER THIS COMMITMENT IS TO ISSUE A POLICY TO A PROPOSED INSURED IDENTIFIED IN SCHEDULE A IN ACCORDANCE WITH THE TERMS AND PROVISIONS OF THIS COMMITMENT. THE COMPANY HAS NO LIABILITY OR OBLIGATION INVOLVING THE CONTENT OF THIS COMMITMENT TO ANY OTHER PERSON. COMMITMENT TO ISSUE POLICY Subject to the Notice; Schedule B, Part I -Requirements; Schedule B, Part II -Exceptions; and the Commitment Conditions, Old Republic National Title Insurance Companv. a(n) Florida corporation (the "Company"), commits to issue the Policy according to the terms and provisions of this Commitment. This Commitment is effective as of the Commitment Date shown in Schedule A for each Policy described in Schedule A, only when the Company has entered in Schedule A both the specified dollar amount as the Proposed Policy Amount and the name of the Proposed Insured. If all of the Schedule B, Part I -Requirements have not been met within 180 days after the Commitment Date, this Commitment terminates and the Company's liability and obligation end. This page is only a part of a 2016 AL TA® Commitment for Title Insurance issued by Old Republic National Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I -Requirements; and Schedule B, Part II -Exceptions; and a counter-signature by the Company or its issuing agent that may be in electronic form. Copyright 2006. 2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to AL TA licensees and ALT A members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. AL TA Commitment for Title Insurance (08-01-16) AMERICAN LAND TITLE ASSOCIATION 55977 COMMITMENT CONDITIONS 1. DEFINITIONS (a) "Knowledge" or "Known": Actual or imputed knowledge, but not constructive notice imparted by the Public Records. (b) "Land": The land described in Schedule A and affixed improvements that by law constitute real property. The term "Land" does not include any property beyond the lines of the area described in Schedule A, nor any right, title, interest, estate, or easement in abutting streets, roads, avenues, alleys, lanes, ways, or waterways, but this does not modify or limit the extent that a right of access to and from the Land is to be insured by the Policy. (c) "Mortgage": A mortgage, deed of trust, or other security instrument, including one evidenced by electronic means authorized by law. (d) "Policy": Each contract of title insurance, in a form adopted by the American Land Title Association, issued or to be issued by the Company pursuant to this Commitment. (e) "Proposed Insured": Each person identified in Schedule A as the Proposed Insured of each Policy to be issued pursuant to this Commitment. (f) "Proposed Policy Amount": Each dollar amount specified in Schedule A as the Proposed Policy Amount of each Policy to be issued pursuant to this Commitment. (g) "Public Records": Records established under state statutes at the Commitment Date for the purpose of imparting constructive notice of matters relating to real property to purchasers for value and without Knowledge. (h) 'Title": The estate or interest described in Schedule A. 2. If all of the Schedule B, Part I -Requirements have not been met within the time period specified in the Commitment to Issue Policy, this Commitment terminates and the Company's liability and obligation end. 3. The Company's liability and obligation is limited by and this Commitment is not valid without: (a) the Notice; (b) the Commitment to Issue Policy; (c) the Commitment Conditions; (d) Schedule A; (e) Schedule B, Part I-Requirements; [and] (f) Schedule B, Part II-Exceptions[; and (g) a counter-signature by the Company or its issuing agent that may be in electronic form]. 4. COMPANY'S RIGHT TO AMEND The Company may amend this Commitment at any time. If the Company amends this Commitment to add a defect, lien, encumbrance, adverse claim, or other matter recorded in the Public Records prior to the Commitment Date, any liability of the Company is limited by Commitment Condition 5. The Company shall not be liable for any other amendment to this Commitment. This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by Old Republic National Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I - Requirements; and Schedule B, Part II -Exceptions; and a counter-signature by the Company or its issuing agent that may be in electronic form. Copyright 2006 -2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to AL TA licensees and AL TA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. ALTA Commitment for Title Insurance (08-01-16) AMERICAN LAND TITLE ASSOCIATION 55977 5. LIMITATIONS OF LIABILITY (a) The Company's liability under Commitment Condition 4 is limited to the Proposed lnsured's actual expense incurred in the interval between the Company's delivery to the Proposed Insured of the Commitment and the delivery of the amended Commitment, resulting from the Proposed lnsured's good faith reliance to: (i) comply with the Schedule B, Part I -Requirements; (ii) eliminate, with the Company's written consent, any Schedule B, Part II -Exceptions; or (iii) acquire the Title or create the Mortgage covered by this Commitment. (b) The Company shall not be liable under Commitment Condition 5(a) if the Proposed Insured requested the amendment or had Knowledge of the matter and did not notify the Company about it in writing. (c) The Company will only have liability under Commitment Condition 4 if the Proposed Insured would not have incurred the expense had the Commitment included the added matter when the Commitment was first delivered to the Proposed Insured. (d) The Company's liability shall not exceed the lesser of the Proposed lnsured's actual expense incurred in good faith and described in Commitment Conditions 5(a)(i) through 5(a)(iii) or the Proposed Policy Amount. (e) The Company shall not be liable for the content of the Transaction Identification Data, if any. (f) In no event shall the Company be obligated to issue the Policy referred to in this Commitment unless all of the Schedule B, Part I -Requirements have been met to the satisfaction of the Company. (g) In any event, the Company's liability is limited by the terms and provisions of the Policy. 6. LIABILITY OF THE COMPANY MUST BE BASED ON THIS COMMITMENT (a) Only a Proposed Insured identified in Schedule A, and no other person, may make a claim under this Commitment. (b) Any claim must be based in contract and must be restricted solely to the terms and provisions of this Commitment. (c) Until the Policy is issued, this Commitment, as last revised, is the exclusive and entire agreement between the parties with respect to the subject matter of this Commitment and supersedes all prior commitment negotiations, representations, and proposals of any kind, whether written or oral, express or implied, relating to the subject matter of this Commitment. (d) The deletion or modification of any Schedule B, Part II -Exception does not constitute an agreement or obligation to provide coverage beyond the terms and provisions of this Commitment or the Policy. (e) Any amendment or endorsement to this Commitment must be in writing [and authenticated by a person authorized by the Company]. (f) When the Policy is issued, all liability and obligation under this Commitment will end and the Company's only liability will be under the Policy. 7. IF THIS COMMITMENT HAS BEEN ISSUED BY AN ISSUING AGENT The issuing agent is the Company's agent only for the limited purpose of issuing title insurance commitments and policies. The issuing agent is not the Company's agent for the purpose of providing closing or settlement services. This page is only a part of a 2016 AL TA® Commitment for Title Insurance issued by Old Republic National Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule 8, Part I • Requirements; and Schedule 8 , Part II • Exceptions; and a counter-signature by the Company or its issuing agent that may be in electronic form. Copyright 2006 -2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to AL TA licensees and AL TA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. AL TA Commitment for Title Insurance (08-01-16) AM ERI CAN LAND TITLE ASSOCIATION 55977 8. PRO-FORMA POLICY The Company may provide, at the request of a Proposed Insured, a pro-forma policy illustrating the coverage that the Company may provide. A pro-forma policy neither reflects the status of Title at the time that the pro-forma policy is delivered to a Proposed Insured, nor is it a commitment to insure. 9. ARBITRATION The Policy contains an arbitration clause. All arbitrable matters when the Proposed Policy Amount is $2,000,000 or less shall be arbitrated at the option of either the Company or the Proposed Insured as the exclusive remedy of the parties. A Proposed Insured may review a copy of the arbitration rules at http://www.alta.org/arbitration. This page is only a part of a 2016 AL TA® Commitment for Title Insurance issued by Old Republic National Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I - Requirements; and Schedule B, Part II -Exceptions; and a counter-signature by the Company or its issuing agent that may be in electronic form. Copyright 2006. 2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to AL TA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. ALTA Commitment for Title Insurance (08-01-16) AMERICAN LANO TITLE ASSOCIATION 55977 **** * * ! OLD REPUBLIC ** * ** NATIONAL TITLE INSURANCE COMPANY COMMITMENT FOR TITLE INSURANCE Transaction Identification Data for reference only: Issuing Agent: Commercial Partners Title, LLC Issuing Office's AL TA® Registry ID: 0006204 Commitment No.: 55977 Issuing Agent File No.: 55977 Project Name: 3989 Central Avenue NE SCHEDULE A 1. Commitment Date: May 28, 2019 at 07:00 AM 2. Policy to be issued: a. ALTA Owner's Policy (06/17/06) Proposed Insured: Columbia Heights Economic Development Authority, a public body politic and corporate and political subdivision of the State of Minnesota Proposed Policy Amount: $2,800,000.00 3. The estate or interest in the Land described or referred to in this Commitment is Fee Simple. 4. The Title is, at the Commitment Date, vested in: 500, LLC, a Minnesota limited liability company 5. The Land is described as follows: SEE SCHEDULE C ATTACHED HERETO This page is only a part of a 2016 AL TA® Commitment for Title Insurance issued by Old Republic National Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I - Requirements; and Schedule B, Part II -Exceptions; and a counter-signature by the Company or its issuing agent that may be in electronic form. Copyright 2006 -2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to AL TA licensees and AL TA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. AL TA Commitment for Title Insurance (08-01-16) Schedule A AMERICAN LAND TITLE ASSOCIATION 55977 Issuing Agent: Commercial PartnersTitle, LLC 200 South 6th Street, Suite 1300 Minneapolis, MN 55402 (612) 337-2470 Countersigned Yl~o-- Authorized Signatory SCHEDULE A (Continued) OLD REPUBLIC NATIONAL nnE INSURANCE COMPANY A Stock Company 400 Second Avenue Sooth, Minneapolis, Minnesota 55401 /612) 371-1 111 President Secrets,y This page is only a part of a 2016 AL TA® Commitment for Title Insurance issued by Old Republic National Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I - Requirements; and Schedule B, Part II -Exceptions; and a counter-signature by the Company or its issuing agent that may be in electronic form. Copyright 2006 -2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to AL TA licensees and AL TA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. AL TA Commitment for Title Insurance (08-01-16) Schedule A AMERICAN LAND TITLE ASSOCIATION 55977 **** * * ; 0 LD REPUBLIC NATTONAL TITLE INSURANCE COMPANY ** * ** COMMITMENT FOR TITLE INSURANCE SCHEDULE B, PART I Requirements All of the following Requirements must be met: 1. The Proposed Insured must notify the Company in writing of the name of any party not referred to in this Commitment who will obtain an interest in the Land or who will make a loan on the Land. The Company may then make additional Requirements or Exceptions. 2. Pay the agreed amount for the estate or interest to be insured. 3. Pay the premiums, fees, and charges for the Policy to the Company. 4. Documents satisfactory to the Company that convey the Title or create the Mortgage to be insured, or both, must be properly authorized, executed, delivered, and recorded in the Public Records. 5. This Commitment was prepared by: Commercial Partners Title, LLC 200 South Sixth Street, Suite 1300 Minneapolis, MN 55402 Phone: (612) 337-2470 Fax: (612) 337-2471 Please direct questions regarding this Commitment to: Doug Berg, Underwriting Counsel, at (612) 337-2475 and direct questions regarding the closing to: Jaime Kalbler-Siggerud, Commercial Closer, at (612) 337-2485. If you would like to arrange for additional parties to receive this documentation, please contact our Production Department at (612) 337-2470. 6. Upon our receipt and review of a standard form of affidavit disclosing no adverse matters, Item Nos. 1, 2, 4, 5 and 6 of Schedule B -Part II will be deleted from the final policy. Item No. 8 of Schedule B -Part II will be modified to reflect the interests of specific tenants. A current survey, certified to Commercial Partners Title, LLC and Old Republic National Title Insurance Company, will be required to delete Item No. 3 of Schedule B -Part II from the final policy. This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by Old Republic National Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I - Requirements: and Schedule B, Part II -Exceptions; and a counter-signature by the Company or its issuing agent that may be in electronic form. Copyright 2006 -2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to AL TA licensees and AL TA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. ALTA Commitment for Title Insurance (08-01-16) Schedule B AMERICAN LANO TITLE ASSOCIATION 55977 SCHEDULE B (Continued) 7. We require a Well Disclosure Certificate be completed and furnished at the time of closing for all deeds that require a Certificate of Real Estate Value, or one of the following statement must be added to the deed: The seller certifies that the seller does not know of any wells on the described real property. or I am familiar with the property described in this instrument 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. 8. The Tax Reform Act of 1986 requires that the seller provide the following information at the time of closing: 1. Tax Identification Number 2. Full Forwarding Address. 9. Part of the Land is Torrens Property and the current Certificate of Title Numbers are 129998 (Parcel 3) and 129999 (Part of Parcel 1 ). 10. Commercial Partners Title, LLC does not have the Abstract of Title for the subject property. (Parcel 2 and part of Parcel 1) 11. Submit the following documentation prior to closing for review and approval: Copies of Good Standing Certificate for Seller and/or Buyer/Borrower and Resolutions authorizing both the transaction and execution of documents (or incumbency certificate with the authorizing resolutions), or other evidence acceptable to the Company. 12. In the event this transaction involves new construction or if there has been construction on the property during the last six months please immediately contact the closer or underwriting attorney listed above to discuss the transaction. If the transaction involves a construction mortgage or is a vacant land acquisition mortgage no construction related work can be performed on the property until after the mortgage is recorded and pictures have been taken at the site, in order to establish priority for the construction mortgage. Indemnities will be required at closing from the appropriate parties, depending upon the nature of the transaction. This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by Old Republic National Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I - Requirements; and Schedule B, Part II -Exceptions; and a counter-signature by the Company or its issuing agent that may be in electronic form. Copyright 2006 • 2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to AL TA licensees and AL TA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. AL TA Commitment for Title Insurance (08-01-16) Schedule B AMERICAN LAND TITLE ASSOCIATION 55977 SCHEDULE B (Continued) 13. The legal description at Item No. 5 of Schedule A is related to the property addresses of: 3989 Central Avenue Northeast, Columbia Heights, MN (Parcel 1) 3889 Central Avenue Northeast, Columbia Heights, MN (Parcel 2) This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by Old Republic National Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I - Requirements; and Schedule B, Part II -Exceptions; and a counter-signature by the Company or its issuing agent that may be in electronic form. Copyright 2006 -2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to AL TA licensees and AL TA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. AL TA Commitment for Title Insurance (08-01-16) Schedule B AMERICAN LAND TITLE ASSOCIATION 55977 SCHEDULE B (Continued) SCHEDULE B, PART II Exceptions THIS COMMITMENT DOES NOT REPUBLISH ANY COVENANT, CONDITION, RESTRICTION, OR LIMITATION CONTAINED IN ANY DOCUMENT REFERRED TO IN THIS COMMITMENT TO THE EXTENT THAT THE SPECIFIC COVENANT, CONDITION, RESTRICTION, OR LIMITATION VIOLATES STATE OR FEDERAL LAW BASED ON RACE, COLOR, RELIGION, SEX, SEXUAL ORIENTATION, GENDER IDENTITY, HANDICAP, FAMILIAL STATUS, OR NATIONAL ORIGIN. The Policy will not insure against loss or damage resulting from the terms and provisions of any lease or easement identified in Schedule A, and will include the following Exceptions unless cleared to the satisfaction of the Company: 1. Any defect, lien, encumbrance, adverse claim, or other matter that appears for the first time in the Public Records or is created, attaches, or is disclosed between the Commitment Date and the date on which all of the Schedule B, Part I -Requirements are met. 2. Rights or claims of parties in possession not shown by the public records. 3. Any encroachment, encumbrance, violation , variation or adverse circumstance affecting the Title that would be disclosed by an accurate and complete land survey of the Land. 4. Easements or claims of easements not shown by the public records. 5. Any lien, or right to a lien, for services, labor or material heretofore or hereafter furnished, imposed by law and not shown by the public records. 6. Taxes or special assessments which are not shown as existing liens by the public records. 7. General and special taxes and assessments as hereafter listed, if any (all amounts shown being exclusive of interest, penalties and costs): A. Real estate taxes payable in 2019 are $95,399.56 and are half paid. Base tax $94,036.66 Property Identification No. 36-30-24-32-0110 (Parcel 1) Real estate taxes payable in 2019 are $6,617.91 and are half paid. Base tax $6,564.68 Property Identification No. 36-30-24-32-0261 (Parcel 2) Real estate taxes payable in 2019 are $160.28 and are half paid. Base tax $160.28 Property Identification No. 36-30-24-32-0258 (Parcel 3) NOTE: There are no delinquent taxes of record. This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by Old Republic National Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I - Requirements; and Schedule B, Part II -Exceptions; and a counter-signature by the Company or its issuing agent that may be in electronic form. Copyright 2006 -2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. AL TA Commitment for Title Insurance (08-01-16) Schedule B AMERICAN lAND TITLE ASSOCIATION 55977 SCHEDULE B (Continued) B. There are no levied or pending assessments of record. 8. Rights or claims of tenants, as tenants only, in possession under unrecorded leases. 9. Minerals and mineral rights reserved by the State of Minnesota as shown by recital on the Certificate of Title. (Parcels 1 and 3) 10. Mineral and mineral rights reserved by the State of Minnesota as evidenced by a Conveyance of Forfeited Lands dated February 25, 1946, filed March 7, 1946, as Document No. 115817. (Parcel 1) 11. Roadway and utility easement shown in Quit-Claim Deed dated September 17, 1981 , filed October 20, 1981 , as Document No. 580233 (Abstract); and in Quit Claim Deed dated October 23 , 1981, November 6, 1981 , as Document No. 581375 (Abstract). (Parcels 1 and 2) 12. Easements for utility and roadway purposes reserved in Quit Claim Deed dated December 30, 1983, filed February 24, 1984, as Document No. 636379 (Abstract), and filed January 18, 1984, as Document No. 131492 (Torrens). (Parcels 2 and 3) 13. Easement for road, public sidewalk and landscape purposes created by Second Amended Findings of Fact, Conclusions of Law, and Order Transferring Title and Possession Pursuant to Minn. Stat. Section 117.042 filed January 14, 2002, as Document Nos. 1636936 (Abstract) and 388444 (Torrens); and by Final Certificate of Attorney for Petitioner filed February 18, 2005, as Document No. 1973084.002 {Abstract) and as Document No. 481861 .002 (Torrens). (Parcels 1 and 2) 14. Terms and conditions of Management Agreement for Parking Facilities and Lease of the Plaza Property dated July 20, 1982, filed February 9, 1983, as Document Nos. 607127 (Abstract) and 124953 (Torrens), by and between the Housing and Redevelopment Authority in and for the City of Columbia Heights, a public body corporate and politic, referred to as "Agency," and Terry Evenson, a single person, referred to as "Redeveloper". Grants Redeveloper a leasehold interest and right of first refusal in Parcels 2 and 3 and a right to use and option to purchase other land. The interest of redeveloper was assigned to Zaidan Holdings, Inc., a Canadian corporation, by Assignment of Management Agreement for Parking Facilities and Lease of the Plaza Property dated June 27, 1988, filed July 26, 1988, as Document Nos. 816367 (Abstract) and 177292 (Torrens). The interest of redeveloper was further assigned to Mobilia, Ltd., a Delaware corporation , by Assignment of Management Agreement for Parking Facilities and Lease of the Plaza Property dated March 10, 1995, filed September 4, 1997, as Document Nos. 1295184 (Abstract) and 300560 (Torrens). This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by Old Republic National Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I - Requirements; and Schedule B, Part II -Exceptions; and a counter-signature by the Company or its issuing agent that may be in electronic form. Copyright 2006 -2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to AL TA licensees and AL TA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. AL TA Commitment for Title Insurance (08-01-16) Schedule B AMERICAN LAND TITLE ASSOCIATION 55977 SCHEDULE B (Continued) The interest of redeveloper was further assigned to Lake-State Properties, Inc., a Minnesota corporation, by Assignment of Parking Agreements dated July 14, 1997, filed September 4, 1997, as Document Nos. 1295185 (Abstract) and 300561 (Torrens). The interest of redeveloper was further assigned to Equity Partners LLC, a limited liability company, by Assignment of Parking Ramp Lease dated October 30, 2002, filed November 13, 2002, as Document Nos. 1730236 (Abstract) and 412198 (Torrens). The interest of redeveloper was further assigned to and assumed by Stadium Village Properties, LLC, a Minnesota limited liability company, in Assignment and Assumption of Parking Ramp Lease dated April 3, 2008, filed April 4, 2008, as Document Nos. 1999840.002 (Abstract) and 494729.002 (Torrens). Stadium Village Properties, LLC, as redeveloper, acquired the fee simple interest in Parcels 2 and 3 by Quit Claim Deed dated December 16, 2009, filed January 7, 2010, as Document Nos. 2012461 .003 (Abstract) and 500344.002 (Torrens). The interest of Stadium Village Properties, LLC was assigned to Venture Bank, a Minnesota banking corporation, by Assignment and Assumption of Management Agreement for Parking Facilities, Lease of the Plaza Property and Option to Purchase the Parking Property dated June 9, 2014, filed June 23, 2014, as Document Nos. 2084704.003 (Abstract) and 523989.003 (Torrens). The interest of Venture Bank was assigned to 500, LLC, a Minnesota limited liability company, by Assignment and Assumption of Management Agreement for Parking Facilities and Lease of the Plaza Property dated May 27 2015, filed June 9, 2015, as Document Nos. 2110051 .002 (Abstract) and 531067.002 (Torrens). Affected by Affidavit dated April 4, 2019, filed April 9, 2019, as Document No. 2224133.001 (Abstract). (Not filed in Torrens) (Affects Parcels 2 and 3 and other land. A number of the above documents also appear as memorials on the Torrens Certificate for Parcel 1, but do not appear to affect that land) 15. Terms and conditions of an unrecorded Lease and Assignment, as shown by Memorandum of Rooftop Lease and Partial Assignment Agreement dated June 10, 2011 and June 13, 2011 , filed August 23, 2011 , as Document Nos. 2023971.003 (Abstract) and 505589.003 (Torrens), by and between Stadium Village Properties, LLC, a Minnesota limited liability company, lessor, and Crown Castle AS LLC, a Delaware limited liability company, lessee. (Parcel 1) This page is only a part of a 2016 AL TA® Commitment for Title Insurance issued by Old Republic National Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B. Part I - Requirements; and Schedule B. Part II -Exceptions; and a counter-signature by the Company or its issuing agent that may be in electronic form. Copyright 2006 -2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to AL TA licensees and AL TA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. AL TA Commitment for Title Insurance (08-01-16) Schedule B AMERICAN LAND TITLE ASSOCIATION 55977 SCHEDULE B (Continued) 16. The following appears as a memorial on the Certificate of Title. While the Company will affirmatively insure against loss or damage sustained by the Insured arising as a result of this matter affecting title to the Land, neither Commercial Partners Title, LLC nor Old Republic National Title Insurance Company will undertake to have the memorial removed from the Certificate of Title: a. Collateral Assignment of Management Agreement for the Parking Facilities and Lease of Plaza Property and Option to Purchase Parking Property dated September 28, 2012, filed December 6, 2012, as Document No. 512229.002, executed by Stadium Village Properties, L.L.C., a Minnesota limited liability company, as borrower, to Venture Bank, a Minnesota banking corporation, as lender. Document was given as additional security for that certain Mortgage and Security Agreement and Fixture Financing Statement filed as Document No. 494729.003, which has been deleted from the Certificates of Title by Order in Proceedings Subsequent dated May 12, 2016, filed May 13, 2016, as Document No. 538682.002. (Parcels 1 and 3) This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by Old Republic National Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I - Requirements; and Schedule B, Part II -Exceptions; and a counter-signature by the Company or its issuing agent that may be in electronic form. Copyright 2006 -2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to AL TA licensees and AL TA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. AL TA Commitment for Title Insurance (08-01-16) Schedule B AMERICAN LAND TITLE ASSOCIATION 55977 **** * * ; 0 LD RE PUBLIC NATIONAL TITLE INSURANCE COMPANY ** * ** COMMITMENT FOR TITLE INSURANCE SCHEDULE C The Land is described as follows: Parcel 1: Lot 32, Block 6, Reservoir Hills, Anoka County, Minnesota. Lots 25 through 28, Block 1, Walton's Rearrangement of Lots 33 and 34, Block 6, Reservoir Hills, Anoka County, Minnesota. The vacated alley adjacent to Lots 25 through 28, Block 1, Walton's Rearrangement of Lots 33 and 34, Block 6, Reservoir Hills, Anoka County, Minnesota. Those parts of Lots 28 through 31 , Block 6, Reservoir Hills; Lots 23 and 24, Block 1, Walton's Rearrangement of Lots 33 and 34, Block 6, Reservoir Hills; and of the vacated alley adjacent to Lot 24, Block 1, Walton's Rearrangement of Lots 33 and 34, Block 6, Reservoir Hills; lying Southwesterly and Westerly of the following described line: Beginning at a point on the South line of Block 1, Walton's Rearrangement, said point being 18.00 feet West of the Southeast corner of Lot 23, of said Block 1, Walton's Rearrangement; thence Northerly on a line 18.00 feet West of and parallel with the East line of Lot 23, a distance of 87.00 feet; thence on a straight line to a point on the North line of Lot 30 of said Block 6, Reservoir Hills, said point being 47.23 feet Easterly of the Northwest corner of said Lot 30 and there terminating. Anoka County, Minnesota Abstract and Torrens Property Parcel 2: Those parts of Lots 27 through 31 , Block 6, Reservoir Hills and those parts of Lots 23 and 24, Block 1, Walton's Rearrangement of Lots 33 and 34, Block 6, Reservoir Hills and of the vacated alley abutting Block 1, "Walton's Rearrangement of Lots 33 and 34, Block 6, Reservoir Hills", as dedicated in said plat, lying within the following described tract: Commencing at a point on the South line of said Block 1, Walton's Rearrangement distant 18.00 feet West of the Southeast corner of Lot 23, said Block 1, Walton's Rearrangement; thence Northerly on a line 18.00 feet West of and parallel with the East line of said Lot 23, a distance of 87.00 feet, to the actual point of beginning of the tract to be described; thence continuing Northerly on the extension of said line to the North line of Block 6, Reservoir Hills; thence Westerly along said North line of Block 6, to a point being 47.23 feet Easterly of This page is only a part of a 2016 AL TA® Commitment for Title Insurance issued by Old Republic National Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I • Requirements; and Schedule B, Part II • Exceptions; and a counter-signature by the Company or its issuing agent that may be in electronic form. Copyright 2006 • 2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to AL TA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. AL TA Commitment for Title Insurance (08-01-16) Schedule C AMERICAN LAND TITLE ASSOCIATION 55977 SCHEDULE C (Continued) the Northwest corner of Lot 30, Block 6, Reservoir Hills; thence Southeasterly, to the point of beginning; Excepting therefrom Tract A, Registered Land Survey No. 250, Anoka County, Minnesota. Abstract Property Parcel 3: Tract A, Registered Land Survey No. 250, Anoka County, Minnesota. Torrens Property This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by Old Republic National Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I - Requirements; and Schedule B, Part II -Exceptions; and a counter-signature by the Company or its issuing agent that may be in electronic form. Copyright 2006 -2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to AL TA licensees and AL TA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. ALTA Commitment for Title Insurance (08-01-16) Schedule C AMERICAN LANO TITLE ASSOCIATION 55977 EXHIBIT "A" Parcel 1: Lot 32, Block 6, Reservoir Hills, Anoka County, Minnesota. Lots 25 through 28, Block 1, Walton's Rearrangement of Lots 33 and 34, Block 6, Reservoir Hills, Anoka County, Minnesota. The vacated alley adjacent to Lots 25 through 28, Block 1, Walton's Rearrangement of Lots 33 and 34, Block 6, Reservoir Hills, Anoka County, Minnesota. Those parts of Lots 28 through 31, Block 6, Reservoir Hills; Lots 23 and 24, Block 1, Walton's Rearrangement of Lots 33 and 34, Block 6, Reservoir Hills; and of the vacated alley adjacent to Lot 24, Block 1, Walton's Rearrangement of Lots 33 and 34, Block 6, Reservoir Hills; lying Southwesterly and Westerly of the following described line: Beginning at a point on the South line of Block 1, Walton's Rearrangement, said point being 18.00 feet West of the Southeast corner of Lot 23, of said Block 1, Walton's Rearrangement: thence Northerly on a line 18.00 feet West of and parallel with the East line of Lot 23, a distance of 87.00 feet; thence on a straight line to a point on the North line of Lot 30 of said Block 6, Reservoir Hills, said point being 47.23 feet Easterly of the Northwest corner of said Lot 30 and there terminating. Anoka County, Minnesota Abstract and Torrens Property Parcel 2: Those parts of Lots 27 through 31, Block 6, Reservoir Hills and those parts of Lots 23 and 24, Block 1, Walton's Rearrangement of Lots 33 and 34, Block 6, Reservoir Hills and of the vacated alley abutting Block 1, "Walton's Rearrangement of Lots 33 and 34, Block 6, Reservoir Hills", as dedicated in said plat, lying within the following described tract: Commencing at a point on the South line of said Block 1, Walton's Rearrangement distant 18.00 feet West of the Southeast corner of Lot 23, said Block 1, Walton's Rearrangement: thence Northerly on a line 18.00 feet West of and parallel with the East line of said Lot 23, a distance of 87.00 feet, to the actual point of beginning of the tract to be described; thence continuing Northerly on the extension of said line to the North line of Block 6, Reservoir Hills: thence Westerly along said North line of Block 6, to a point being 47.23 feet Easterly of the Northwest corner of Lot 30, Block 6, Reservoir Hills; thence Southeasterly, to the point of beginning; Excepting therefrom Tract A, Registered Land Survey No. 250, Anoka County, Minnesota. Abstract Property Parcel 3: Tract A, Registered Land Survey No. 250, Anoka County, Minnesota. Torrens Property Exhibit "A" 55977 PURCHASE AGREEMENT This Purchase Agreement ("Agreement") is made this 22nd day of July, 20 I 9, by and between 500, LLC ("Seller") and the Columbia Heights Economic Development Authority, a public body politic and corporate and political subdivision of the State of Minnesota, and its successors and assigns ("Buyer"). 1. PROPERTY. Seller is the owner of property located at 3989 Central Avenue NE, in the City of Columbia Heights, Minnesota, which is legally described on the attached Exhibit A ("Property"). 2. OFFER/ACCEPTANCE. In consideration of and subject to the terms and provisions of this Agreement, Buyer offers and agrees to purchase and Seller agrees to sell and hereby grants to Buyer the exclusive right to purchase the Property and all improvements thereon, together with all appurtenances. All fixtures located on the Property on the date of this Agreement are included in the purchase of the Property. 3. PURCHASE PRICE FOR PROPERTY AND TERMS. a. PURCHASE PRICE: The total purchase price for the Property is: Two Million Eight Hundred Thousand Dollars ($2,800,000.00) ("Purchase Price"). b. TERMS: 1. EARNEST MONEY: The sum of Two Hundred Thousand Dollars ($200,000.00) earnest money shall be paid by Buyer to Seller ("Earnest Money") upon execution of this Agreement. The Earnest Money is nonrefundable, subject to Sections 13 and 14 hereof. 2. BALANCE DUE SELLER: Buyer agrees to pay by check or wire transfer on the Closing Date (as hereinafter defined) any remaining balance due on the Purchase Price according to the terms of this Agreement. 3. DEED/MARKETABLE TITLE: Subject to performance by Buyer, Sel1er agrees to execute and deliver a Limited Warranty Deed conveying marketable fee simple title to the Property to Buyer, free and clear of any mortgages, liens or encumbrances other than matters created by or acceptable to Buyer, subject only to the exceptions (the "Permitted Exceptions") provided in Schedule B-11 of the title commitment issued to the Seller by Old Republic Title on May 28, 2019 and provided to the Buyer (the "Title Commitment"), which Schedule B-II is attached hereto as Exhibit B. 4. DOCUMENTS TO BE DELIVERED AT CLOSING BY SELLER. In addition to the Limited Warranty Deed required at Section 3.b.3. above, Seller shall deliver to Buyer on the Closing Date: 582649v3CU05-73 a. An affidavit from Seller sufficient to remove any exception in Buyer's policy of title insurance for mechanics' and materialmens' liens and rights of parties in possession; b. A "bring-down" certificate, certifying that all of the warranties made by Seller in this Agreement remain true as of the Closing Date; c. Affidavit of Seller confirming that Seller is not a foreign person within the meaning of Section 1445 of the Jntemal Revenue Code; d. A statement that Seller does not know of any wells on the Property; e. Any notices, certificates, and affidavits regarding any private sewage systems, underground storage tanks, and environmental conditions as may be required by state or federal statutes, rules or regulations; f. An affidavit by Seller in form reasonably acceptable to the Buyer, certifying that there are no purchase agreements, options, or other interests in the Property currently in effect with any third parties, except as disclosed in the Title Commitment; and g. Any other documents reasonably required by Buyer's title insurance company or attorney to evidence that title to the Property is marketable and that Seller has complied with the terms of this Purchase Agreement. Jn addition, on the Closing Date, the Seller and Buyer will execute and record a termination (including a mutual release) of the Management Agreement for Parking Facilities and Lease of the Plaza Property dated July 20, 1982, and filed on February 9, 1983 in the office of the Anoka County Recorder as Document No.607127 and in the office of the Anoka County Registrar of Titles as Document No. 124953. 5. TITLE EXAMINATION/CURING TITLE DEFECTS. Seller has obtained and delivered to Buyer the Title Commitment for the Property. Buyer has examined the same and hereby waives any objections to title based on the Title Commitment. Buyer reserves the right to object to any encumbrances to title that arise between the date of this Purchase Agreement and the Closing Date. 6. ENVffiONMENT AL INVESTIGATIONS. Buyer acknowledges that it has received copies of environmental reports previously received by the Seller, and that it is purchasing the Property AS-IS. 7. REAL ESTATE TAXES AND SPECIAL ASSESSMENTS. Seller shall pay all real estate taxes, interest and penalties, if any, relating to the Property for the years prior to the year of closing. Provided that this transaction shall close as provided herein, Buyer agrees to pay taxes for the year of closing and all taxes for years thereafter. Buyer shall assume all special assessments regarding the Property which are levied or pending as of the Closing Date, including 2 582649v3Cl.205-73 portions which would otherwise have been payable in future installments. The parties agree and acknowledge that Seller has paid first-half 2019 real estate taxes relating to the Property. Buyer shall reimburse Seller for such first-half taxes at Closing. 8. CLOSING DA TE. The date of closing shall be seven (7) days following the execution of this Purchase Agreement by both parties, but no later than August 2, 2019 ("Closing Date"). Delivery of all papers and the closing shall be made at the offices of Buyer, 590 40th A venue NE, Columbia Heights, MN 55421 or at such other location as is mutually agreed upon by the parties. All deliveries and notices to Buyer shall be made as provided in Section 16 of this Agreement. 9. POSSESSION/UTILITIES. a. Possession. Seller agrees to deliver possession of the Property to Buyer not later than the Closing Date, in its "AS-JS" condition, with no obligation to remove any personal property, junk, or debris. b. Utilities. Seller shall pay all utility charges, if any, prior to the Closing Date. 10. SELLER' WARRANTIES. Seller hereby represents and warrants to Buyer and Seller will represent and warrant to Buyer as of the Closing Date that: a. Mechanics' Liens. Seller warrants that, prior to the closing, Seller shall pay in full all amounts due for labor, materials, machinery, fixtures or tools furnished within the 120 days immediately preceding the closing in connection with construction, alteration or repair of any structure upon or improvement to the Property caused by or resulting from any action of Sel1er. b. Notices. Seller warrants that Seller has not received any notice from any governmental authority other than the City of Columbia Heights, Minnesota as to violation of any law, ordinance or regulation in connection with the Property. c. Tenants. Seller warrants that that there are no tenants or third parties in possession of the Property. d. Broker Commission. Seller has not utilized the services of any real estate broker, in connection with the transaction contemplated by this Purchase Agreement, and that no broker, agent, or representative has been engaged or shall be entitled to any commission in connection with such transaction. Seller agrees to indemnify, defend and hold Buyer harmless from the claims of any broker, real estate agent or similar party claiming through Seller. e. Legal Proceedings. To the best of Se11er's knowledge, other than as disclosed to Buyer, there are no legal actions, suits or other legal or administrative proceedings, pending or threatened, that affect the Property or any portion thereof, and Seller has no knowledge that any such action is presently contemplated. 3 582649v3CL205-73 f. Legal Capacity. Seller has the legal capacity to enter into this Agreement. Seller has not filed, voluntarily or involuntarily, for bankruptcy relief within the last year under the United States Bankruptcy Code, nor has any petition for bankruptcy or receivership been filed against Se11er within the last year. g. Methamphetamine Production. To the best of Seller' knowledge, methamphetamine production has not occurred on the Property. Seller' representations and warranties set forth in this paragraph shall be continuing and are deemed to be material to Buyer's execution of this Agreement and Buyer's performance of its obligations hereunder. All such representations and warranties sha11 be true and correct on or as of the Closing Date with the same force and effect as if made at that time; and all of such representations and warranties shall survive closing, and sha11 not be affected by any investigation, verification or approval by any part hereto or by anyone on behalf of any party hereto. Any claim by Buyer against Seller for a breach of this Section IO shall be deemed waived if not asserted by Buyer within sixty (60) days of Closing. BUYER ACKNOWLEDGES AND AGREES THAT, EXCEPT AS OTHERWISE PROVIDED HEREIN, HAVING BEEN GIVEN THE OPPORTUNITY TO INSPECT THE PROPERTY AND REVIEW AV AI LAB LE INFORMATION AND DOCUMENTATION AFFECTING THE PROPERTY, BUYER IS REL YING SOLELY ON ITS OWN INVESTIGATION OF THE PROPERTY AND REVIEW OF SUCH INFORMATION AND DOCUMENTATION. BUYER ACKNOWLEDGES AND AGREES THAT NO REPRESENTATIONS OR ST A TEMENTS HAVE BEEN MADE BY SELLER IN ORDER TO INDUCE BUYER TO ENTER INTO THIS TRANSACTION OTHER THAN AS EXPRESSLY STA TED HEREIN, BUYER HAS NOT RELIED UPON ANY REPRESENTATIONS OR ST A TEMENTS OTHER THAN AS EXPRESSLY STA TED HEREIN, AND NO PERSON OTHER THAN NED ABDUL (OR ANYONE TO WHOM HE HAS DELEGATED HIS AUTHORITY BY WAY OF RESOLUTION OR POWER OF ATTORNEY) SHALL BE AUTHORIZED TO MAKE ANY REPRESENTATIONS, ST A TEMENTS, OR WA IVERS ON BEHALF OF SELLER. BUYER FURTHER ACKNOWLEDGES AND AGREES THAT, EXCEPT AS EXPRESSLY PROVIDED HEREIN, THE SALE OF THE PROPERTY AS PROVIDED FOR HEREIN IS MADE ON AN "AS-IS, WHERE IS" CONDITION AND BASIS WITH ALL FAULTS AND CONDITIONS (ENVIRONMENTAL AND ALL OTHER), AND THAT SELLER HAS NO OBLIGATION TO MAKE ANY REMEDIATION, REPAIRS, REPLACEMENTS OR IMPROVEMENTS WHATSOEVER. 11. CLOSING COSTS/RECORDING FEES/DEED TAX. Seller shall pay: (a) the cost of any documents required to clear title or to evidence marketable title, to the extent required by this Purchase Agreement; (b) costs of the Title Commitment and any title search and examination fees; (c) the state deed tax; and (d) any other operating costs of the Property up to the Closing Date. Buyer shall pay: (a) any environmental investigation costs; (b) costs of title insurance and endorsements; and (c) closing fees customarily charged by the title company. Each party shall pay its respective real estate broker and attorneys' fees. 12. INSPECTIONS. Buyer, its employees and agents, shall be entitled to a general 4 582649v3Cl205-73 walkthrough inspection within two days of the Closing Date. 13. RISK OF LOSS. If there is any loss or damage to the Property between the date hereof and the Closing Date, for any reason including fire, vandalism, flood, earthquake or act of God, the risk of loss shall be on Seller. If the Property is destroyed or substantially damaged before the Closing Date, this Purchase Agreement shall become null and void, at Buyer's option. At the request of Buyer, Seller agrees to sign a cancellation of Purchase Agreement and to return Buyer's Earnest Money. 14. DEFAULT/REMEDIES. If Buyer defaults under this Purchase Agreement, Seller has the right to terminate this Purchase Agreement by giving written notice of such election to Buyer, which notice shall specify the default. If Buyer fails to cure such default within 5 days of the date of such notice, Seller shall tenninate this Purchase Agreement and may retain the Earnest Money as Seller's liquidated damages, time being of the essence of this Purchase Agreement. The termination of this Purchase Agreement (and retention of the Earnest Money) will be the sole remedies available to Seller for such default by Buyer, and Buyer will not be further liable for damages. If Seller defaults under this Purchase Agreement, Buyer shall have the right (i) to terminate this Purchase Agreement (in which case Buyer shall be entitled to a refund of the Earnest Money), or (ii) to enforce and recover from Seller specific performance of this Purchase Agreement. The termination of this Purchase Agreement (and refund of the Earnest Money), or the enforcement and recovery from Seller of specific performance of this Purchase Agreement, shall be the sole remedies available to Buyer for such default by Seller, and Seller shall not be further liable for damages. 15. RELOCATION BENEFITS; INDEMNIFJCA TION. Seller acknowledges that it is not being displaced from the Property as a result of the transaction contemplated by this Purchase Agreement and that it is not eligible for relocation assistance and benefits or in the event that Seller is eligible for relocation assistance and benefits, that the Purchase Price includes compensation for any and all relocation assistance and benefits for which Seller may be eligible. The provisions of this paragraph shall survive closing of the transaction contemplated by this Purchase Agreement. 16. NOTICE. Any notice, demand, request or other communication which may or shall be given or served by the parties, shall be deemed to have been given or served on the date the same is personally served upon one of the following indicated recipients for notices or is deposited in the United States Mail, registered or certified, return receipt requested, postage prepaid and addressed as follows: SELLER: 582649v3Cl205-73 500, LLC Attn: Ned Abdul 510 First Avenue North, Suite 600 Minneapolis, MN 55403 5 BUYER: Columbia Heights Economic Development Authority Attn: Executive Director 590 40th A venue NE Columbia Heights, MN 55421 With a copy to: Martha Ingram, Esq. Kennedy & Graven, Chartered 470 U.S. Bank Plaza 200 South Sixth Street Minneapolis, MN 55402 17. ENTIRE AGREEMENT. This Purchase Agreement, including exhibits attached hereto, and any amendments hereto signed by the parties, shall constitute the entire agreement between Seller and Buyer and supersedes any other written or oral agreements between the parties relating to the Property. This Purchase Agreement can be modified only in a writing properly signed on behalf of Seller and Buyer or their respective successors or assigns. 18. SURVIVAL. Notwithstanding any other provisions of law or court decision to the contrary, the provisions of this Purchase Agreement shall survive closing. 19. BINDING EFFECT. This Agreement binds and benefits the parties and their successors and assigns. Buyer shall have the right to assign this Agreement without the prior consent of the Seller. Following such assignment, Buyer shalJ promptly provide the Seller with a copy of the executed Assignment and Assumption Agreement, pursuant to which the assignee shall assume all responsibilities and obligations of the Buyer under this Agreement. (the remainder of this page intentionally left blank) 6 582649v3Cl205-73 fN WITNESS WHEREOF, the undersigned have executed this Agreement on the date and year above. Buyer: Columbia Heights Economic Development Authority By:v~ll~~ Its Presioent By:~~!)~~ ts: Execti e Director 582649v3CL205-73 Seller: 500, LLC 7 EXHIBIT A Legal Description of Property PARCEL 1 (Abstract and Torrens Property): Lot 32, Block 6, Reservoir Hills, Anoka County, Minnesota. Lots 25 through 28, Block I, Walton's Rearrangement of Lots 33 and 34, Block 6, Reservoir Hills, Anoka County, Minnesota. The vacated alley adjacent to Lots 25 through 28, Block I , Walton's Rearrangement of Lots 33 and 34, Block 6, Reservoir Hills, Anoka County, Minnesota. Those parts of Lots 28 through 31 , Block 6, Reservoir Hills; Lots 23. and 24, Block I, Walton's Rearrangement of Lots 33 and 34, Block 6, Reservoir Hills; and of the vacated alley adjacent to Lot 24, Block 1, Walton's Rearrangement of Lots 33 and 34, Block 6, Reservoir Hills; lying southwesterly and westerly of the following described line: Beginning at a point on the south line of Block 1, Walton's Rearrangement, said point being 18.00 feet West of the southeast comer of Lot 23, of said Block 1, Walton's Rearrangement; thence Northerly on a line 18.00 feet West of and parallel with the east line of Lot 23 a distance of 87.00 feet; thence on a straight line to a point on the north line of Lot 30 of said Block 6, Reservoir Hills, said point being 47.23 feet Easterly of the northwest comer of said Lot 30 and there terminating. The following portion of the above description being registered land: That part of Lot Twenty-three (23), Block (1), Walton's Rearrangement of Lots Thirty-three (33) and Thirty-four (34), Block Six (6), Reservoir Hills, lying southwesterly and westerly of the following described line: Beginning at a point on the South line of said Block 1, Walton's Rearrangement, said point being 18.00 feet West of the southeast comer of Lot 23 of said Block 1, Walton's Rearrangement: thence Northerly on a line 18.00 feet West of and parallel with said east line of Lot 23, a distance of 87.00 feet; thence on a straight line to a point on the north line of Lot 30 of said Block 6, Reservoir Hills, said point being 47.23 feet Easterly of the northwest comer of said Lot 30 and there terminating. PARCEL 2 (Abstract Property): Those parts of Lots 27 through 31, Block 6, Reservoir Hills and those parts of Lots 23 and 24, Block I, Walton's Rearrangement of Lots 33 and 34, Block 6, Reservoir Hills and of the vacated alley abutting Block 1, "Walton's Rearrangement of Lots 33 and 34, Block 6, Reservoir Hills", as dedicated in said plat, lying within the following described tract: Commencing at a point on the south line of said Block 1, Walton's Rearrangement distant 18.00 feet west of the southeast corner of Lot 23, said Block 1, Walton's Rearrangement; thence northerly on a line 18.00 feet west of and parallel with the east line of said Lot 23 , a distance of 87.00 feet, to the actual point of beginning of the tract to be described; thence continuing northerly on the extension of said line to the north line of Block 6, Reservoir Hills; thence westerly along said north line of Block 6, to a point being 4 7 .23 feet easterly of the northwest comer of Lot 30, Block 6, Reservoir Hills; A-1 582649v3CL205-73 thence southeasterly, to the point of beginning; Excepting therefrom Tract A, Registered Land Survey No. 250, Anoka County, Minnesota. PARCEL 3 (Torrens Property): Tract A, Registered Land Survey No. 250, Anoka County, Minnesota. PARCEL 4 (Abstract and Torrens Property): Non-exclusive right to the use of the Parking Ramp as set forth in Part II, Article I, Construction and Use of Parking Ramp, in the Management Agreement for Parking Facilities and Lease of the Plaza Property, between the Housing and Redevelopment Authority in and for the City of Columbia Heights, and Terry Evenson, dated July 20, 1982, recorded February 9, 1983, as Doc. No. I 24953 (Torrens) and as Document No. 607127 (Abstract), which was assigned by Terry Evenson to Zaidan Holdings, Inc., by the Assignment of Management Agreement, dated June 27, 1988, recorded July 26, 1988 as Doc. No. 177292 (Torrens) and as Doc. No. 816367 (Abstract), which was thereafter assigned by Zaidan Holdings, Inc. to Mobilia, Ltd., by the Assignment of Management Agreement, dated March I 0, 1988, recorded September 4, I 997 as Doc. No. 300560 (Torrens) and as Doc. No. I 295 I 84 (Abstract), which was thereafter assigned by Mobilia Ltd., to Lake-State Properties, Inc., by the Assignment of Parking Agreements, dated July 14, 1997, recorded September 4, 1997 as Doc. No. 300561 (Torrens) and as Doc. No. 12951 85 (Abstract), and which was thereafter assigned by Lake-State Properties, Inc., to Equity Partners, LLC, by the Assignment of Parking Ramp Lease, dated October 30, 2002, recorded November 13, 2002 as Doc. No. 412198 (Torrens) and as Doc. No. 1730236 (Abstract), and which was thereafter assigned by Equity Partners, LLC, to Stadium Village Properties, LLC, by the Assignment and Assumption of Parking Ramp Lease, dated April 3, 2008, recorded April 4, 2008 as Doc. No. 494729.002 (Torrens) and as Doc. No. 1999840.002 (Abstract). A-2 582649v3CL205-73 EXHIBIT B Schedule B-II of Title Commitment THIS COMMITMENT DOES NOT REPUBLISH ANY COVENANT, CONDITION, RESTRICTION, OR LIMITATION CONTAINED IN ANY DOCUMENT REFERRED TO IN THIS COMMITMENT TO THE EXTENT THAT THE SPECIFIC COVENANT, CONDITION, RESTRICTION, OR LIMITATION VIOLATES STATE OR FEDERAL LAW BASED ON RACE, COLOR, RELIGION, SEX, SEXUAL ORIENTATION, GENDER IDENTITY, HANDICAP, FAMILIAL STATUS, OR NATIONAL ORIGIN. The Policy will not insure against loss or damage resulting from the terms and provisions of any lease or easement identified in Schedule A, and will include the following Exceptions unless cleared to the satisfaction of the Company: 1. Any defect, lien, encumbrance, adverse claim, or other matter that appears for the first time in the Public Records or is created, attaches, or is disclosed between the Commitment Date and the date on which all of the Schedule B, Part I -Requirements are met. 2. Rights or claims of parties in possession not shown by the public records. 3. Any encroachment, encumbrance, violation, variation or adverse circumstance affecting the Title that would be disclosed by an accurate and complete land survey of the Land. 4. Easements or claims of easements not shown by the public records. 5. Any lien, or right to a lien, for services, labor or material heretofore or hereafter furnished, imposed by law and not shown by the public records. 6. Taxes or special assessments which are not shown as existing liens by the public records. 7. General and special taxes and assessments as hereafter listed, if any (all amounts shown being exclusive of interest, penalties and costs): A Real estate taxes payable in 2019 are $95,399.56 and are half paid. Base tax $94,036.66 Property Identification No. 36-30-24-32-0110 (Parcel 1) Real estate taxes payable in 2019 are $6,617.91 and are half paid. Base tax $6,564.68 Property Identification No. 36-30-24-32-0261 (Parcel 2) Real estate taxes payable in 2019 are $160 .28 and are half paid. Base tax $160.28 Property Identification No. 36-30-24-32-0258 (Parcel 3) NOTE: There are no delinquent taxes of record. B. There are no levied or pending assessments of record. 8. Rights or claims of tenants, as tenants only, in possession under unrecorded leases. 9. Minerals and mineral rights reserved by the State of Minnesota as shown by recital on the Certificate of Title. (Parcels 1 and 3) 10. Mineral and mineral rights reserved by the State of Minnesota as evidenced by a Conveyance ofForfeited Lands dated February 25, 1946, filed March 7, 1946, as Document No. 115817. (Parcel 1) B-1 582649v3CU05-73 11 . Roadway and utility easement shown in Quit-Claim Deed dated September 17, 1981 , filed October 20, 1981, as Document No. 580233 (Abstract); and in Quit Claim Deed dated October 23, 1981 , November 6, 1981, as Document No. 581375 (Abstract). (Parcels 1 and 2) 12. Easements for utility and roadway purposes reserved in Quit Claim Deed dated December 30, 1983, filed February 24, 1984, as Document No. 636379 (Abstract), and filed January 18, 1984, as Document No. 131492 (Torrens). (Parcels 2 and 3) 13. Easement for road, public sidewalk and landscape purposes created by Second Amended Findings of Fact, Conclusions of Law, and Order Transferring Title and Possession Pursuant to Minn. Stat. Section 117.042 filed January 14, 2002, as Document Nos. 1636936 (Abstract) and 388444 (Torrens); and by Final Certificate of Attorney for Petitioner filed February 18, 2005, as Document No. 1973084.002 (Abstract) and as Document No. 481861 .002 (Torrens). (Parcels 1 and 2) 14. Terms and conditions of Management Agreement for Parking Facilities and Lease of the Plaza Property dated July 20, 1982, filed February 9, 1983, as Document Nos. 607127 (Abstract) and 124953 (Torrens), by and between the Housing and Redevelopment Authority in and for the City of Columbia Heights, a public body corporate and politic, referred to as "Agency," and Terry Evenson, a single person, referred to as "Redeveloper". Grants Redeveloper a leasehold interest and right of first refusal in Parcels 2 and 3 and a right to use and option to purchase other land. The interest of redeveloper was assigned to Zaidan Holdings, Inc., a Canadian corporation, by Assignment of Management Agreement for Parking Facilities and Lease of the Plaza Property dated June 27, 1988, filed July 26, 1988, as Document Nos . 816367 (Abstract) and 177292 (Torrens). The interest of redeveloper was further assigned to Mobilia, Ltd., a Delaware corporation, by Assignment of Management Agreement for Parking Facilities and Lease of the Plaza Property dated March 10, 1995, filed September 4, 1997, as Document Nos. 1295184 (Abstract) and 300560 (Torrens). The interest of redeveloper was further assigned to Lake-State Properties, Inc., a Minnesota corporation, by Assignment of Parking Agreements dated July 14, 1997, filed September 4, 1997, as Document Nos. 1295185 (Abstract) and 300561 (Torrens). The interest of redeveloper was further assigned to Equity Partners LLC, a limited liability company, by Assignment of Parking Ramp Lease dated October 30, 2002, filed November 13, 2002, as Document Nos. 1730236 (Abstract) and 412198 (Torrens). The interest of redeveloper was further assigned to and assumed by Stadium Village Properties, LLC, a Minnesota limited liability company, in Assignment and Assumption of Parking Ramp Lease dated April 3, 2008, filed April 4, 2008, as Document Nos. 1999840.002 (Abstract) and 494729.002 (Torrens). Stadium Village Properties, LLC, as redeveloper, acquired the fee simple interest in Parcels 2 and 3 by Quit Claim Deed dated December 16, 2009, filed January 7, 2010, as Document Nos. 2012461.003 (Abstract) and 500344.002 (Torrens). The interest of Stadium Village Properties, LLC was assigned to Venture Bank, a Minnesota banking corporation, by Assignment and Assumption of Management Agreement for Parking Facilities, Lease of the Plaza Property and Option to Purchase the Parking Property dated June 9, 2014, filed June 23, 2014, as Document Nos. 2084704.003 (Abstract) and 523989.003 (Torrens). B-2 582649v3CL205-73 The interest of Venture Bank was assigned to 500, LLC, a Minnesota limited liability company, by Assignment and Assumption of Management Agreement for Parking Facilities and Lease of the Plaza Property dated May 27 2015, filed June 9, 2015, as Document Nos. 2110051 .002 (Abstract) and 531067.002 (Torrens). Affected by Affidavit dated April 4, 2019, filed April 9, 2019, as Document No. 2224133.001 (Abstract). (Not filed in Torrens) (Affects Parcels 2 and 3 and other land. A number of the above documents also appear as memorials on the Torrens Certificate for Parcel 1, but do not appear to affect that land) 15. Terms and conditions of an unrecorded Lease and Assignment, as shown by Memorandum of Rooftop Lease and Partial Assignment Agreement dated June 10, 2011 and June 13, 2011, filed August 23, 2011, as Document Nos. 2023971 .003 (Abstract) and 505589.003 (Torrens), by and between Stadium Village Properties, LLC, a Minnesota limited liability company, lessor, and Crown Castle AS LLC, a Delaware limited liability company, lessee. (Parcel 1) 16. The following appears as a memorial on the Certificate of Title. While the Company will affirmatively insure against loss or damage sustained by the Insured arising as a result of this matter affecting title to the Land, neither Commercial Partners Title, LLC nor Old Republic National Title Insurance Company will undertake to have the memorial removed from the Certificate of Title: a. Collateral Assignment of Management Agreement for the Parking Facilities and Lease of Plaza Property and Option to Purchase Parking Property dated September 28, 2012, filed December 6, 2012, as Document No. 512229.002, executed by Stadium Village Properties, L.L.C., a Minnesota limited liability company, as borrower, to Venture Bank, a Minnesota banking corporation, as lender. Document was given as additional security for that certain Mortgage and Security Agreement and Fixture Financing Statement filed as Document No. 494729.003, which has been deleted from the Certificates of Title by Order in Proceedings Subsequent dated May 12, 2016, filed May 13, 2016, as Document No. 538682.002. (Parcels 1 and 3) B-3 582649v3CL205-73 COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION NO. 2019-10 RESOLUTION APPROVING PURCHASE AGREEMENT BETWEEN THE COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY AND 500, LLC BE IT RESOLVED BY the Board of Commissioners ("Board") of the Columbia Heights Economic Development Authority (the "Authority") as follows: Section 1. Recitals. 1.01. The Authority and 500, LLC (the "Seller") desire to enter into a purchase agreement (the "Purchase Agreement") pursuant to which the Authority will acquire certain property in the City located at 3989 Central A venue NE (the "Property") from the Seller for economic development purposes. The Property is described in Exhibit A attached hereto. 1.02. Pursuant to the Purchase Agreement, the Authority wilJ purchase the Property from the Seller for a purchase price of $2,800,000 plus related closing costs, which shall, subject to approval by the City Council of an interfund loan for a portion of such purchase price (the "Interfund Loan"), be appropriated from the Authority's Redevelopment Fund. 1.03. The Authority finds that acquisition of the Property is for the purpose of eventual disposition of such Property for economic development and revitalization of this area of the City, as authorized pursuant to Minnesota Statutes, Sections 469.090 to 469.1081, and in itself has no relationship to the City's comprehensive plan. Prior to any disposition of the Property to a third party, the Authority shall transmit the plans for such disposition to the Planning Commission of the City for its findings as to compliance with the City's comprehensive plan, in accordance with Minnesota Statutes, Section 462.356, subd. 2 Section 2. Purchase Agreement Approved. 2.01. The Authority hereby ratifies and approves the actions of Authority staff in negotiating and preparing the Purchase Agreement. The Authority approves the Purchase Agreement in the form presented to the Authority and on file at City Hall, subject to approval of the Interfund Loan by the City Council and to modifications that do not alter the substance of the transaction and that are approved by the President and Executive Director, provided that execution of the Purchase Agreement by those officials shall be conclusive evidence of their approval. 2.02. Authority staff and officials are authorized to take all actions necessary to perform the Authority's obligations under the Purchase Agreement as a whole, including without limitation execution of any documents to which the Authority is a party referenced in or attached 593639v2Cl205-73 to the Purchase Agreement, and any other documents necessary to acquire the Property from the Seller, all as described in the Purchase Agreement. Approved this 22nd day of July, 2019, by the Board of Commissioners of the Columbia Heights Economic Development Authority. Preside ATTEST: ~~ Secretary ~ 593639v2Cl205-73 EXHIBIT A PROPERTY PARCEL 1 (Abstract and Torrens Property): Lot 32, Block 6, Reservoir Hills, Anoka County, Minnesota. Lots 25 through 28, Block 1, Walton's Rearrangement of Lots 33 and 34, Block 6, Reservoir Hills, Anoka County, Minnesota. The vacated alley adjacent to Lots 25 through 28, Block 1, Walton's Rearrangement of Lots 33 and 34, Block 6, Reservoir Hills, Anoka County, Minnesota. Those parts of Lots 28 through 31, Block 6, Reservoir Hills; Lots 23. and 24, Block 1, Walton's Rearrangement of Lots 33 and 34, Block 6, Reservoir Hills; and of the vacated alley adjacent to Lot 24, Block 1, Walton's Rearrangement of Lots 33 and 34, Block 6, Reservoir Hills; lying southwesterly and westerly of the following described line: Beginning at a point on the south line of Block 1, Walton's Rearrangement, said point being 18.00 feet West of the southeast comer of Lot 23, of said Block 1, Walton's Rearrangement; thence Northerly on a line 18.00 feet West of and parallel with the east line of Lot 23 a distance of 87.00 feet; thence on a straight line to a point on the north line of Lot 30 of said Block 6, Reservoir Hills, said point being 4 7 .23 feet Easterly of the northwest comer of said Lot 30 and there terminating. The following portion of the above description being registered land: That part of Lot Twenty-three (23), Block (1), Walton's Rearrangement of Lots Thirty-three (33) and Thirty-four (34), Block Six (6), Reservoir Hills, lying southwesterly and westerly of the following described line: Beginning at a point on the South line of said Block 1, Walton's Rearrangement, said point being 18.00 feet West of the southeast comer of Lot 23 of said Block 1, Walton's Rearrangement: thence Northerly on a line 18.00 feet West of and parallel with said east line of Lot 23, a distance of 87.00 feet; thence on a straight line to a point on the north line of Lot 30 of said Block 6, Reservoir Hills, said point being 47.23 feet Easterly of the northwest comer of said Lot 30 and there terminating. PARCEL 2 (Abstract Property): Those parts of Lots 27 through 31, Block 6, Reservoir Hills and those parts of Lots 23 and 24, Block 1, Walton's Rearrangement of Lots 33 and 34, Block 6, Reservoir Hills and of the vacated alley abutting Block 1, "Walton's Rearrangement of Lots 33 and 34, Block 6, Reservoir Hills", as dedicated in said plat, lying within the following described tract: Commencing at a point on the south line of said Block 1, Walton's Rearrangement distant 18.00 feet west of the southeast comer of Lot 23, said Block 1, Walton's Rearrangement; thence northerly on a line 18.00 feet west of and parallel with the east line of said Lot 23, a distance of 87.00 feet, to the actual point of beginning of the tract to be described; thence continuing northerly on the extension of said line to the north line of Block 6, Reservoir Hills; thence westerly along said north line of Block 6, to a point being 47.23 feet easterly of the northwest comer of Lot 30, Block 6, Reservoir Hills; A-1 593639v2Cl205-73 thence southeasterly, to the point of beginning; Excepting therefrom Tract A, Registered Land Survey No. 250, Anoka County, Minnesota. PARCEL 3 (Torrens Property): Tract A, Registered Land Survey No. 250, Anoka County, Minnesota. PARCEL 4 (Abstract and Torrens Property): Non-exclusive right to the use of the Parking Ramp as set forth in Part II, Article I, Construction and Use of Parking Ramp, in the Management Agreement for Parking Facilities and Lease of the Plaza Property, between the Housing and Redevelopment Authority in and for the City of Columbia Heights, and Terry Evenson, dated July 20, 1982, recorded February 9, 1983, as Doc. No. 124953 (Torrens) and as Document No. 607127 (Abstract), which was assigned by Terry Evenson to Zaidan Holdings, Inc., by the Assignment of Management Agreement, dated June 27, 1988, recorded July 26, 1988 as Doc. No. 177292 (Torrens) and as Doc. No. 8 I 6367 (Abstract), which was thereafter assigned by Zaidan Holdings, Inc. to Mobilia, Ltd., by the Assignment of Management Agreement, dated March 10, 1988, recorded September 4, 1997 as Doc. No. 300560 (Torrens) and as Doc. No. 1295184 (Abstract), which was thereafter assigned by Mobilia Ltd., to Lake-State Properties, Inc., by the Assignment of Parking Agreements, dated July 14, 1997, recorded September 4, 1997 as Doc. No. 300561 (Torrens) and as Doc. No. 1295185 (Abstract), and which was thereafter assigned by Lake-State Properties, Inc., to Equity Partners, LLC, by the Assignment of Parking Ramp Lease, dated October 30, 2002, recorded November 13 , 2002 as Doc. No. 412198 (Torrens) and as Doc. No. 1730236 (Abstract), and which was thereafter assigned by Equity Partners, LLC, to Stadium Village Properties, LLC, by the Assignment and Assumption of Parking Ramp Lease, dated April 3, 2008, recorded April 4, 2008 as Doc. No. 494729.002 (Torrens) and as Doc. No. 1999840.002 (Abstract). 593639v2Cl205-73 TERMINATION OF MANAGEMENT AGREEMENT FOR PARKJNG FACILITIES AND LEASE OF THE PLAZA PROPERTY This Tennination of Management Agreement for Parking Facilities and Lease of the Plaza Property entered into effective this "/JI day of'tl!?:{ , 2019 by 500, LLC, a Minnesota limited liability company ("500, LLC") and Housin nd Redevelopment Authority in and for the City of Columbia Heights, a public body corporate and politic ("I-IBA"). RECITALS: WHEREAS, 500, LLC was assigned the interest of the Redeveloper in that certain Management Agreement for Parking Facilities and Lease of the Plaza Property, dated July 20, 1982, recorded February 9, 1983, as Document Nos. 607127 (Abstract) and 124953, by Final Certificate of Attorney for Petitioner filed February 18, 2005, as Document Nos. 1973084.002 in the office of the County Recorder in and for Anoka County, Minnesota as Document No. 481861.002 in the office of the Registrar of Titles in and for Anoka County, Minnesota, and by Assignment and Assumption of Management Agreement for Parking Facilities and Lease of the Plaza Prope1ty, dated May 27, 2015, filed June 9, 2015 as Document Nos. 2110051.002 in the office of the County Recorder in and for Anoka County, Minnesota and as Document No. 531067.002 in the office of the Registrar of 1:'itles in and for Anoka County, Minnesota; and WHEREAS, 500, LLC and the HRA entered into a Parking Ramp Operation Agreement dated on or about August 25, 2008; and WHEREAS, the parties desire to terminate the Management Agreement for Parking Facilities and Lease of the Plaza Property and the Parking Ramp Operation Agreement effective as of the date hereof. NOW, THEREFORE, for good and valuable consideration, the parties hereto agree as follows: 1. Termination of Lease Agreement. The Management Agreement for Parking Facilities and Lease of the Plaza Property is hereby tenninated and of no effect as of the date hereof, and neither party shall have any fu1ther liability thereunder. 601976v l CL.205-73 252576-2 1&'h Commercial Partn0rs Title, LLG 200 ,, ,, ,,. 'h 0 t 7J-. .,;,011:11 0 1x,. 0 rnet --<,JS tl) Suite ·1300 J f"\ fVlinneapolis, MN 1;;5,102 55Ci 7 / 2. Termination of Parking Ramp Operation Agreement. The Parking Ramp Operation Agreement is hereby tenninated and of no effect as of the date hereof, and neither party shall have any fu1iher liability thereunder. 3. Mutual Release. 111e 500, LLC and HRA mutually release each other, their successors and assigns, from all obligations, covenants, and rest1ictions imposed by, and from any and all claims arising out of the Management Agreement for Parking Facilities and Lease of the Plaza Property and the Parking Ramp Operation Agreement. [The remainder of this page is intentionally left blank] 601976v ICL20S-73 IN WITNESS WHEREOF, the above-named parties executed the foregoing instrument on the day and year first above written. 500, LLC, a Minnesota limited liability company By~~------- Jill Gillen Its Vice President ST ATE OF MINNESOTA COUNTY OF ~/h. } . The foregoing instrument was acknowledged before me this -ZzL__ day of \,J J lA , 2019, by Jill Gillen, the Vice President of 500, LL , a 'mited liability company und~f the State of Minnesota by and on behalf of the limi ed li ility f°mpany. Notruy Stamp 601976v!Cl205-73 JAIME LEIGH KALBLER-SIGGERUO NOTARY PUBLIC -MINNESOTA My Commission EYpires January 31. 2023 Housing and Redevelopment Authority in and for the City of Columbia Heights By alt~-r' L Its/hair ti By~1)~ Its Executive Dietor STA TE OF MINNESOTA COUNTY OF ANOKA }. The foregoing instrument was acknowledged before me this .2..q +h day of s.J(A.I ~ , 2019, by John Murzyn Jr. and Kelly Bourgeois, the Chair and Executive Director, respectively, of the Housing and Redevelopment Authority in and for the City of Columbia Heights, a public body corporate and politic under the laws of the State of Minnesota, by and on behalf of the public body. Notary Stamp This instrument drafted by Kennedy & Graven, Chartered 470 US Bank Plaza 200 South Sixth Street Minneapolis, MN 55402 601976vlCL205-73 Limited Warranty Deed Deed Tax Due: $9,240.00 ECRV: 4VZ0~{.p1 --------'---- Date: -~..,.........._~LJ'-+,___~2~/ __ , 2019 FOR VALUABLE CONSIDERATION, 500, LLC, a limited liability company under the laws of the State of Minnesota, Grantor, hereby conveys and quitclaims to Columbia Heights Economic Development Authority, a public body corporate and politic under the laws of the State of Minnesota, Grantee, real property in Anoka County, Minnesota, described as follows: See Exhibit A attached hereto. Check here if part or all of the land is Registered (Torrens) Pl together with all hereditaments and appurtenances, except easements of record. This Deed conveys after-acquired title. Grantor warrants that Grantor has not done or suffered anything to encumber the property except documents described on Exhibit B attached hereto. Grantee, by its acceptance of delivery and recording of this Deed, confirms its assumption of any liabilities or obligations of Grantor under the agreement referenced in paragraph 4 of Exhibit B. X The Seller ce,tities that the Seller does not know of any wells on the described real propetty. D A well disclosure ce,tificate accompanies this document or has been electronically filed. (If electronically filed , insert WDC number: ________ ). 500, LLC By <}ff'~ Ji ll Glen Its Vice President 0 l am familiar with the prope1ty described in this instrument and I certify that the status and number of wells on the described real property have not changed since the last prev ious ly filed wel I disclosure ce1tificate. 'J-o/ ').. C/J'"ntr1""r~i-.1 l"'"1·'tn·.,.,-... -.-_ .. l , ' -·, D J:i: 1, \.,,.~,. ·r,., _ ·'-'",;-, l1lC:J~kct)i. 60 l 770vlCL205-73 0(J•) ri;--1 ,•1·1 ',":"f·1 '.""8' >t '(t/L ,,. · •.' ,l 1!. ·-.•l•·,1. , H.1 l:, l},r'\:> Suil·:.) ·1::H)1J CJ?J Minit0:::po!is, MN 5:5402 '5 5 STATE OF MINNESOTA ) ) SS. COUNTY OF ~~JV)) The foregoing was acknowledged before me this _!2_L day of \1 A 1 JI\ , 2019, by Jill Gillen, Vice President of 500, LLC, a limited liability company organi~e laws of the State of Minnesota, on behalf of the limited liability company, Gran tor. \ NOTARY STAMP JAIME LEIGH KALBLER-SIGGERUD NOTARY PUBLIC -MINNESOTA My Commission Expires January 31, 2023 This instrument was drafted by: Kennedy & Graven, Chartered 470 U.S. Bank Plaza 200 South Sixth Street Minneapolis, MN 55402 (612) 337-9300 601770vl CL205-73 Tax Statements should be sent to: Columbia Heights Economic Development Authority 590 40111 A venue NE Columbia Heights, MN 55421 Exhibit A Parcel 1: Lot 32, Block 6, Reservoir Hills, Anoka County, Minnesota. Lots 25 through 28, Block 1, Walton's Rearrangement of Lots 33 and 34, Block 6, Reservoir Hills, Anoka County, Minnesota. The vacated alley adjacent to Lots 25 through 28, Block 1, Walton's Rearrangement of Lots 33 and 34, Block 6, Reservoir Hills, Anoka County, Minnesota. Those parts of Lots 28 through 3 1, Block 6, Reservoir Hills; Lots 23 and 24, Block 1, Walton's Rearrangement of Lots 33 and 34, Block 6, Reservoir Hills; and of the vacated alley adjacent to Lot 24, Block 1, Walton's Rearrangement of Lots 33 and 34, Block 6, Reservoir Hills; lying Southwesterly and Westerly of the following described line: Beginning at a point on the South line of Block 1, Walton's Rearrangement, said point being 18.00 feet West of the Southeast corner of Lor23, of said Block I, Walton's Rea1Tangement; thence Northerly on a line 18.00 feet West of and parallel with the East line of Lot 23, a distance of 87.00 feet; thence on a straight line to a point on the North line of Lot 30 of said Block 6, Reservoir Hills, said point being 47.23 feet Easterly of the Northwest corner of said Lot 30 and there terminating, Anoka County, Minnesota Abstract and Torrens Property Parcel 2: Those parts of Lots 27 through 31, Block 6, Reservoir Hills and those parts of Lots 23 and 24, Block 1, Walton's Rearrangement of Lots 33 and 34, Block 6, Reservoir Hills and of the vacated alley abutting Block 1, "Walton's Rearrangement of Lots 33 and 34, Block 6, Reservoir Hills", as dedicated in said plat, lying within the following described tract: Commencing at a point on the South line of said Block 1, Walton's Rearrangement distant 18.00 feet West of the Southeast corner of Lot 23, said Block I, Walton's Rearrangement; thence Northerly on a line 18.00 feet West of and parallel with the East line of said Lot 23, a distance of 87.00 feet, to the actual point of beginning of the tract to be described; thence continuing Northerly on the extension of said line to the North line of Block 6, Reservoir Hills; thence Westerly along said No1th line of Block 6, to a point being 47.23 feet Easterly of the Northwest corner of Lot 30, Block 6, Reservoir Hills; thence Southeasterly, to the point of beginning; Excepting therefrom Tract A, Registered Land Survey No. 250, Anoka County, Minnesota. Abstract Property Parcel 3: Tract A, Registered Land Survey No. 250, Anoka County, Minnesota. Toffens Property 601770vlCL205-73 Exhibit B 1. Assignment and Assumption of Management Agreement for Parking Facilities and Lease of Plaza Prope11y dated May 27, 2015, filed June 9, 2015, as Document Nos. 2110051.002 (Abstract) and 531067.002 (Torrens). 2. Affidavit dated April 4, 2019, filed April 9, 2019, as Document No.2224133.001 (Abstract) (not filed in Torrens). 3. Order in Proceedings Subsequent dated May 12, 2016, filed May 13, 2016, as Document No. 538682.002. 4. Terms and conditions of an umecorded Lease and Assignment, as shown by Memorandum of Rooftop Lease and Partial Assignment Agreement dated June 10, 2011 and June 13, 2011, filed August 23, 2011, as Document Nos. 2023971.003 (Abstract) and 505589.003 (Torrens), by and between Stadium Village Properties, LLC, a Minnesota limited liability company, lessor, and Crown Castle AS LLC, a Delaware limited liability company, lessee. 601770vlCL205-73 ST A TE OF MINNESOTA } }SS COUNTY OF ANOKA } AFFIDAVIT REGARDING COMPANY Jill Gillen, being first duly sworn, on oath says that: , 1. She is the Vice President of 500, LLC, a limHed liability company under the laws of the State of Minnesota, the company named as Grantee in the Limited Warranty Deed dated May 27, 2015, and filed for record June 9, 2015 as Document No. 2110051.003, in the Office of the County Recorder of Anoka County, Minnesota, and filed June 9, 2015 as Document No. 531067.003 in the office of the Registrar of Title of Anoka County, Minnesota. 2. Said company's principal place of business is at 510 pt Avenue N. #600, Minneapolis, MN 55403 and said company's principal place of business during the past ten years has been at that address. 3. There have been no: a) Bankmptcy or dissolution proceedings involving said company <luting the time said company has had any interest in the premises desctibed in Exhibit A attached hereto ("Premises"); b) Unsatisfied judgments of record against said company nor any actions pending in any courts, which affect the Premises; c) Tax liens against said company; except as herein stated: None. 4. Any bankruptcy or dissolution proceedings of record against companies with the same or similar names, during the time period in which the above named company had any interest in the Premises, are not against the above named company. 5. Any judgments or tax liens of record against parties with the same or similar names are not against the above named company. 601975v ICL205-7J 252577-2 6. There has been no labor or materials furnished to the Premises by order of the company for which payment has not been made. 7. There are no unrecorded contracts, leases, easer:nents, or other agreements or interests relating to the Premises except as stated herein: None. 8. There are no persons in possession of any portion of the Premises other than pursuant to a recorded document except as stated herein: None. 9. There are no encroachments or boundary line questions affecting the Premises of which Affiant has knowledge. Affiant knows the matters herein stated are true and makes this Affidavit for the purpose of inducing the passing of title to the Premises. NOTARIAL STAMP OR SEAL 60l 975vtCL205-73 252577-2 r<l.'r.~~ JAIME lEIGH KALBLER-SIGGERUD NOTARY PUBLIC· MINNESOTA My Commission Expires January 31, 2023 ··---7 THIS INSTRUMENT WAS DRAFTED BY: , KENNEDY & ORA VEN, CHARTERED 470 U.S. Bank Plaza 200 South Sixth Street Minneapolis, MN 55402 612 337-9300 Exhibit A Parcel 1: Lot 32, Block 6, Reservoir Hills, Anoka County, Minnesota. Lots 25 through 28, Block 1, Walton's Rea1rnngement of Lots 33 and 34, Block 6, Reservoir Hills, Anoka County, Mi1rnesota. The vacated alley adjacent to Lots 25 through 28, Block 1, Walton's ReatTangement of Lots 33 and 34, Block 6, Reservoir Hills, Anoka County, Minnesota. Those parts of Lots 28 through 31, Block 6, Reservoir Hills; Lots 23 and 24, Block 1, Walton's Rean-angement of Lots 33 and 34, Block 6, Reservoir Hills; and of the vacated alley adjacent to Lot 24, Block l, Walton's Reairnngement of Lots 33 and 34, Block 6, Reservoir Hills; lying Southwesterly and Westerly of the following described line: Beginning at a point on the South line of Block 1, Walton's Rearrangement, said point being 18.00 feet West of the Southeast corner of Lot 23, of said Block 1, Walton's Rearrangement; thence Northerly on a line 18.00 feet West of and parallel with the East line of Lot 23, a distance of 87 .00 feet; thence on a straight line to a point on the North line of Lot 30 of said Block 6, Reservoir Hills, said point being 47 .23 feet Easterly of the Northwest comer of said Lot 30 and there terminating. Anoka County, Minnesota Abstract and Torrens Property Parcel 2: Those parts of Lots 27 through 31, Block 6, Reservoir Hills and those parts of Lots 23 and 24, Block 1, Walton's Rearrangement of Lots 33 and 34, Block 6, Reservoir Hills and of the vacated alley abutting Block I, "Walton's Rearrangement of Lots 33 and 34, Block 6, Reservoir Hills", as dedicated in said plat, lying within the following desciibed tract: Commencing at a point on the South line of said Block l, Walton's Rearrangement distant 18.00 feet West of the Southeast corner of Lot 23, said Block 1, Walton's Rearrangement; thence No1therly on a line 18.00 feet West of and parallel with the East line of said Lot 23, a distance of 87.00 feet, to the actual point of beginning of the tract to be desc1ibed; thence continuing No1therly on the extension of said line to the North line of Block 6, Reservoir Hills; thence Westerly along said No1th line of Block 6, to a point being 47.23 feet Easterly of the No1thwest comer of Lot 30, Block 6, Reservoir Hills; thence Southeasterly, to the point of beginning; Excepting therefrom Tract A, Registered Land Survey No. 250, Anoka County, Minnesota. _Abstract Property Parcel 3: Tract A, Registered Land Survey No. 250, Anoka County, Minnesota. Torrens Property 60197.SvlCL205-73 252577-2 CERTIFICATION REGARDING 'FOREIGN INVESTMENT IN REAL PROPERTY TAX ACT' SECTION 1445, INTERNAL REVENUE CODE Section 1445 of the Internal Revenue Code provides that a transferee (buyer} of a U.S. real property interest must withhold tax if the transferor (seller) is a foreign person. For U.S. tax purposes (including Section 1445), the owner of a disregarded entity (which has legal title to a U.S. real property interest under local law) will be the Transferor of the property and not the disregarded entity. To inform the transferee (buyer) that withholding of tax is not required upon my disposition of a U.S. real property interest, the undersigned (the transferor) certifies the following to the transferee: 1. The transferor is not a non-resident alien, foreign corporation, foreign partnership, foreign trust, or foreign estate (as those terms are defined by lhe Internal Revenue Code Income Tax Regulations); 2. The undersigned Transferor is not a disregarded entity as defined in Treasury Regulation § 1.1445-2(b)(2)(iii) (i.e. a disregarded entity generally means the entity has only one owner and such entity is disregarded from its owner for federal tax purposes; examples include: a single member owner of a domestically formed LLC thal has not elected to be taxed as a corporation, a qualified subchapter S subsidiary, a qualified REIT sub~idiary, elc.): 3. The transleror's U.S. taxpayer identifying number(s) is/are: jf i..1-] 7 8-4 8 0 3 4. The transferor's current address is: c/o Swervo Development Corporation, 510 1st Avenue North, Suite 600, Minneapolis, MN 55403 The transferor understands that this certification may be disclosed to the Internal Revenue Service by the transferee and that any false statements contained in this certification could be punished by fine, imprisonment, or both. Under penalties of perjury I declare that I have examined lhis Certification and to the best of my knowledge and belief it is true, correct and complete and I further declare that t have the authority to sign this document on behalf of the transferor. 500, LLC , BY:_O!ifd/,0~ ~~n Vice President BRING DOWN CERTIFICATE THIS BRING DOWN CERTIFICATE (the "Certificate") is made as of July11L., 2019, by 500, LLC ("Seller"), in favor of Columbia Heights Economic Development Authority ("Buyer"), under and pursuant to that certain Purchase Agreement dated July 1 h 2019, by and between Seller and Buyer. Seller hereby certifies to Buyer that each of Seller's representations and warranties contained in the Purchase Agreement continue to be true and correct as of the date of th.is Certificate. IN WITNESS WHEREOF, and intending to be legally bound hereby, the undersigned has signed this Ce1iificate as of the date set forth above. 500, LLC By: ~ 1·~---------- Vice President 602051 v1Cl205,73 252575-2 SUBSTITUTE FORM 1099-S PROCEEDS FROM REAL ESTATE TRANSACTIONS FOR THE TAX YEAR: 2019 SETTLEMENT AGENT/FILER'S NAME AND ADDRESS Commercial Partners Title, LLC 200 South Sixth Street, Suite 1300 Minneapolis, MN 55402 (612)337-24 70 0MB No. 1545-0997 Filer's Federal Tax ID Number: Order Number: 41-1798347 55977 SELLER/TRANSFEROR'S NAME AND ADDRESS Transferor's Federal Tax ID Number: g-4 ' / 1 i q g (53, 500, LLC c/o Swervo Development Corporation, 510 1st Avenue North, Suite 600 Minneapolis, MN 55403 1) Date of Closing: 2) Gross Proceeds: 4) X here if property or 5) X here if foreign 6) Buyer's part of services received: person: real estate tax: 07/31/19 2,800,000.00 0.00 3) Address or Legal Description: 3989 Central Avenue Northeast MN THIS IS IMPORTANT TAX INFORMATION AND IS BEING FURNISHED TO THE INTERNAL REVENUE SERVICE. IF YOU ARE REQUIRED TO FILE A RETURN, A NEGLIGENCE PENALTY OR.OTHER SANCTION MAY BE IMPOSED ON YOU IF THIS ITEM IS REQUIRED TO BE REPORTED AND THE IRS DETERMINES THAT IT HAS NOT BEEN REPORTED. YOU ARE REQUIRED BY LAW TO PROVIDE COMMERCIAL PARTNERS TITLE, LLC WITH YOUR CORRECT TAXPAYER IDENTIFICATION NUMBER. IF YOU DO NOT PROVIDE COMMERCIAL PARTNERS TITLE, LLC WITH YOUR CORRECT TAXPAYER IDENTIFICATION NUMBER, YOU MAY BE SUBJECT TO CIVIL OR CRIMINAL PENALTIES IMPOSED BY LAW. UNDER PENALTIES OF PERJURY, I CERTIFY THAT THE NUMBER SHOWN ABOVE ON THIS STATEMENT IS MY CORRECT TAXPAYER IDENTIFICATION NUMBER. IP,"~ Of 1 COPY OF THIS STATEMENT. ~-__,,) /-~l , 11 Date INSTRUCTIONS FOR TRANSFEROR: You MUST enter your Federal Tax Identification Number Above. Sign and return a copy of this form Immediately to Commercial Partners Title, LLC For sales or exchanges of certain real estate, the person responsible for clostng a real estate transaction must report the real estate proceeds to the Internal Revenue Service and must furnish this statement to you. To determine if you have to report the sale or exchange of your main home on your tax return, see the instructions for Schedule D (Form 1040). If the real estate was not your main home, report the transaction on Form 4797, Form 6252, and/or the Schedule D for the appropriate income tax form. If box 4 is checked and you received or will receive like-kind property, you must file Form 8824. Federal mortgage subsidy. You may have to recapture (pay back) all or part of a federal mortgage subsidy if all the following apply: • You received a loan provided from the proceeds of a qualified mortgage bond or you received a mortgage credit certificate. • Your original mortgage loan was provided after 1990. • You sold or disposed of your home at a gain during the first 9 years after you received the federal mortgage subsidy. • Your income for the year you sold or disposed of your home was over a specifled amount. This will increase your tax. See Form 8828, and Pub. 523. Transferor's Identification number. For your protection, this form may show only the last four digits of your social security number (SSN), individual taxpayer identification number (ITIN), adoption taxpayer Identification number (ATIN), or employer identification number (EIN). However, !he Issuer has reported your complete identification number to the IRS. Account number. May show an account or other unique number the filer assigned to distinguish your account. Box 1. Shows the date of closing. Box 2. Shows the gross proceeds from a real estate transaction, generally the sales price. Gross proceeds include cash and notes payable to you, notes assumed by the transferee (buyer), and any notes paid off at settlement. Box 2 does not include the value of other property or services you received or will receive. See Box 4. Box 3. Shows the address or legal description of the property lransferred. Box 4. If marked, shows that you received or will receive services or property (other than cash or notes) as part of the consideration for the property transferred. The value of any services or property (other than cash or notes) is.not included in box 2. Box 5. If checked, shows tha1 you are a foreign person (nonresident alien, foreign partnership, foreign estate, or foreign trust). Box 6. Shows certain real estate tax on a residence charged to the buyer at settlement. If you .have already paid the real estate tax for the period that includes the sale date, subtract the amount in box 6 from the amount already paid to determine your deductible real estate tax. But if you have already deducted the real estate tax in a prior year, generally report this amount as income on the "Other income" line of the appropriate income lax form. For more information, see Pub. 523. Pub. 525, and Pub. 530. For Paperwork Reduction Act Notice, see the 2019 General Instructions for Certain Information Returns. Department of the Treasury -Internal Revenue Service Closing Date: Disbursement Date: BUYER: SELLER: LENDER: Closing Agent: Closing Agent File No.: PROPERTY ADDRESS: Sales Price Earnest Money New Loan Amount ~- CO/VIN\ERCIALPARTN!ERS T I T l f , l l C 200 South Sixth Street, Sulto 1300 Minneapolis, MN 65402 PHONE (612} 337-2470 FAX (612) 337-2471 BUYER'S CLOSING STATEMENT Jul 31,2019 Jul 31, 2019 Columbia Heights Economic Development Authority, a public body politic and corporate and political subdivision of the State of Minnesota 500, LLC, a Minnesota limited liability company Commercial Partners Tille, LLC, 200 South Sixth St., Suite 1300, Minneapolis, MN 55402 55977 3989 Central Avenue NE Columbia Heights, MN DEBIT CREDIT 2,800,000.00 200,000.00 UTILITY BILLS HAVE NOT BEEN SEARCHED Reimbursement for 1st Half Taxes ClosinQ Fee Title Insurance Premium Endorsement Premium Recording Fees SUBTOTAL CASH FROM BUYER CASH TO BUYER TOTAL to: Seller 51,088.88 to: Commercial Partners Title, LLC 500.00 to: Commercial Partners Title, LLC 2,800.00 to: Commercial Partners Title, LLC to: Anoka Countv 150.00 2,854,538.88 2,854,538.88 THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK AND THE FOLLOWING PAGE IS THE SIGNATURE PAGE. 200,000.00 2,654,538.88 2,854,538.88 ~ COMMERCIAL PARTNERS T I T L E, C 200 South Sixth Street, Suite 1300 Mlnneapolls, MN 55402 PHONE (612) 337-2470 FAX {612) 337-2471 BUYER'S CLOSING STATEMENT The attached closing statement is hereby approved, and the closing agent Is hereby authorized and directed to disburse the money as Indicated herein and deliver Instruments, documents and other property, if any, to the designated parties and otherwise close this transaction In accordance with the closing Instructions. Columbia Heights Economic Development Authority, a public body politic and corporate and political subdivision of the State of Minnesota Closing Date: Disbursement Date: BUYER: SELLER: LENDER: Closing Agent: Closing Agent File No.: PROPERTY ADDRESS: Sales Price Earnest Money New Loan Amount ~ COMAAERCIALPARTNERS T I T l E, l l C 200 South Sixth Street, Suite 1300 Mlnneapolls, MN 55402 PHONE (612) 337-2470 FAX (612) 337-2471 BUYER'S CLOSING STATEMENT Jul 31,2019 Jul 31, 2019 Columbia Heights Economic Development Authority, a public body politic and corporate and political subdivision of the State of Minnesota 500, LLC, a Minnesota limited liability company Commercial Partners Title, LLC, 200 South Sixth St., Suite 1300, Minneapolis, MN 55402 55977 3989 Central Avenue NE Columbia Heights, MN DEBIT CREDIT 2,800,000.00 200,000.00 UTILITY BILLS HAVE NOT BEEN SEARCHED Reimbursement for 1st Half Taxes Closina Fee Title Insurance Premium Endorsement Premium Recordini:i Fees SUBTOTAL CASH FROM BUYER CASH TO BUYER TOTAL to: Seller 51,088.88 to: Commercial Partners Title, LLC 500.00 to: Commercial Partners Title, LLC 2,800.00 to: Commercial Partners Title, LLC to: Anoka County 75.00 2,854,463.88 2,854,463.88 THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK AND THE FOLLOWING PAGE IS THE SIGNATURE PAGE. 200,000.00 2,654,463.88 2,854,463.88 ~ CO/Wv\ERCIALPARTNERS I T L E, C 200 South Sixth Street, Suite 1300 Minneapolis, MN 55402 PHONE (612) 337-2470 FAX (612) 337-2471 BUYER'S CLOSING STATEMENT The attached closing statement is hereby approved, and the closing agent is hereby authorized and directed to disburse the money as indicated herein and deliver Instruments, documents and other property, if any, to the designated parties and otherwise close this transaction in accordance with the closing instructions. Columbia Heights Economic Development Authority, a public body politic and corporate and political subdivision of the State of Minnesota COMMERCIAL PARTNERS TITLE, LLC By: __________________ _ Jaime Kalbler-Siggerud Its: Commercial Closer