95-047 - 05-02 - Approving Acquisition of Property from MnDot Rcsolution 95-47 May 2 1995
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Membc,r �o h n s o n introduced the following resulution and moved its adoption:
RSSOLU't'ION OF THB CTTY OF �OLDBN VALLEY APPROVINC3
TH8 ACQUISTTION OF PROPERTY FROM TI� STATB OF 1�9fNNPSOTA
DEPARTMENT OF TRANSPORTATION AND APPROYIIJa THE SALE OF THB SAME
PROPP.RTY TO CAPTTAL CITIES INVESTMENTS
V'VHER�AS, the State of Minnesota acting by and through its Dcpartment of
Transportation is settling a condemnadon mattcr with Capital Gities Investments and as a part
of the settlement� it wishes to transfer ctrtain land (thc "Land") to it; and
WHBRBAS, the Land is locatsd within the City of Golden Valley and is:adjacent to
property currcntly owncd by Capital Cities Tnvestmenta; and
WHEREAS, in order to facilftate the transaction the City would nerd to act as conduit
for transferring the Land from the State to Capital Cities Investments; and
WHEREAS, the transfer of the Land would not re9ult in the expenditure of any funds
of the City of Golden Valley; and
WHEREAS, the transfer of the Land would result in putting the Land back on the City
tax rolls; and
WHBREAS, tha tiansfer of the Land would r¢sult in the combining of the Land with the
adjaccnt prope,rty which would be replatted as one parbel; and
` WHBRP.AS, tha transfar of tha I.and would result in morc land available for parking
P�s�;
NOW, T�ifiREFORS, BE IT RFSOLVED by the City of Golden Valley that the Mayor
and the City Manager are authorized to exe�ute thc nxcssary contracts, de�ds and other
documents to effrct the transfer of the I�nd from the State of Minnesota acting by and through
its Department of Transportation to the City of Oolden Valley with a subsequent conveyance
from the City of�olden Valley to Capital Citic� Investments pursuant to Contracts for Deed in
forms substantially similar to those attached to this Resolution.
r' ,, '
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ATTEST: r' ,l� ���_
air rem ayor
Shirley J. e son, City Clerk
The motiun for the adoption of the foregoing resolution was seconded by Mamber Thomason
and upon a vote being taken ther�on, tha following voted in favor thereof: J o h n s o n, M i c k s
Thompson and Tremere ; and the following vot�d against the same: none
a b s e n t: R u s s e 11 ;wheroupon said resolution was declared duly passed
and adoptad, signcd by the Mayor and hie signature attosted by the City Clerk.
04-27-1995 16:05 612 339 5897 BEST&FLANAGAN P.04
CONTRACT FOR DEED
MORTOAC3B RSC3TSTRY TAX DUB HBRBON:
$
Data: � 1993
THI3 CONTRACT FOR DEBD Is mpde o� the above date by the state of Mianeaota actiag throu�h ite
Departarent of Trs�portatian, Seller� ead The City of Oolde�Valley, a muaicipal corporatioa under t6e law� of
Minnaeots� Purcbaser. Seller and Purcbaee��cee to the fullowing terme:
1. PROPBRTY DBSCRIP'I'ION. Soller horoby aelle and Purchaser hereby buye mal property in Hannepia
County, Minnesota, described ae follawr:
For deBc,tiption eee attached Exhibit A.
2. UPON THE PURCHASER'S PROMPT AND FULt.P�kNORMANGB OF THIS CONTRACT, Seller
ahall del�ver to the PurchAaer a quit claim deed.
3. PURCHASB PRICB. Purc.h�er�ball pay to Se11er ths�um of 51,600,000.00 an and for tba purchase price
of tho property deecdbed in Bxhiblt A. payable we followe:
(a) The eum oP 5200,000.00 e�ll be pud as a down�eymamt on the data of cloeing.
(b) The�um�of�1,400�000.00 plue iatsroet at tbo stAbubry rate from the date of cloeinQ ehall be paid
�a a sla�le psym4at due tluee yeare from tbe ennivar�ary of tba closiag dato herein. The
Purcbe�er ehall have the dghi to prepay part or aU of the eume owi.a� uader thie contrect st eny
tiaue durin�ite duration without pe�lty. Any pa�tial prepaymant ehall be applied first to accrued
intsroet, and the balance e1�t11 be applied to the principal. The ams of peymenc �hall be an
eseeati�l p4rt of thie Coahact.
4. RBAI, BSTATB TAXB3 AND A33ES3M6NTS. Purchxear ehall pay, beforo penalty �ccrues, all real
estate taxee ead inetallmeate of epecial naseesmmt�we�essed a�Aia�t the property which are due end payable
in tbe yaar 1996 And in nll subsequent yeara. Sellea�wa�reata tbat roal eatate taxes aad iaetallme�te of
apocial sesessmante wl�ah were due aad puyable in C6e yeare precedinQ tha ycar in wbich thie contract ie
dated are paid ia full. Real e�U►te taaee and�uetallmaate of epecial aeee��meat�whic�h are duo and psyabla
in 1995 �hall be grorated as of tho da0e of thie Conttaot.
S. INJURY OR DAMAGB OCCURRIN�ON THS PROPBRTY. SeAer shall be frao from liabiUtyand cl4im
for demagea by res�oa of iqjuriee oocu,srinQ on or at'ter the date of thie contract to any pereoa or per�ons
or property while on or about the Proparty. Pum.haeer, or vandee uader coatract with Putr.haser, ehall
defaad a�d iademnit�►5eller from all liabiliry,loee, coet�� and obligatione,iaclading raa�oaable attorneys'
feee.an sccouot of or ari�in�out of any auch i�jutiee. However�Purc.haeer, or vendee undar contract with
Purc�ha�er� �hall have no lisbility or obli�ation to Setler for �uch injurie� which are csused by We
nepligaace or intentional wrongful ecb of 9ollar.
6. DHFAULT. Should Purchpser Pail to timely patfotm any of the terme of thi� contrsct, Seller msy, at
SeUer'e option,olact to doclare this oonM�ct cancelled wid terminated by notice to Purche�ar in sccordaaae
witb applicable lsw. All ri�6t.titJv wid i�o�terest acquired under thie contract by PurcLeaar�all tboa cesse
aad terminste�e�d sll improvenoente made upon the Propecty and all pnymemt�mado by Purohaeer purswwt
to tlus coutract ehall belonQ to Seller a� liquidated demage� for breec,h of this c�utract. Neither the
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04-27-1995 16:05 612 339 5897 BEST&FLANAGAN p,05
exteusioa of the time for psymant of any�um of m4ney to be paid hereuodor nor any wAiver by Saller of
Seller's ri�hte to decl�te thir contreot forfeited by maeorn of any breach ehall ia eay meanar sffect Seller's
ri�ht to cancel tbie oontrtnct becauee of defa�ulta eubsequamtly occumn�, and no extansion of time�hall be
valid unlese a�roed to in writing. Attet sesvica of notice of default and fiulura to cure�uch default within
the period allowod by law, Purcba�er shall, upcm demand, euxxe�der poeeeeeion of the Property to Setler,
but Pusclw�er ie e�ntitled to poeeeeeion of the Praperry wndl the eapir4tion of auch poriod. Sellar'� only
remedy �aU be caaceUation of the ccmQ�ect. Seller hereby waiv�e say rlQht to seak�pecific parformeuoce
o: Quy other remedy ia law or equity� aad fiuthez waivee the riabt to collect aay other damaQes beyond
thoeo allowed uader tbie Secdor►�.
7. D88D AND MORTQAOB RIlOISTRY TAXP3, 3eller shall�upon Purchaser'�full perPormaace of thie
conttiaot, psy the deed tea due upon the record,in� or filin� of the deed to be delivered by Sallar to
Purchaear. The mort�►�e raQiatry tu duo upon the recordi.a�or filiag of thi�contraat sball be paid by the
party who recorda ur filoe t�ie oontrwct.
8. INDEMNIFICA'1`ION. Seller acknowledyea thet et the time of executing thia contesct, Purahaear ie
enteYin�into s Contrect for Deed wlth CapitAl Citie�Inveetmc�te("CCi")wheaeby Purcheser ie agreeiyn�
to eall the Property to CCI. Seller horeby egroee to indamnify Pumhaeer for any claim CCI msy make
aQainet Purcha�er ae a ree�ult of the CCI Contract for Deed, eo lon� aa eaid clsim i�not solely the result
of Purcbaeer'e willful failura to porfotm. Seller additionally agrees to indomnit'y Puccbaaer for eay claim
brou�ht by any third.party as a reeult of Purchaear'a ownet�hrtp itttatest ia the Pmparty�includin�,but not
limited to, claime re�ultin�from the diecovery of ba�ardou�we�t�(ae that term ie defined under Stata end
Fedoral laws) snd petroleum product�� �o loag aai eoid hazardous wa�te doe�not rosult from Purchaser'a
own conduct. NotbinQ ha�nin ig 3�ntended to impoee liability on the Sellar to an extent Qrcater then thet
which tba Sellee would be �ubjected to by applioatioa of eitber Fede�al or Stato law includiaQ� but not
limited to,Minneaota 3catute 33.736, Mianeeota 3tatutee Cbaptare 115, 115H and i 15C, Fadoral Resource
ead Conaervatioa Act; aad the Feda�ral Compraheoeive Bnvironm�tel Reaponse and Liahility Act,
9. BINDINQ BPFEGT. Tha tornae of thie contc�ct ehall run with the lwnd aud bind the partioe bereto aad
their�coessors ia intateet.
10. HBADIN(35. HeadiAge of tho para�raphs of thiB contract aro for oonvenience only and do aot define,limit
or coo�tnie the contente of�uch pars�rnphe.
11. Seller aQreee to jein ia aay applicatiaa to replat the propesty to oombiae it with an adjacent parcel. ARer
the proparty hae bee+n replatted, if t6ere i� a defeult uader thie Contract or t6e oontrect with CCI, both
partiee a�rea to coopente in replettin�tbe property conveyed hc,reunder ae a eepas�te parcal.
SSLLBR
Appmved e� to form: THB 3TATB O�MINNBSOTA
By
As�ietant Attoraey�eneral ita Director of the of6ce of Right of way
end Survuye
Seal of Comau�sioner of Trenepostat3on
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O:IDOGS�PIJHL\8�C114233 1.CNT
04-27-1995 16:06 612 339 5897 BEST&FLANAGAN P.06
PUACHABBR
TI�C1TY OF�OLDBN VALI.BY
Hy_
Ite
9TATB OF MINNBSOTA )
) es.
COUNTY OF )
Tha forogoina in�tiument wpe ackaowledQed beforo we thi� day of � 1995� by
the Diroctor of t'he Ot�ice of Ri�ht of Way end 3urvoye w�d duly authorizad ageut
of the Commioaioner of 'haneportatio�a of the State of Mimeaots and eaid Director esueed We seal of the
Co�amiaeloner of Traaeportadon to be affued thomto.
Notary St�m�p or Seal
9ignsture of Notary Publio
or Other Official
STATB OF MINNBSOTA )
) ee.
COUNTY OF )
Tha foro�oinq inetrume�t wae ooknowled�ed before mo tl�is day of , 1995, by
� of The City of Goldaa Valley, a
mwoicipal corporstian under the laws of Mianeeote�on bt+balf af the corporetion.
Nofary Stamp or Seal
Sign4ture of Notary Public
or Othar Official Tax Statemeat for reat property deBcrib�d in this
iun�trumant ehould be eent to:
THIS INSTRUMBNT WA3 DRAPTBD BY:
BE5T &FLANAC3AN (PEK)
Profaseional Limitad Liability Partnerebip City of Doldan Valley
4000 Firrt Beak Plaae 7800 Ooldea Valley Road
601 Secoad Avemuo Soutb� Ooldem Valley. MN 55427
M�aueapolie,MN 55402-4331
(612) 339-7121
-3-
�:\DOC91PUeUPHK114235_l.CNT
04-27-1995 16=07 612 339 5697 BEST&FLANAGAN P.07
~� CONiRACT FO&DH�
Pbrm No.S6-M �.ewa v�ro�coo�°h�e��i°v�
CDfpDISI�Dp Ot�10T�9i�0i
No delinquent taxes and trar►sfer entered;
Certificatc of Real P.staoe Value( )filed( )
not required Certificate of Real Estate Valuc No.
, 19
oun r '
(re.�,�ed ree eeoora�nQ ana>
(nresved tb�mo�s��n�iAry tex psywat d�te) MORTGAGE REGISTRY TAX DUE HEREON:
�
Date , 1995
TFIIS CONTRAGT POR DEED is made on the abovo dete by The City of Dolden Valley, a municipal
corporation under the laws of Minncsota, Seller, and Capital Cities Investments, Purchaser (whether one or
moxe).
Seller and Purchaser agree to the following terms:
1. PROPERTY DESCRIPTION.Seller hereby sells�end P�rchaser hereby buys,real property in Hennepin
County, Minnesota, described as follows:
Sae attachefl Exhibit A.
together with alI hereditam�►t� and appurtenances belonging thereto (the Property).
2. TITLB. ,
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Seller makes no warrantie9 es to the title to the Property.
3. DELIVERY OF DEED AND EVIDENCE OF 1TTLB. Upon Purchasor's prompt and full performance
of this contract� Se11er shall:
(a) Exxute, aclaiowledge and dzliver to Purchaser a Quit Claim Deed, in recordable form.
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> > �
s�f€ered-eyrpe�milte� ,
04-27-1995 16:07 612 339 5897 BEST&FLANAGAN P.08
Form No.56-M titm�uouorm c��'"FD�Y i�:p�ai�
� CONIRAC7 AOA DB� �'f'�
; and
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�apkea�e-ee�€ieate ef-�er
4. PURCHASfi PRICE. Purcha9er shall pay to Seller, at such glace as may be designated by Se11er, the
sum of One Million Six Hundred Thousand and nol100 Dollazs ($1,6D0,000,00), as and for the
purchase price for the Property, payable as followe;
(a) Earnest money of$200,000.00 paid as of the date of this Contract.
(b) The sum of 51,400,000.00 plus interest at the statutory zate of iaterest from the date of this
Contract, all of which shall be paid in a single payment due three years from the date of this
Contrect.
S. PREPAYMENT. Unless otherwise provided in this contract, Purchaser shall have the right to fully or
partially prepay this conttact at any time witl'►out penalty. Any partial prepayment shall be applied fust
� � ' acciue�interest, and the balance
shall be applied W the principal ' . Part��1
prepayment shall not postpone tha due date of this contract e�
6. RBAL FSTATB TAXES AND ASSESSMENTS. Purchaser shall pay, before penalty accrues, all real.
estate taxes and installments of spccial assessments assessed against the Property which are due and
payable in the year 1996 and �n all subsequent years. Real estate taxes and installments of special
assessments which are due and payable in the year in which this contract is dated shall be paid as
follows: Proratod as of the date of this Contract.
�'��'yeers •
7. PRQPERTY INSURANCE.
(a) INSURAD RISKS AND AMOUNT. Purchaser shall keep all buildingg, improvements and
fixtures now or laf�er located on or a part of the Property insured against loss by fire, extended
coveiage perils�vandalism, malicious mischief and,if applicable, steam boiler explosion for at
l�ast tho amount of tiu full reglacement value. If any of the buildings,improvements or fixtures
are located in a federally designated flood prone area, and if fload insurance is available for that
are,a, Purchaser shall procure and maintain flood insurance in amounts reasonably satisfactory
to Sellu.
(b) OTHBR TERMS. The insurance policy shall contein a lo�s payablc clause in favor of Seller
which provides that Sellor's right to recover under the insurance shall not be impaired by any
acts or omissions of Purchaser or Sellet, and that Sellsr shall otherwise be afforded all rights
and privileges customarily provided a mo�ea under the so-called standazd mortgage clause.
(c) NO'TICE OF DAMAGE. In the event of damage to the Properry by fire or other casualty,
Purehaser shall promptly give natica of such damage to Seller and the insurance company.
8. DAMAGE TO THB PROPERTY.
(a) APPLICATION OF 1N5URANCS PROCEEDS. If the Prope.rty is damaged by fire or other
casualty� the insuranca procceds paid on account of such damage shall be applied to payment of
the amounts payabla by Purchasor under this contract, even if such amounts are not then due to
be paid� unless Purchaser makes a permitte� election described iri the next paragraph. Such
amounts shall be first applied to unpaid aexrued intr.rest and neact to the installmenta to be paid
as prm+ided in this contract in the inverse order of their maturity. Such payment shell not
postpona the due dats of the installments to be paid pursuant to this contract or change the
amount of such installments. The balance of insurancx proceeds, if any, shall be the property
of Purchaser,
(b) PURCHASSR'S BL�C1'ION TO REBUILD. If Purchaser is not in default under this contract,
or after curing any such default,and if the mortgagxs in any prior mortgages and sellers in any
prior contracts for deed do not require othe.rwise� Purchaser may elect W have that portion of
the such insurance proceeds necessary W repair, replace ore reatore the damaged Property (the
repair work)deposite�in escrow with a bank or tide insurance company qualified to do business
in the State of Minnesota, or such other party as may be mutually agr�able to Seller and
Purchaser.The election may oNy bo made by written nodce to Soller within sixty days after the
04-27-1995 16:09 612 339 5897 BEST&FLANAGAN P.09
� CONTRACT POR DBBA
Form No.S6-M Mmemoh Udfo�m O�ry�enoln�BM�ntu(197 j
daznage occurs. Also. the electi�n will only be permitbod if the plans and spe�ifications and
contracts for the repa�r work are approve�l by Saller, which approval Seller ahall not
unreasonably withhold or delay. If such a permitted elecdon is made by Purchaser, Seller and
Purchaser shall jointly deposit, wh�paid, such insurance proceedm into such escrow. If such
insuran�e praceed� are insufficient for the repair work� Purchasea shall, before the
commencement of the repair work, deposit into such escrow sufflcient additional money to
iesure tha full payment for the repair work. Ev�n if the insurance proceeds azc unavailable or
are insufficient to pay the cost of the rapair work, Purchaser shall at ell times be responsible to
pay the full cost of tha repair work. All escrowed funds shall be disbursed by the escrowce in
accordance wlth geneially accepted sound oonstn�ction disbursemcnt procedures. The costs
incurred or to be incusred on account vf such eserow shall be deposited by Purchaser into such
escmw bcfore the eommeneemant of the r�pair work. Purchaser shall complete the repair work
as soon as r�asonably possible and in a eood and workmanlike manner, and in any event the
repair work shall be completed by Pureheser within one year aftex the damage occurs. If,
following the completion of and payment for the ropair work, there remain any undisbursed
escrow funds, such funds shall be applisd to payment of tho amuunts payable by Purchaser under
this contract in accordancx with paragraph 8 (a) above.
9. INJURY OR DAMAGB OCCURRIN� ON THE PROPBRTY.
(a) LIABILTTY. Selltr and Seller's vendor� State of Minnesota, shall be free from liability and
claims for damages by ieason of injuries occnrring on or after the date of this contract to any
person or peraons or property while on or about the Property. Purchaser shall defend and
indemnify Se11er and Seller's vendor, S�te of Minnesota, from all liability, loss, costs and
obligations� including reasonable attorneys' fees, on account of or arising out of any such
injuries. Howover, P�rchaser shall have no liability or obligation to Seller and Sellez's vendor,
State of Minne�ota,for such injurles which are caused by the negligence or intentional wrongful
acts or omissions of Seller.
(b) LIABILTTY INSURANCE. Purchaser shall,at Purchaser's own expense,procure and maintein
liability insuranae against claims for bodily injury, death and prope�ty damage occurring on or
about the Property in amounts reasonably satisfactory to Seller and naming Seller and Seller's
vendor� State of Minnesota, as�n additional insured.
10. INSURANCE, OErTERALLY. The inaurance which Purchaser is required W procure and maiatain
pursuant to paragraphs 7 and 9 of this contract shall be issued by an insurance company or companies
licensed to do business in the State of Minnesota and acceptable to Seller, The insurance shall be
maintainod by Purchaser at all dmes whilo any amount remains unpaid under this contract. The
insurance policies �hall provide for not less than ten days written notice to Seller before cancellation,
non-renewal, termination or change in coverage, and Purchaser shall deliver ko Seller a duplicate
original or ccrtificate of such inaurance policy or policios.
11. CONDEMNATION. If all or any part of the Property ia taken in condemnadon proceedings instituted
under power of eminent domain or is conveyed in lieu there�f under threat of condemnation, tha money
paid pursuant to such condcmnation or conveyance in lieu thereaf shall be applied to payment of the
amounts payabu by Purchaser under this contract� even if such amounts ara not then due to be paid.
Such amounts shall be applied first to unpaid accrued interest and next to the installments to be paid as
provided in this contract in the inverse order af their maturity. Such paymea�ts shall not postpone the
due date of the installments to be paid pursuant to this contcact or change the amount of such
installments. The belance� if any, shall be the propexty of Purchaser.
12. WASTE,RSPAIR AND I.IPNS. Purchaser shall not remove or demolish any buildings,improvements
or fixtures now or later located on or a part of the Proparty,nor shall Purchaser eommit or allow waste
of the Property. Purchaser shall maintain the Property in good condition and repair. Purchaser shall not
create or permit to accrue liens or adverse claims Qgeinst the Propeity which conatituts a lien or claim
against Sellcr's interest in the Properiy. Purcheser shell pay to Se11er all amounts, costs and expenses�
including reasonable attornay's fees� incurnd by Selle,r W remove any such licns or adverso claims.
13. DEBD AND MORTQAofi REOISTRY TAXES. Sd�er-�+pe�Purchasex shall €�€e�nae
e€�}�e-ee�b�el;pay the deed tax due upon the rccording or filing of the deed to be deliverod by Seller
to Purchaser. The mortga�e reeistry tax due upon the recording or filing of this contract shall be paid
by the party who records or flles this contract; however, this provision shall not impair the right of
Seller to collcet from Purchaser the amount of such tax actually paid by Seller as provided in the
applicable laws govcrning default and service of notic8 of terminatioa of this conttact.
04-27-1995 16:10 612 339 5897 BEST&FLANAGAN P.10
� co�roA aesn Form No.56-M �e.u.u�cop�°�e�ci�ei
14. NOTICB OF ASSIONMENT. If either Seller or Purchaser assigns their interest in the Property,a copy
of such assi�nmeat�hall promptly be fiurnished to the non-assigning party.
15. PROTECTION OF INTERBSTS. If Purchaser faila to pay any sum of money require�under the terms
of this contra�ct or fails to perform any of Purehaser's obligations as set forth in this contract, Seller
may, at Se11er's aption�pay the same ar cause the sama to be performod, oz both, and.the amounts�o
paid by Se11er and the cost of such performance shall be payabl�at once,with interest at the rate stated
in paragraph 4 of this eontract, as an addidnnal amount due Seller undor this contract.
If there now exists, or if Saller hercafter creates, suffers or peamits to accrue, any mortgage, contract
for derd,lien or encumbiance against the Property which is not herein expressly assumed by Purchaser,
and providod Purchaser is not in default under this contract, Seller shall timely pay aU amounts due
thereon, and if Sellers fails to do so, Purchaser may, at Purchaser's option, pay any such del.inquent
amounts end de�uct the amounts paid from the installmont(s) next coming due under this contract.
16. DEFAULT. The time of performance by Purchascr of the teims of this contract is an essential part of
this contract. 5hould Purohaser faill to kimely perform any of the terms of this contract, Seller may, at
Seller's option� elect to dxlare this contract canceled and terminated by notice to Purchaser in
accordance with applicable law. All right, title and interest acquired under this contract by Purchaser
shall then cease and tetminate, and all improvements made upon the Property and all payments made
by Purchaser pursuant to this contract shall belong to Seller as liquidated damages for breach of this
contiact. Neither the extansion of the time for paymrnt of any sum of money to be paid hereunder nor
any waiver by Sell�r of Seller's rights to der.lare this contract forfeited by reason of any breach shaU
in any manner affect Saller's right to eaneel this eontract bocause of defaults aubsequently oecurring,
and no exteatsion of time s1taU be valid unless agreed to in writing. Atter service of notice of default
and failure to cure euch default witltin the period allowod by law� Purchaser shaU, upon demand,
suaender possession of the Property to Seller, but Purchaser shall be entitled to possession of the
Properiy until the expiration of such perlod.
17. BINDINd EFFECT. The tercns of this contiaet shall run with the land and bind the pazties hereto and
cheir suceessors in interest.
18. HEADINGS. Headings of the paragraphs of this conhact ere for convenience only and do not define,
limit or construe the contsnts of such paragraphs.
19. ASSESSMENfS BY OWNERS' ASSOC.IATION. If the Property is subj�t to a recorded declaration
providing for assessments to be levied against the Property by any owners' association, which
assessments may becomc a licn against the Property if not paid, then:
(a) Purchaser shall promptly pay,when due.all assassments imposed by the owners' association or
othor govcrning body as required by the provisions of the declaration or other related documents;
and
(b) So lon�as th�owners`association maintsins a master or blanloet policy of insurance against fire,
�tended cavetago parils and such other hazards and in such amounts as are required by this
contract, then:
(i) Purcha9er's obligation in this contract to maintain hazard insuranca coverage on the
Property is satisfied; and
(ii) The provisions in paragraph 8 of this contract regarding application of insurance proeeeds
. shall be superseded by the provisions of the declaration or othe,r r�latod documents; and
(iii) In the evcnt of a distribution of insurance proceeds in lieu of restoration or repair
following an insured casualty loss to the Property. any such proceeds payable to
Purchaser ara heseby aasigned and shall be paid to Seller for application to the sum
secured by this contract, with the excxss, if any, paid W Purchaser.
20. ADDTTIONAL TSRMS:
SELLER(S) PURCHASER(S)
04-27-1995 16�11 612 339 5897 BEST&FLANAGAN P.11
�� CONTRACT ADA DHBD Form No. 56-M �vdrwm coo��;ar��r.ti9T�
THE CITY OF �OLDEN VALLEY CAPITAL CITIE5 INVPSTMfiNTS
BY --- B3'
Its Its
By
Its
STATB �F MINNESOTA
�.
COUNTY OF
The foregoing in,strument was acknowledge� before nie this day of —
, 1995 by and
_, the and of The City of Golden Val.ley� a
municipal corporation under the laws of Minnesota� on behalf of the City.
NnTAi1IAI.STAMJ'O�tr�iAl.(OR(YI�iB3t 1lfl�AR AAt�
9IQNATURE OF PSRSON TAIQNC3 ACIQdOWLSDOMENT
STATE OF MINNBSOTA
��.
COUNTY OF
The foregoing instrument wes acknowledgcd before me tltis�day of
, 1995 by the of Capital
Cities Investments� a under the laws of � on behalf of the
Ko•rntun�,aTnAu��k au',L tux crtxBtc Yrr�ua knnnc�
S1C;NA7T]Rl!OP PRk1QN TAK1Nli ACkNf)Wt'J?IX3btfiPT1'
Tat Slatemetite for tbe real property dewrlbed[n Ihia inatrumcnt
�hould be iant to:
7'!!1S INSTRLIJ�SNT WAS 271WFITiD DY QdA,MTi Af�AAL►pR9S)
Paul E. Kaminsld
Best & Flanagan
Professional Limited Liability Partnership
4000 First Bank Place
601 Second Avenue South
FAILURE TO RECORD OR FILE THY3 CONTRACT FOR DEED MAY GiVE
OTHER PARTI�S PRIORITY OVER PURCHASER'S INTEREST IN THE PROPERTY.
YEK194407
04-27-1995 16:12 612 339 5897 BEST&FLANAGAN P.12
SE�IHIT A
LEaRL DE9CRIPTION
.
PEK\CBpitBl.Exh
04-27-1995 16:12 612 339 5897 8E5T&FLANAGAN P.13
E1�1T B
1. Purohaeer aaknovWled�ee tbat 3eller ie�cquiriag the Propeity pureuaat to a Contrect for Dead oP
eveu dAte herowitb fmm t�e State of Mlnneeot� (the "Sbte Controct'). Aay defeult by Purcbaser under thie
Contract could reettlt ia A default uader tbe 3tate C�wtrsct. If Purohaeer'B default reaulta in a defsult under the State
Contrsct�Purchaeor shall wa�ve w�y riRbt it miaht h�ve for damagea or w epecific perform�.ce under this Contract.
2. Inuoo�diaiely upoa execudoa of thia Contrnct� Purcbaees ehall apply to 3ellar for a raplsttin�of
tho Proparty ia arde�to comblae the Ptoperty wifh edjece�t proporty owned by Au�cbaear� creatinQ oae uadivided
lot. The confi�uiation of tbe repfotted lot ie outlined oA atmched Bahibit C. 13ia agreemeat ta replat ie part of
tha cor�eideration�iven to Selles aad eball wrvivo tho cloela�of the Property. Seller ehell hsve ths right to seek
either�pecifio pacformanoe ond/or dama�ae, iiac]udinQ attomeye' fe�B, for Puresbaeer'e Pwilure to fulfill the term�
of thi�e Sxtion.
3. Seller makoe no warraaklee ae to the candition of tbe Propo�ty, includ'ung,but not litnited to, the
pra�eace of soy h�zardoue awteriale uades State end Federat law ("Hazatdous Waete') or the p�reeenca of any
petroleum prodnct�. PurcLesar aball bave no cause of action a�ain�t Seller for Harxrdaus Waste ar patroleum
pollution of tbe Property. Tbe terme of thi�Section�hsll e�urvlve the cloeinQ on the Property.
4. In the event Purc�eaefdcfaulte under the terpo�of t�ie Contract ead 3eller reacquiroe tho Property,
Purcha�ar a�rees to execute apy document nece�eary to repaiate the Property eold upder thie Caatrect from tho
replatted property in order fo make the Propefiy cunveyed bereunder a meparate parcel. 5eller sball have the right
w seek speclfic performance to e�nfosce tha t�rme of thie Section.
SBLLBR INYTIAL: BUYBR INTTIAL:
o:1DOC9\PUSL�PffiC�3470D I.L7VT
04-27-1995 16:13 612 339 5897 8E5T&FLANAGAN P. 14
�B828IT C
REPLATTED PR4PERTY
►
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