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1d Approve Amendment to Development Contract, Springfield 3rd Addition 190 GO' Cellter Dril'e, PO Box 147 CbilllIJi/jjflI, Millllfiota 55317 Pbolle612.937.1900 DATE: GflIemf Fax 612.937.5739 Ellgilleerillg Fax 612.937.9152 SUBJ: P/lblic s'zfi~)' Fax 612.934.2524 \\'tb li'li'li'.ci. c!lilllbilSSt'iI, 11I11, /IS CITY OF CHANHASSEN it:t MEMORANDUM TO: Don Ashworth, City Manager '/ / Todd Hoffman, Director of Parks and Recreation -#; FROM: March 18, 1998 Approve Amendment to Development Contract, Springfield Third Addition; Lot Releases For Outlots G and H and Corresponding Purchase Agreement. A condition of Springfield Addition was the dedication of 5.3 acres of parkland to be incorporated into Bandimere Community Park. Lundgren Bros. Construction has been granting the City Fee Title to smaller slivers of the entire 5.3 acres as they plat individual additions. The first "sliver," Outlot D, was obtained with the platting of the First Addition. Outlots E and F will be acquired with the platting of the 2nd and 3rd Additions. These plats are currently being processed. This leaves Outlots G and H outstanding. The City needs access to the entire 5.3 acres including Outlots G and H to proceed with the construction of Ban dim ere Community Park. Working with staff, Andrea Poehler of the City Attorney's Office has negotiated a development contract amendment and purchase agreement with Lundgren Bros. Construction for the release of Outlots of G and H. The cost to release this property to the City ofChanhassen is $71,150.98. This amount will be paid back to the City concurrent with the platting of future Additions. Individual payments will reflect the size of each outlot. RECOMMENDATION It is recommended that the City Council authorize the City Attorney to prepare documents amending Springfield 3rd Addition in order to release Outlots G and H to the City. This authorization shall include the approval of the necessary purchase agreement. ATTACHMENTS Outlot Diagram Outlot Release Documentation Proposed Purchase Agreement NOTE: This item was published as an amendment to the 1 st Addition. An amendment to the 3rd Addition is more appropriate. g:\park\lh\Ashworth-SpringfieldMemo be Ci~)' ofChallhassen.1i grOIi'/lig colI/i1l//1iil)' leit!.? clcar. fakes, qll,i/irJ'schooIS, a chal7ning 110lVl/town, rhriving businesses, alld beautifit! parks, /1 great place TO 1m, /I'OrI<, alld Pill), '0 :0 . > s ." ; ::t . 0 . 0 .VI ;0 ::0 > ,.. ,., :]I(Jjil 1.~ .~;,' } ~~ .: .~ ". :~ .~ ~ d ~... ~': ':8 .. ~.; ....,'-\ "' . < ~.. ~;..' .. .; .::.. - .: ~ }~ . . . . .11. : ' DZ : . . .- .- '1I . ~ \ Ii .j I. ! ~ iI ~~;~ 'i i:..; ~;, ~'::.: f' '~j i >.~ i~~~ ~ ~ ~ i ! :1 . \ ....1'......:;/ 58.... -', / ,,'"' /...... ~ ,.:..... KOO,,-..'"E ..... 4 ,~~ ~...... . .....,;; "'Jg ..q.;.." ,/ :4'4:\ ~.... ~.~ / ~. <<<fI.. .- 0>,,,' -C' .:> q>~ . ~,~..'~ . tl'.,1;;4o c:P't.",;P !5E ~. 0'1 . ~ .~~ 'Ii z: ..' .... ~a ...g "'~ SOO'O..~.(\. 5g.02 ... z .. ..... ~.. "',. 2~ ,.; , , , I , , I. " ,:" & . ~ :~ ~ ;; 1 < :1 .~ "'", >>'>~.I'd" 'i.'b ('. soo,oo.5e.(....~.. . .. 24g.3e ..:.;, ....247e7 ...;. " IlOO'03'00'( ( , z ..... "!o ~;; :;.~ "'1 ~, ~ ~ ~ .\ ~ o c 5 -I . j, ~ . ~ o c ? o -I g ? o ... ::t g ? o ... o .., ,., -....,.u.~'l I .w\l.~.n: i' , ~: : 21 I ~I I " _: : .r N ~.~~: I:' ":. -~') ~~~ ~~~ ~~~ 0, 0 c ? 0 ... ..; 0 500'25'00'( "9.07 ~; 1OllO.::..~'. ...l1e.73----- "\..;,.I'.:!~ .~, o c ? o ... ;~ -:. III ~ \ ~:~, .; !=;.J.)~l) " .' . . " ~~ ,. 'I ' ~ .... .7 f J :( ". ~ 1_ I.. .. o c ? o ... o .I N01E: PRELIMINARY Subject to revision without notice. o c ? o -I c.. l::~ PO.. r ~ '. C/) 'i::l :::0 - Z Cl ~ - t%:l t"" -~ t::::l N Z t::::l > t::::l t::::l - >-3 - 0 Z I .. I '" ~ ~ i R~ t~-. ;~~ ~c :: ;;;?' " 1-1 '..-"-'1' ~ " .... '''''. ~'I- !. .~ t,"-- 1 . ..~-! ....(~ '., .., .. .I ::: .---'t., ,=.~-- ,., > en ~g z~ iil~ ~> "'z !!!C cc !e t~ Y.' :0:0 :...1:-. ~b 0'0 1= r i!' I'- ~!z ~ . r r I . ; II 03/11/98 WED 12:25 FAX 612 452 5550 CAMPBELL -H... CHANHASSEN @OOl CAMPBELL KNUTSON Attorneys at Law Suite 317 Eagandale Office Center 1380 Corporate Center Curve Eagan, Minnesota 55121 (612) 452-5000 FAX (612) 452.5550 FACSIMILE TRANSMISSION - COVER SHEET PLEASE DELIVER TO: Todd Hoffman FAX NUMBER: 937-5739 DATE: March 11, 1998 SENDER: Andrea M. Poehler RE: COMMENTS: Please review and call me to discuss. TOTAL NUMBER OF PAGES: 9 (INCLUDING COVER PAGE) IF YOU DO NOT RECEIVE ALL PAGES, PLEASE CAll CAROLE AT (612) 452-5000. o ORIGINAL TO FOLLOW BY MAIl. NOTICE OF CONFIOENTIAlITY The information contained in and transmitted with this facsimile is: 1. SUBJECT TO THE A nORNEY-CLlENT PRIVILEGE; 2. ATTORNEY WORK PRODUCT; OR 3. CONFIDENTIAL. It is intended only for the individual or entity designated above. You are herl!by notified that any dissemination, distribution, copying or use of or reliance upon the information contained in or transmitted with this facsimile by or to anyone other than the recipient designated above by the sender is unauthorized and strictly prohibited. If you have received this facsimile in error, please notify CAMPBELL, KNUTSON. SCOTT & FUCHS BY TELEPHONE AT (612) 452- 5000 IMMEDIA TEL Y. Any facsimile erroneously transmitted to you should be immediately returned to the sender by U.S. Mail or, if authorization is granted by sender. destroyed. I 03/11/98 WED 12:25 FAX 612 452 5550 FROM L~ONARD, STREET & DEI NARD CAlIPBELL -H-+ CHANHASSEN [4J 002 (TUE) 3,10' 98 17:13/ST.17:12/NO. 4260433901 P 2 LEONARDI STREET AND DEINARD 1''''l'"lf'~~H'''...I. ^5Hl<" ",'rl("'" Mar"h 1 0, 1998 John C, Kuehn 612-335-1717 jck 1717@lconard.(~om BY FACSIMJLE Andrea f'oehler Camphell Knutson, PA 1380 Corporate Center CLJ1"Ve Eaij.\n, MN 55121 Rc: Springfield 2nd Addition Dear Andrea: Enc.:los~d pletlse find a Memol'andum concerning the cost of lot releases for Outlo\s F, G. /llld H. Spl'ill~Ii~ld 2nd Addition, Ul1dc"lh~ (cnns l\f Hs Il1Ol'lgage with James and Pl1trlcia D()I~jsj, I.~mdgren is required to plSy the a"rued interest on the principal anlount of the release price as well ;'15 the l'eleose price at the time of the lot !'de(\se. 1 am al~(~ enclosing copies for your inform~tion of the MOl1gnge, Prom issory Note, Relel1se Price Ca.kulation and Section 4.3 of the Option Agreement which is incorporaltd by reference into the Mortgage. As the enclosed Memorandum indicates, the tota.l cost to Lundgren to release Outlots G and H is $71,150.98, and the total cost to release Outlots F. G and H is $90,97S,04, It is my understanding that you iU'e investi"ating the addirional documentation that will be n:qulred to evidence the propused tral1sfer of these Outlots to the City, I l()ok forward to tH~4rjng from YOll in this regard. Very mdy your'~, LEONARD, STREET AND DEINARD JCK/jk By ene, cc: Michael A. :Pflaum no SOIHU Flfl"n STJlU'I' ~lIrI'l1"1m) MIN"'I!A""L.lli, MINNII~,n'" ~\4..l1 1tl. hl:l.'IlS.I~IJt: r'^1 "I~',l,H'I^,\;' lAW OHlc,:U r... ~\INtI1E"'I'OLJS, ~^1"'1 I'^\/l 1\101) MANl>I\T(. . 03/11/98 WED 12:26 FAX 612 452 5550 FROM L~ONARD, STREET & DEINARD C:\MPBELL ~-H CHANHASSEN , (TUE) 3. 10' 98 17: 13/8T. 17: 12/No, 4260433901 @003 F 3 r MEMORA"{DU~ TO; Springfield 2nd Addition File FROM: John C. Kuehn RE: Outlot RdeClse Price Calc:ul;stioll IlA TE: March / U. 1998 FILE NUMBIl:R : 16066-477 TAKEDOWN OF OUTLOTS F, G AND H. SPIUNGF.KLD 2nd ADDITION Bon'ower"; L(,rlder: Lundgren Hros. Construction, Jnc. Jal1k~ F. D{1lcj~i And Patricia M. J)()lci~i . . Jntel'cst nlte: 8% Note- d)itc: M<lY 29, I fig', ASsllmecl Clusing Date: April l.s, / 'J98 Rl!le~se Price: $24,600 pCI' acre OlltJot Acreages"": p - .7530 acres G - .51 52 aCfc:.'S H . 2.187 acres Relensl: price for OutJots G and J..I: Refcitsc price for Outlot J.': Accrued intel'est for Outlots C Hud H: Atcl'ucd illtel'esf for Outlot F; Total reJea$e cost of Outlets G :md H: Total release tost ofOUllDts F, G nlld H: (.5152 + 2.187) x $24,600 = $66,474.12 .7530 x $24,600 - $18,523.80 12]/365 x .08 x S66.47Q. /2;0; $4,676.86 3:21/365 x; ,OS x $18,523.80 '=' $1,303.26 $66,474. /2 -t $4,676,96 = $7J ,150,98 $71,150.98 + $J8,523.&0 + SJ,.303.26 ~ $90,1)71HJ4 >I< Acreage:; Ilt:ed to be confirmed with Pioneer Engineering th-H61.ltt,t:J . 03/11/98 WED 12:26 FAX 612 452 5550 FROM LEONARD STREET & DEINARD ,. 'I)."" Ufflttl~lwu ",t nsnu&:h.IlIlt CAMPBELL ~~~ CHA~~ASSEN (TUE) 3.10' 98 17:13/ST.17:12/NO, 4260433901 p I4l 004 4 (fCli~rv..:l! fllr IIWttgllgc r~ll.ij;lr>' 11IX pilymlont IIl1lal MORTGAGE REGISTRY TAX DUE HEREON: (rescrvc~ for n:cordinK dlllll) S 1.996.40 THIS ]ND~NTURE) Made this 29th day of May. 1997, hc:lwcc:n Lundgren Bros. Construction, Inc., a l:urponuion under lhe laws of Minnesota, Mortgagor (whelhcr ()Ile or IlWtc). and James F. Dok:jsi and Pillrici<1 M. Dolcj~i, us jl>it\t h:Oll.nls) Mol'lga!;t;t: (wlu~lhcr one:: or mC\rc), WITNESSBTIf. That MMg8gar, in cC)Illlhlcration of the: sum nf FIG"'" HUNDRED SIXTY-SEVEN THOllSAND NINE IIUNI)HI~I> NINE AND 84/100 D()LL^I~S ($&67.909.84), 10 Mllrtg:ll!.nf ill hand paid hy MO/'lgag,cc. Ihe rL:CCirl whereof is htrt:by i;\t:knowledgcd, does hcrehy convey unlo Mortgagee. lorevcr, real property in (:ar'(l:t COllnty MiI1l1c:iOla. described as follows: Olltlohi J) and H, SPRINGFIELD 1ST Al>IJJ'J'ION. CaNer COUIUy, Minln:sota IOlJclhcr wilh illl hereditaments and ar['lllr1cnalll.:~S hclollging thcn:tn (Ihe 1'1'''PI:11)'), TO IIA Vii ^ND TO 1I0l.D TtlH SAME, III MorlSIlScC forever. Murtgaguf coven/lllts wilh Mnl1gagce as fllllows: That Mortgll.l;nr is lawfully seized of the I)ropeny and has good righl10 convey Ihe same; Ihat the Properly js free /'f[J/ll all encumorances, (;}:cepl as follows: I. federal, stale and local bllildinB, zoning and en"irOI1lTlCll1al statutes, ordinances and regulations; 2. Rescr..."tioI1S or allY minerals m' lllim:r'1:Il ril;hls l~' Ih\: Stille nf Milllle:;;otn; 1. l;ascmLlnl in lil....\lr (If Williullll'i"c I ,in!.! Cn11lP~lIy.c:rl:illcd by lluClllllClI1 liled ill BIWk 57 of Deeds. I~age 452, assigned by doc\.Inlt!nlliled in nook 87 of Deeds. pa~c 580. as c.onlinc:d hy 1)00:umClll No. 70394: 4, Private Roadway [;:~:;c:mcllllikd 0:1 Do~um~nl N(.1. 171529; and 5. EaSCll\cnts shown 011 1 hI.: plat nl'SPRIN(1PIEI.I) 1ST ^DDITION. 111:1/ Mnrl~agc;l: shall qujelly enjoy :In,,! pC1511l:"~ thl: smnc; IIlld Ihill MIlI'If,II~I'r ,.ill warfillll lmd clcrcmllhc lilk III Ihe 'illlll' ;Ij.'.aim: :111 1:lwrul d"iJIIs lllll hl:ldllhcli'nJ lil'ccilir.::ll\y \l.(~\!I)tcll. PI(()VII>l~I>, NEVElrrllEI.ESS. That if Mlll1g:lgur Nhtllll):t)' III MI1I1f.ug..:C the slim of HI(jll'l' II1INI>HEP SIXlY.:-;I:V\;,N TIIOUS^NI> NINE lIUNI)KHl> NINE ANI.) 114/1 O() DOLLARS (U67,t)(J9JI4), "c;c1mling 10 Ihe leon:; or iI prUJ1IIs:;lJl)' null,: ~Ir evel\ dale hl:rewith (Ihe NOI!!), the final paymenl beina dUll :lIld paysele on May 29. 2002 with if\lc:~esl al the rate provide.! in thl: Note, al'\O shall repay 10 Mortgagee. allhl: limes and wilh inleresl a~ sI'l:!cilied. all SUIIlS advanced in protl:clin/: the: lien of thi~ Mnr1~<lgc. in paym~nl or laxes on the I'ropcrty and assessments payabl~ Ihcrewilh. insurance premiums clJvc:ring buildings Ihcreon. pr1ndlHd llr interest 01\ ally prior JiM:;, expensl:s 1I1\d allOn1uy'S fees hc:rl:in rmvicJi::~ for lInd Slims advanced ((Ir 11I1'y ull1cr purpose aUlhnrb.cd herein. and shalll;eep alia pc:rli)nu all Ihe c.,'tIl:,U'll\llj mtZ1 "!:ft,:clllcnt~ hlo:n.:in CII/II.iiI11."(I. tlwlI t1Jill Mln'/gllj,:c 1.1l:a1l he /lull illliJ void. :Ind sh;lll lx' rl!kmi~ll a MnflJ;a~I'r' S.t:XPC:I1J:ti, AND MORTGAGOR cowenant5 with M~)nl:~!:ce u (allow,: ~_ __~~ t\a_ ....:_,..-;liiio0')' "'"'' "'.'_""8.' o:I~",1 .~.1..~_..., __ __.._'r'!..J ~- .t I. to pay the principal SUIIl or money aM inh:rcsl as speclned in rhe Noll'!; 2. It) pay Ifll r"xes and as!lL"Sf'ments now due or rh,u may hereafter hecol11l.: lil.:/Is against the Profll:r1}' heli'm~ /wlwhy ill(adH.~s lhcrCI{); ). 10 keep 1111 buildings, improvements ;Jnt! rixU.tI'L':li lloW ur lalcr IC!:iJ[l:d on Qr /I pan of lhe ProrCr1y insured as.iml loss by fire. el(lendcr.J COverage perils, v"ndllli:lm, maliciaus millchicr and. iJ' apf'llicilblc, Sleam boiler e.lplusiotJ, fot' ill leu:il Ihl: amount [11' lesser or [he full insurable value: ur the nutslandillJ; balance unde:r lhe: NUll; al all rimes wld!t' 1111)' nmolllll fL:1I1ilillS 1Illpuit! undt:r rhis M0l1gage, If any or Ih~ buildings. improvements or tiltlutes lire locllted ill a' fl:'derOilly d~signlllCd nood prone: area, and if l111ud insurance is llvailable for lhar arell. Mongllgor shall procure :me Illaintain nOCld in~urall~e in i/1110Im[~ rCllSOllo:.bly s111i.slaCI0I)' 10 MUr"Igagec. Each insuritnr;c f'lolicy shaI/ conlain a ICls.~ payabll! chwsc ;11 (avor (,I' MOr1gilgl:l: i1rlimlillg 111/ righh llfld privilct:t:s Customarily provided tlOder Ihe $o.e.:tlled standsrd mllrlg!lge ~laLlsc. In the eVeu[ of' Jan13gl! ((.I the Pmpl:r'1y by rJn~ Or other casualry, MOl1gagor JihOlIl promplly give nOliee or such dalllllgc to MOrtg(lg~c: <lnQ (he ill~urUIlc;c: compally, Tilt.: insul'~1I1CC Shall be i$sucd by all 1'l:\urUl1ce compl\l'}' or companies IkclIsed [0 do business ill lhl! Slill'~ (If MinllcJi(II" (lml Ilcccfllllhlc In MUr1gagee. Tht' insurance ",olides shall provide lor /lot less than len days wriflen 1l1.J1;l:c III Mortgage!: belLJrc t.:;l/lccl1;alil,lll. ncm'rcnewlI', Icnllill8liun. I1r ehllllgl;: in c:ovC"rag~, and l'Aon~agor shall deliver to Mt'ng:Jgl:'l: n dU/>licltk original or l;cl1il'iClIlu (If such inslltance palieics; B17lMl . 03/11/98 WED 12: 27 FAX 612 452 5550 CAMPBELL -+-+-+ CHANHASSEN. 14I 005 FROM LEONARD, STREET & D ElNARD tTUE I 3. 10' 98 \ 1 : 14/ST, 17: 12/NO. 4260433901 P 5 ~ _!. __ 1<) P""Il:1I ~lh p"'ullll~n':sl ~riur_u( ~1_'I,.II\t.:..\IlY, ~ \..~I.:_\I"or_'cc aa:.lr 011 III/ mhcr prior liens or I:nc"mbrances; ~, 10 c.:lIllllllil nl'l"cn"i1 tin WII!UC ,)1\ ,hc Pr()p~r1Y and 10 kt:.,;p il in g(lud r.:pnil'; (I. 10 cCJl\pl~l~ lI.mhwith an)' ill'lprOvllmenlS whicb may hereafter be undl;r L:ourse of construction un th~ J'>rllpCI1)': and 7. 10 PIlY ell)' olher tJPC:lllSC:' and aUomc:y's fees incurred by Mangllgel! by reason of litigatioll wilh ;IIlY lhird pari)' for lhe prolcclion of the lien ofthis Mort~aLte. In case; Qf failure 10 pay said t1s~c:s llnd a.sse~l\lr\l;I\lS. prior Iicns or CI\Cllll\hnlnccs, expensc$ '1nd 1Il1orncy's Iccs 11\ llbo\lc spccilicJ. or 10 irIS\{I"I: saiJ builrJings. improvement'. unt.lliJiIUreS and deliver Ihe policies Ill' aloreSlIirl, Mongabltc may ()it)' SlIl.:h IOlIlCS, as~c~sml;nlso prior licllJi, ~)(pel\J;es and atlornlJ)"s fCles "net il\tet~lil Ihc/'Cgj\. or nbl3il\ lI'I~~h inSllrlll1Ce, IUld the SUI1lS liU pl\id shlll\ bClll' illtcrest rrom Ihe dall! (If sur.:h pa)'IllCl'11 III Ihe UI11/t tatc: 5cl fmth in the l'-!U\t:, Nnd ~hell he illll'r~lI:l~d .\:s IIll llddition,,1 liell IIP'I/I thl; prupcny ilnd bc iuunedialdy due: and payable from Monga~or to MortglljAcc and this MOI1g.agc shall !"ronl dale Ihercuf ~cC\ltl: the repi'lyment of such advi.l.l\c~:: wilh iltll:rC!il, In cnse of dc:flllllr in IIn)' Df the; furc;going covenalllS, MOI1a:.lI~ut conrets' upDn1he Morlgagee the oplion ell' cJl;c1aril\~ Ihe unpaid balanl:e (If lhe Note and the inlere$l 14cCl"lJl!.d lhl!ltl:nn, togelher with all sums advanced hereunder, immcdilllely ,jUI: any pil)'ilbk wilh\)ul nOlice, and hereby IIlJlhori1.C5 'I,d empowers Mortgagee to fore,lost this Mortg;llge by jUdic:iill proceedings or \0 selllhe PI'OJ'lcrty at public l\uclioll and COI1"'o>, the Sj)me to lhe purchao;cr in fee simple in accordance with the statute. Bnd oul of Ihe money:; a(i~ill~ from sllch sale In rc:lilin all sums secured hereby, with inl~rest and all legal costs oll\d ,harl;l:s ur such Con:clusure ~t1d the rnl!lXhnulll illlllrllcy'S fee p~rmiHeu by law. which C[)lit~o c:hl'rgcs and f..,c$ Monsagor agrees 10 pay. Thc Icrl1l~ uf Ihis MOrtl::lI,e shall run wilh th~ Propeny and binl.llhc partics herein and their successors ill illlt;r\:Sl. Section 4,) of the Optiun Agreement between Mortga~or i1lld Mortgag..(; is Incorporated here ill by this reference. IN TESTIMONY WHf.:REOF, Mongagor has hereunto set its hand the day Bnd year first above wriuen. MORTGAGOR LUNDGREN BROS. CONSTRUCTION, INC. ~ ~- ~ a)' - ~ TcrtY-"tFo r<iS President, Land Devc:lopment Division STArE OF MINNESOTA COUNTY Of' HENNEPIN } ss.: The foregoing was aCKllowledged beforc mc chis 2Qth day of May, I c)97, hy Terry M. f'orhurd, the President, Land Development Divisioll of Lundgren llros, Construction, h\c., a corrlmltion under Ihe laws o( Minllesola, UII behalf of Ihe corporation. TillS INSTIUJMI;!'i'" W^,,, PMI' U' IwU!,^NIMI)l)!\ESS): Il.eonard, Street and Oeinard (JMK) II SO South Firth Slre~t. Suit~ 2300 ... _ __ _........ ........t CCltM n" ,...., n ~ -11..... IJV o.)\I\/lU J'/lllI ')U~~l. .]Ull~ -'.JUU Millm:l1pclis, MN 55402 OWI.~ -n -F;OR R~N~) I ;~.. . .. _ :. ~ '. ~ i ~ . .:. ~..:..:~.., 'WTARV PUtlll(,. MINNE~I J I;. ~ .~ ~~~$~t:~I:~~~! . FAILURE TO I~ECORD OR FILE THIS MORTGAGE MA Y AFFECT THE PRIORITY OF THIS MORTGAGE 1'1 '.., n '03/11/98 WED 12:28 FAX 612 452 5550 FROM LEONARD, STREET & DEINARD CA1IPBELL ~+,~ CHANHASSEN.., '" - tTUE) 3. 1 025i...1 7: 14/]1. 1 WVNO,_426043J~,/ l4J 006 6 -.. 1 . . PROlVDSSORY NOTE S~CtJR.En BY MORTGAGE $867.909.84 May ~9. 1997 Wil.yuta. Minn~sota For 'Value re,ei\'ed, Lundgren Bros. Construction. tne., a Minhesota ~lJrporadoo ("Maker"). promists to pay to me ordtr of James ~. Dolejsi and P"tric;:la M. DOlc:jsi, as joint tenants C'Holder"), ilt 9:160 KioW21 Drive. Chanhassen. Minne~ola 55331, at ~t such other place as Holder may from time: to time designiltc. the principal sum of E i~ht Hundred Sixty-Scvc:n Thousand Nine Hundred Nine and 8~;'1 00 Dollars ($867,909.84) IDgcthe-r with interest from the date hereof on the unpaid principal oalant:t at lne rate: of eight pc:rcent (8~/CI) per annum as follo\lols: l. Pa,'mlmt Schedule. Maker shall pay saicj principal amoum in five (5) equal installments of $173.58 I .97 each ever)' rwelve ~ 12) mon\hs after tht date of this Note. Maker shall pa~" accrued intc::rc:~[ e\"I!Il')' twelve (12) months after the date of this Note. In any event, the entire outstanding principal batancc and all aQ~rued intcrest ~hall be due and pa.yable in full on the fifth anniversary of the date of this ~ou:. Time is of the eSsem:e hr:reunder. Each installment Rcc:ived by Holder shall be applied first to accrued inl~re5t ilnd the remainder to principal. ~ Prepayments. This Note m3>' be propaid at i111} time. in whole or in part. wilhout premium or penalty. Each prtpaY\TIent may include principal in an amount dl:!signated b;' !\,\aker. must int;lude all accru\;d illlc;rt:sI on the principal bi:ing prepaid, and may include some or all of the accr1,ll:d intereSI .:1/'\ rhr: remaining principal balance:. Ell.ch prepayment of principal shall be applied toward future if'lSlallments of principal in the order they fall dur:o 3. Stcurlry. This r-.:ote is secured by a mortgage of e....en date: gi~'en by Maker to Holder covering certain rr:al property ill SPRJNCFlELD 1 ST ADDITION. Carver COUl'lty, MiMesOta ("Mortgage"). .J. Default: R.emedies. Should default be: made in the- pilyment of ao:' installment hereunder when due. or in th~ timeb-' perfol1T\ance of any provision or condition contained in the Mol"tgage, Holder rnay. after fifteen (15) dll)'s written notice to Maker, dtdare the entire outstanding principal amount hereof and a\1 unpaid I1ccruc:d interest due and payable and, if such fifteen (15) day period shall elapse .....ithout the defaults $pc:c:itied in the notice havin~ beeh cured, this 'Note shall thereupon be and becor:nc due and pa~'able in full. log.ether with intereSt accrued thereon. All notices shall be in writing and given in the manner and at the addresses specified in [he Mortgage. Holder's sole n:course in the event of default under this Note shall ~ foreclosure: of lnc Mortgage b~ ad....ertisement p\.lrsuant to Minnr:.sDra Statures. 5. \\'ai"cn; b~' Makl!r. Maker her.b~ (a) UI~ives demand. presentment for payment, notice of nvnpayment. protest and notke of protest and all similar notites; (b) y,.Qi....es diligc:nc:e in collecting rhis Sote: or in enforcing chI; Mortgagl;; ilnd If:) consents: co afIY e~tensian, rearrangement. rene\\al or postponement of time or pl1~'ment or this No[e and to any other indLllg~nl;e with rl!:spec~ herem without nOlice, consent or considcr3tion. MAKER: LUNDGREN BROS. CO~STRL:CTI0N. I':'C. ~y -~ -.,;" ~~- ~ Terry M. !~ President. Land Developmt:nt Division 1 ~~-,...~ . 03/11/98 WED 12: 29 F.U 612 452 5550 FROM L~QNARDt STREET & DEINARD CAMPBELL -H-,> CHANHASSEN [4J OOi (TUE) 3.10' 98 17:14/ST. 17:12;NO. 4260433901 ? I CALCULA TION OF RELEASE PRJCE. (Dolejsi) The undersigned hereby agree that the: release price for releases ofpropeny from the lien of that certain Mortgage dated May 29. 1997) given by Lundgren Bros. ConslnJction, Inc., a MiMeSota corporation, in favor of James F. Dolejsi and Patrida M. Dolejsi, shall be $24,600 per acre, arrived at as follows: 1.20 X $20.500 (pric;e per acre) = $24.600 Dated this 29th day of ~lay. 1997. 9--- 2. J4: -- ~"/'l' James F. Dolcjsi ? tz/r .z:t;,.. M. ~'1i'r- . Patricia M. Dolejsi . LUNDGREN BROS. CONSTRUCTION, INC. ~ ~~-e::- Terry M. For or President. Land Devc:lopmcnt Division IH7Qu? '03/11/98 WED 12:29 FAX 612 452 5550 '~ROM.L~ONARD, STREET & DEINARD CAMPBELL ~~~ CHANHASSEN (TUE) 3.10' 98 17:15/ST.17:12/NO. 4260433901 !41 008 u e e~piration of ~he cur~en~ option Perio~~ see SS 7, 8 and 9 for closing datails. S 4 ~urchase price and P~vments. S 4.1 P'~~chase Price. The Purchase Price to De paic1 by B~yer to Seller fo~ the Developmen~ Property shall be $20/500 per acre of land. S '.2 Down Pavment; Promis~ory ~ote. P~rchase price as follows: Buyer shall pay the (1) A Down Payment equal to ZO% of the purchase Price shall be paid in cashl cashier's check. or certifieg funds on the Closing Date. All Op~ion Fees shall apply towards the down paymen't.. (2) The balance ot the Purchase Pr1ce (BC%) shall pe paid pursuant to i!l promissory nota in favor of Sellers as joint t:.enant.s (the .'Note"), secured by a mortgage in favor of Sellers as joint tenan~s covering the Develop~ent Property (the "Mortgage"). The Note shall be on tne torm attached hereto as Exhibit C. The Note shall accrue interest upon the o~tstanQin9 principal balance at the rate of 8% per annum. ACCrued in~erest shall be paya~le in annual installments on the first five anniversaries of the Closing Date. Principal 5h~11 be payable in equal annual installments on the first five anniversaries of the Closing oate. Seller's sole recourse in the event of a deta~lt under the Note shall be foreclosure of ~he Mort~ageby advertisement. S 4.3 Term~ of Hort~a~e. The Mort9age shall Qe on Miller- Davis Form 4J-M, attached as Exhibit D and shall incl\4de or incorporate b~ reference the follo~ing partial release provisions: S 4.3.1 ppr't.ial Rel~ases. Seller shall deliver to BUyer partial releases of the Kortq8ge ~pon p~yment of the release price for the DeYelQpmen~ Property dQtQr~ined on G per acre ~~sis as !ollcws: Release price per acre ~ 120% x (price to B~yer of ~hepevelopment property) + total acreage cont~ined ~1thin the oev~lopment Property. Tne calculation of the total acreaqe contained within the Deve.lopment Property sh~ll. be mad~ by the Surveyor. t:'or examDle, it: (i) the total acreage or the Oevelopmerrt property so acres; ana jek\lbc\ifdol'i~i\oPtio~..gr Z/9/93 5 . 03/11/98 WED 12:30 ~~ 612 452 5550 "FROM LEONARD, STREET &. DEINARD ~ CAMPBELL +H CHANH,ASSE.\,: . (TUE) 3.10' 98 17:15/8T. 17:12/NO, 4L6U4,jYOj 14J 009 r Y (ii) Buyer desires to release an area Of the DQvelopmen~ Property which eomprisQs a total acreage of 15.5 aC~e$; ~hen the ~elease prioe ror the 15.5 acres ~ill ~e: P~rcba5e price: ~20,500 x So a~rea * $1,025,000 Release Price = 120t x Sl~0251000 = $24,600 Per Acre 50 S 4.3.2 A~~lication of PaYments ~o Partial ~elea~es. The QO~n payment paid by aUyer to Seller shall be c~edited against the first pa~tial release(s) unde~ the Mortgags_ All principal paym@n~s ana prepa~ents under the Note shall be credited c9ainst the princ~pal balance of the Note and shall apply toward pax-tial releases hereunaer. Likewise I all partial release payments shall apply toward future principal pa~ents Unger the Note in the order they become due. Whe~ the Note has bean paid in full (whether or not a 11 the Development Property has theretofore been released), Seller shall e~eCU~e a Satisfaction of the Mortgaqe~ even thou~h the amount gf the Note is less than tne amo~nt of the release P~ice tor the remaining unleased Oevelopment Property. S 4 - ~ . 3 AecSilss t:.o unreleased..Land. No part-ial release need be given, if the partial release ~ould ~esult in any portion or the re~ainin~ unreleased land lacking aecess to p~blic road ri9ht-Qf-~AY and/or municipal utilitiss. S 4.3.4 tio ~elease DurinQ' Default:. No pat'tial release need he given, it the~e is ~ny defaul~ under the ter~5 of the Note or the Mortgage at the date of the request tOr partial relea$e. Release Price f~4 15.5 acres - $24,600 x 15.5 acres ~ $381,300 S 4 -:3. S Minimum Acreaae Suhieet: 1:0 Releasc:;. No partial release need be given for any parcel of the Developme~t P~operty con~iGtin9 or less than 15 aC~es. S 4.4 Construction ot Imt)rovements. Seller consents t.o B~ygrls grading the Development Prop.rty ~fter the option has been exerCised, the closing has been completed and ~he Mortgage has been ~ecorded. Without the prior written approval of Seller, Buyer will ~ake no other ~~prOVoments tc ~ny par~ of ehe Develop~ent P~QFerty until such par~ of the Develop~ent Proparty has b@gn relea~ed from tne Mo;-tgaqe. je~\I~\ltdo(ejsi\DPtl0n3.~gr 21919;1 6 ~3~1s.!.~8 ., WE~ J:.?:..4i. FAX 612 452 5550 CAMPBELL H~ CHANHASSEN [4J 001 cAMFBELL KNUTSON Attorneys at Law sui~e 317 Eagandale Office center 1380 CorpoTate Center ClJI'\'e Eagan, Mbme50ta 5511.1 (611.) 451...5000 FAX (612) 452-5550 fACS\Mll,E TRANSMISSION - COVER SHEET PLEASE DEUVER TO: Todd Hoffman FAX NUMBER: 937-5739 March 18, 1998 DATE: SENDER: RE: City of Chanhassen. Lundgren BroS. construction, Inc. Andrea McDowell poehler COMMENTS: Attached for your re"iew is a copy of the Real Estate purchase Agreement between the CIty and Lundgren Bros. construction. . TOTAL NUMBER OF PAGES: 1.3-- (INCLUDING COVER PAGEl If YOU PO NOT RECEIVE ALL PAGES, PLEASE CALL CAROLE AT (612.) 452.-5000. o ORIGiNAL TO FOLLOW BY MA\l. NOTICE OF CONFIDENTlALlTY Th,in'onna,lon con'alned in and "ansmlttad wi'" "', 1...lmila I" 1. SUBJECT TO THE ATTORNEY-CLIENT PRIVILEGE; 2.. ATTORNEY WORK PRODUCT; OR 3. CONFIDENTIAL. It i' IntBndad onlV '0< ,"" Individuol '" anUty d..igna'ad abova. Vou ata "atabV notified that "" di"amlnaUon. distribution. cooving or usa of or "aanco upon 'l>e lof"",aUon oon,oIned In or """"mlttBd with 'his facaimlle bV 0' '0 anvone o'he' than the ,eclo'an' daslona'ed above by ",a .ende' I, unsu'hO,l..d and ,'rictlV p,ohibi'ad. If '"'u haV' ",eelved tn1. 'aca1mlla in e~O', pi.... notiiy CAMPBElL KNUTSON. SCon & PUCHS BV TELEPHONE AT IS ,21 45' 6000 IMMEOIA -rEI V. MV 'acslmile anons-IV tran,mittBd '0 Va" ahOuld be Immadi.'eiV re'Umsd ts ,ItS .and" b, U.S. Mail Of, Ii authorization is granted by sender, destroyed. ~3/18/98 WED 15:46 FAX 612 452 5550 CAlfPBELL -+-H CHANHASSEN ~002 REAL ESTATE PURCHASE AGREEMENT THIS AGREEl\..fENT (the "Agreement") made and entered into this day of , 1998 by and between the CITY OF CHANHASSEN, a municipal corporation under the laws of the State of Minnesota, with offices at 690 Coulter Drive, Chanhassen, Minnesota 55317 (referred to herein as the ItBuyer"), and LUNDGREN BROS. CONSTRUCTION, INC., a Minnesota corporation, with offices at 935 E. Wayzata Boulevard, Wayzata, Minnesota 55391 (referred to herein as the "Seller"). NOW, THEREFORE, in consideration of the mutual covenants and agreements herein, the receipt and sufficiency of which are hereby acknowledged, it is hereby mutually agreed by Seller and Buyer as follows: SECTION 1. SALE AND PURCHASE OF LAND 1.1) Seller shall sell to Buyer and Buyer shall purchase from Seller, upon the tenus and conditions hereof, the following property (all collectively referred to as the "Subject Property "): 1.1.1) The land in Carver County, Chanhassen, Minnesota, legally described on Exhibit "AIt attached hereto and incorporated herein together with all right, title, and interest in and to any roads, rights of access, or alleys adjoining or servicing such land, rights-of-way, or easements appurtenant thereto. SECTION 2. PURCHASE PRICE 2.1) The purchase price for the Subject Property (the "Purchase Price") shall be Seventy-one Thousand Eleven Dollars and 43/100ths ($71,011.43) and shall be payable by check on the date of Closing. The Subject Property is valued at a Price of $24,600 per acre 60438 _.J0/18!98 WED 15: 46 FAX 612 452 5550 CAMPBELL -Hot CHANHASSEN I4l 003 at an annual interest rate of 8% accruing as of May 29. 1991. The Purcbase Price shall be allocated as follows: Outlot G == .5152 acres x $24,600/acre :: Outlot H ~ 2.1817 acres x $24,600/acre ;::: $12,673.92 x .08 ~ (D of days from May 29, 1997 to the Closing Date)/365 $53,669.82 x .08 x (# of days from May 29, 1997 to the Closing Date )/365 2.3) upon receipt of a f)1lll1 suf\ley on a form acceptable to Buyer. the total square footage of the Subject Property shall be determined by Seller and Buyer. and upon such determination. Seller and Buyer sball adjust the Purcbase price in order that the sum paid by Buyer to Seller in accordance with the allocated in Section 2.1, sball reflect a price of 2.2) The parties agree that Purchase Price shall also be adjusted to reflect the $24,600 per acre; appropriate amount of interest due on the Closing Date in accordance with the calculation provided in Paragraph 2.1. SECTION 3. TITLE MATTERS. 3.1) Seller, at its own expense. shall furnish to Buyer within fifteen (15) days hereof a current commitment for the issuance of a current ALTA Fonn B owner's policY of title inS1lrance (the "Cornrnltment") issued by a Title Company acceptable to Buyer ("Title") in the amount of the Purchase Price. committing to \nS1lIC that Buyer will have good and marketable title to the Subject Property, free of any exceptions to title. except the standard exceptions and matters to which Buyer may consent in writing, 60438 2 03/18/98 WED 15:47 FAX 612 452 5550 CAMPBELL ....-H CHAKHASSEK @004 3.2) In the event that, other than the standard exceptions and any exceptions permitted by Buyer in writing, any exceptions indicating title to the Subject Property is unmarketable are listed in the Conunitment for title insurance, then Buyer shall object to the exception, in writing, within ten (10) days after receiving the Conunitment, or the exception shall be deemed waived and accepted by Buyer. If the Seller fails to remove the same within the time allowed for closing on the Subject Property, the Buyer (at Buyer's option) shall have the right to: (a) tenninate this Agreement; or (b) waive the objection and proceed to close pursuant to this Agreement. SECTION 4. CLOSING 4.1) The closing (the "Closing") shall be at the offices of Campbell Knutson, and shall occur on a date fifteen (15) days after Buyer's contingencies have been satisfied but in no event shall the Closing take place any later than May 1, 1998 (the "Closing Date"). 4.2) On the Closing Date, Seller shall deliver to Buyer possession of the Subject Property vacant and free of any trash, debris or refuse, including any trees stockpiled on the Subject Property and all other personalty not included in the sale of the Subject Property. Until possession is delivered to Buyer, Seller shall keep and maintain the Subject Property in a neat and orderly condition and shall not alter or damage any part thereof. 4.3) Seller shall execute and deliver to Buyer: 4.3.1) At the Closing, a duly executed warranty deed free from exceptions except those specifically set forth in the Commitment which are acceptable to Buyer under the terms of this Agreement; 4.3.2) A customary affidavit that there are no unsatisfied judgments of record, no actions pending in any state or federal courts, no tax liens, and no bankruptcy proceeding filed against Seller, and no labor or materials have been furnished to the 60438 3 _ _03~~8~9~_'~D ~5..:..4LFAX 612 4~2 5550 CAMPBELL ~-H CHANHASSEN 14I 005 Subject PtOperty for wbich payment baS not been made, and that to the best of Seller's \<nowledge there are nO unrecorded InterestS relating to the Subject property; 4.3.3) AJ1 updated abStraCt of title cert1fled to the date of c1os;.ng; and 4.3.4) A certificate on a form acceptable to Seller that all of the covenants, representations and warranties of Seller as set forth In Section 5 are trUe and correct as of the Closing Date. 4.4) Seller shall pay at Closing all general real estate tal<es levied agalnst the Subject ProperlY due and payable for all years prior to the year of Closing, together with any unpaid Installments of special assessments due therewith, including Green AcreS deferred taxes. Seller shall pay at closing the remaining balance on all levied and pending special assessments owing agalr.st the Subject Property. Seller and Buyer shall prorate to the date of Closing all the general real estate taXes levied against the Subject Property due and payable in the year of Closing. If the Subject Property is a portion of one taX parcel, the prorated taXes payable herein shall be determined on a proportionate square footage basis. 4.5) Seller shall pay at Closing: 4.5.1) state deed taX on the Purchase Price; 4.5.2) all costS of updating the abstract of title and all costs associated with obtaining a title insurance commitment, including name seatches, tax searches, bankruptcy searches, and property inspection fees; 4.5.3) recording fees for corrective inst\1lI1lents required to rOl1love encumbrances and place marketable title in Buyer'S name; 4.5.4) all real estate taX obligations as outlined in paragraph 4.4; 4.5.5) all fees and costs jncUrTed. for the survey of the Subject PtOperlY described in Section 2. 4.7) Buyer shall pay at Closing: 4.7.1) all recording fees and charges relating to the liling of the deed; and " 4 6Q43& 03/18/98 WED 15:48 FAX 612 452 5550 CAMPBELL +'H CHANHASSEN I4J 006 4.7.2) title insurance premiums. 4.8) Seller and Buyer shall equally share the Closing fee charged by the title company. SECTION 5.. COVENANTS. REPRESENTATIONS. AND \VARRANTIES OF SELLER 5.1) Seller represents, warrants, and covenants with Buyer and its successors and assigns that to the best of Seller's actual knowledge and without any investigation or inquiry: 5.1.1) There are no leases, options, purchase agreements, rights to redeem, tenancy agreements, or rights of occupancy, written or verbal, and no person or party has, or will have any rights of adverse possession, regarding the Subject Property; 5.1.2) Seller will maintain in force insurance against public liability from such risk and to such limits as in accordance with prudent business practice and suitable to the Subject Property from the date hereof to the Closing Date; 5.1.3) To the best knowledge of Seller, no entity or person has, at any time: i) "released" or actively or passively consented to the "release" or "threatened release" of any Hazardous Substance (as defined below) from any "facility" or "vessel" located on or used in connection with the Subject Property; or ii) taken any action in "response" to a "release" in cormection with the Subject Property; or iii) otherwise engaged in any activity or omitted to take any action which could subject Seller or Buyer to claims for intentional or negligent torts, strict or absolute liability, either pursuant to statute or common law, in connection with Hazardous Substances (as defined below) located in or on the Subject Property, including the generating, transporting, treating, storage, or manufacture of any Hazardous Substance (as defined below). The terms set within quotation marks above shall have the meaning given to them in the Comprehensive Environmental Response and Liability Act, 42 D.S.C. Sec. 9601 et seq., as amended ("CERCLA") and any state environmental laws. 5 .1.4) Seller, or any other person or entity, has not, at any time. ever installed, used, or removed any underground storage tank on or in connection with the Subject Property; and 60438 5 !.3/18/98 WED 15: 48 FAX 612 452 5550 CAMPBELL +H CHA~HASSEN 14l00i 5.1.5) A$ part of this agreement, Seller shall execute a well disclosure certificate attaChed hereto as Exhibit "B". Seller sball deliver the well certifICate to Buyer on the date of execution of this agreement. Seller w.trants that .11 statementS set forth in the well certificate are true, accurate, and complete to the best of SeUer's knowledge. 5.2} The covenants, representations, and warranties contained in Section 5 shaU be deemed to benefit Buyer and its snccessors and assigns and shall snIVive any te(lll\nation or expiration of this 1'1JrChasO Agreement or the giving of the Deed. All of SeUer's covenants, representations and warranties in this Agreement shall be true as of the date hereof and of the Closing Date, and sball be a condition precedent to the perform.nce of Buyer'S obligations hereunder. If Buyer discovers that any such covenant, representation, or warranty is not true, Buyer may eleet prior to closing, in addition to any of its other rights and remedies, to cancel this Agree\Uent, or Buyer roay postpone the Closing Date up to sixty (60) days to allow time for correction. 5.3) Seller Is, or by Closing will have a1I requisite power and authority to execute and deliver this Agreement and the documents listed in Section 4 above. 6.1) Buyer and its agents shall have the right, at Buyer'S sole option, to enter the SECTION 6. :rESTING Subject PropertY without charge and at all reasonable tiInes after the execution of this Agreement, to perform investigation and tests as Buyer may reasonably deem appropriate. If Buyer investigates and tests the Subject PropertY pursuant to this section, Buyer shall pay all costs and OJq>ellses of such investigation and testing and shall indemnify and hold SeUer and the Subject Property ])annless from all costs and liabilities arising out of Buyer'S activities. If the purchase and sale contemplated by this Agreement is not closed, Buyer shall repair and 6 60438 03/18/98 WED 15:49 FAX 612 452 5550 CAMPBELL +'H CHAKHASSEN @008 restore any damage to the Subject Property caused by Buyer's investigation or testing, at Buyer's expense, and shall return the Subject Property to substantially the same condition as existed prior to such entry. The provisions of this Section shall survive closing or cancellation of the Purchase Agreement. SECTION 7. CONTINGENCIES 7.1) The obligations of Buyer under this Agreement are contingent upon each of the following (the "Buyer Contingencies "): 7.1.1) The representations and warranties of Seller set forth in Section 5 of this Agreement must be true as of the date of this Agreement and on the Closing Date, and Seller shall have delivered to Buyer at Closing a certificate dated the Closing Date, signed by Seller, certifying that such representations and warranties are true as of the Closing Date. 7.1.2) Within 14 days of the date of execution of this Agreement, Buyer shall have determined, that it is satisfied, in its sole discretion, with the results and matters disclosed by a Phase I Environmental Audit or by any environmental/engineering or soil investigation or testing of the Subject Property performed by Buyer or Buyer's agent. 7.1.3) Buyer shall have detelUlined that it is satisfied, in its sole discretion, with the results of and matters disclosed by the survey within 14 days of the survey being delivered to Buyer by Seller. 7.1.4) Seller executing a Promissory Note acceptable to Buyer for repayment of the Purchase Price including interest to Buyer for the Subject Property. 7.1.5) Execution by the Seller and Buyer of an amendment to the Development Contract for Springfield First Addition requiring Seller to repay the Purchase Price including interest for the Subject Property as a condition to platting future Springfield Additions other than Springfield First, Second and Third Additions. If the Buyer Contingencies have not been satisfied on or before the Closing Date, then Buyer may, at Buyer's option, tenninate this Agreement by giving written notice to Seller on or before the Closing Date. Upon such tennination, neither party shall have any further 60438 7 03/18/98 WED 15:50 FAX 612 452 5550 CAMPBELL ....-H CHANHASSEN laJ 009 rigblS or obligations under this Agreement. The Buyer Contingencies are for the sole and eJ<Clusive beuefit of Buyer, and Buyer sball bave the right to waive the Buyer Contingencies by giving written notice to Seller. 8.1) The covenants and representations made by Seller sball survive the Ciosing of SECTION 8. ~SCELLANEOUS this transaction. 8.2) Seller bereby in<\e1IUlifleS Buyer for any e1ann, cost. or damage related to any brokerage fee jncurred by Seller due to any acts or agreements of Seller in connection with tbis Agreement. 8.3) Any notice. demand. or request which may he permitted, requned or desired to be given in connection herewith sball be in writing and sent by certified mail. hand delivery. overnigbt mail service such as Federal Express, or Western Union telegram or other form of telegraphic communication, directed to Seller or Buyer. AnY notice shall be deemed effective when delivered to the partY to whom it is directed. Unless other addresses are given in writing. notices sbaII be sent to Seller or Buyer at the applicable address stated on the rust page of this Agreement. 8.4) TiD1e shall he of the essence in this Agreement. Where any date or time prescribed hy this Agreement falls on a Saturday. SundaY or statutory holiday, such date or time shall automatically be extended to the next normal business day. 8.5) Each partY hereto sball proroptly, on the request of the other partY. have acknowledged and delivered to the other partY any and all furlher instromentS and a,surance, 8 6043~ 03/18/98 WED 15:50 FAX 612 452 5550 CAMPBELL "H~ CHANHASSEN /4]010 reasonably requested or appropriate to evidence or give effect to the provisions of this Agreement. 8.6) This Agreement represents the entire agreement of the parties with respect to the Subject Property and all prior agreements, understandings, or negotiations between the parties are hereby revoked and superseded hereby. No representations, warranties, inducements, or oral agreements hav~ been made by any of the parties, except as expressly set forth herein, or in other contemporaneous written agreements. This Agreement may not be changed, modified or rescinded, except by a written agreement signed by both parties hereto. 8.7) If Buyer defaults under any of the tenus hereof, then Seller shall have the right, in addition to whatever other remedies are available to Seller at law or in equity, including without limitation, specific perfonnance, damages, including attorney's fees, to cancellation of this Agreement. 8.8) If Seller defaults under any of the tenns hereof, including, without limitation, the delivery of marketable title to the Subject Property as set forth in Section 4 hereof, and any of Seller's representations, covenants, and warranties in Section 5 hereof, then Buyer shall have the right to specific performance or to cancellation of this Agreement. In no event shall Seller be liable for any damages for any default or breach by Seller hereunder. 8.9) If any provision of this Agreement is declared void or unenforceable, such provision shall be deemed severed from this Agreement, which shall otherwise remain in full force and effect. 60438 9 _._ 0~118/98 WED 15: 51 FAX 612 452 5550 CAMPBELL -+++ CHANHASSEN raJOH 8.10) Failure of any partY to exercise any right or option arising out of a breach of this Agreement shall not be (\eelned a waiver of any right or option with respect to any subsequent or different breach. or the continuance of any existing breach. 8.11) This Agreement shall Inure to the benefit of and be binding upon the parties hereto and their respective heirs, persoJllll representatives, successors and assigns. 8.12) This Agreement shall be construed in accordance with the la.ws of the State of Minnesota. IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written. CITY OF CHANHASSEN SELLER: LUNDGREN BROTHERS CONSTRUCTION BUYER: By: _ Nancy K. MancinO, Mayor By: _ Its President By: Don Ashworth City Manager/Clerk STATE OF MINNESOTA ) ) 58. COUNTY OF CARVER ) The foregoing jnstrmllent was acknOwledged before me this day of _ ' 1997, by Nancy K. Mancino and by Don Ashworth, respectively the Mayor and City Manager/Clerk. of the CITY OF CHANflASSEN, a Minnesota municipal corporation. on behalf of the corporation and pursuant to the authority granted by its City council. Notary Public 10 6043! 03/18/98 WED 15:51 FAX 612 452 5550 CAMPBELL -H-+ CHANHASSEN @012 STATE OF MINNESOTA ) ) 5S. COUNTY OF ) The foregoing instrument was' acknowledged before me this _ day of , 1997, by the of a Minnesota corporation, on its behalf. Notary Public THIS INSTRUMENT WAS DRAFTED BY: CAMPBELL KNUTSON 317 Eagandale Office Center 1380 Corporate Center Curve Eagan, MN 55121 Telephone: (612) 452-5000 AMP 601+38 11 i OJ 03/18/98 WED 15:52 FAX 612 452 5550 CAMPBELL EXHIBIT II A" to REAL ESTA.TE PURCHASE AGREEMENT 12 6043t ~++ CHA01HASSEN I4l 013