CR 94-02 PA - 302 Blake Road
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January 2, 1994 o P K \ ~ Council Report 94-2
PURCHASE AGREEMENT - 302 BLAKE ROAD
Proposed Action.
Staff recommends adoption of the following motion: Move to
authorize the Mayor and city Manager to execute an extension to
the purchase aqreement dated June 22. 1993 with Richard B.
Shaller for the sale of the property located at 302 Blake Road
subject to approval of a conditional use permit.
Approval of the above action will allow execution of the subject
agreement.
Overview
Mr. Shaller is proposing to construct a Big Wheel/Rossi auto
repair facility on city property located at the northwest corner
. of County Road 3 and Second street NE. In June of 1993 the city
entered into a purchase agreement which required Mr. Shaller to
complete certain contingencies and close on the property by
November 15, 1993. However, because of concerns with the project
there has been a delay in the approval of a conditional use
permit.
At the January 4, 1994 city Council meeting the applicant is
requesting approval of a conditional use permit for the project.
If approved the purchase agreement with the city needs to be
extended. Presently the agreement as executed requires a closing
on the property by November 15, 1993 with completion of the
project construction by December 31, 1994. The document
presently under consideration would extend the closing date to
June 1, 1994 with the completion of construction the same as
previously agreed.
Supporting Documents
0 Purchase agreement dated June 22, 1993
0 Extension agreement
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James D. Kerr igan L;/' \
Director of Plannfng & Economic Development
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PURCHASE AGREEMENT
THIS AGREEMENT, made as of this 22th day of June, 1993, by
and between the City of Hopkins, a Minne:;>sota Municipal
Corporation ("Selle:;>r") and Richard 0 Shaller ("Buyer").
.... .
WI Tj\lESSETH:
WHEREh5, Seller 1.S now the fee owner of certain real
property situated J..n the County of Hennepin, State of Minnesota,
cornmon:y knov-!n as 302 Blake Road, Hopkins, Minnesota, and
legally cescribed 1.n Exhibit A attached hereto and made a par-t
hereof;
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and
W~EREhS, a certain building and improvements (which togetner
are hereinafter refel""rE'd to as the "Building") arE' located on
said real pl""operty (the Building and real property belng
. hereinafter referred to as the "Property CO) .
NOW, T~EREFORE, in consideration of the mutual covenants and
cond i tiorlS hereinafter expressed, the Earnest Money (as set forth
be 1 DW ) . and other good and val Ll a b 1 e ccn51.deration, the adequacy
and receipt of which is hereby acknowledged, Buyer and Seller
agree as follows:
1- ~PLE. Buyer agrees to purchase the Property from
Seller, C\nd Seller- agrees to se 11 the Pr-operty to Buyer on the
terms and subject to the conditions hereinafter set for-tho
..c... . P:'JPCH~=,c PRICE AND PAYMENT. Suyer agrees to PdY the
3moun t of One Hundr-ed Five Thousand and 00/100 C-0113rs
($105,000.0(>) --F-"....,_ the Property ( "PLlrchase Price" ) 1.n the
, ~,
following manner:
a . Ear-nest mc.n e",t 1.n the amount of One Thousand and 00/100--
0011-a:"5 ( :;; 1,000.00) . receipt of which amount is herebY'
acknowled::J'?d by Seller. Said Ea rnes t Money s ha 11 be
depos.ltec in the t ru s t account of broker, Bessesen
P,oper-ti€s, Inc.
b. The balance by cash at the date of closing.
. ~ DATE OF [i_OS I NG . The date of ClOSlng shall be on Or-'
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before (at Buyer's option) November 15, 1993 provided a 11
conditions are satisfied herein; at which time Seller-' s ha 11
deliver a Warrant'! Deed for the PropErty and such other
GCJC\..Jmen ta ticn refer.--ed to at par-'agraph 7 hereof. Time being CJf
the essence, l.n tre even t the transaction does not close on or-
.
before the i'lovember 15, (through no fault of Buyer and Buyer is
ready. willing and able to perform its obll.gations he rei_In d er) ,
this Purchase Agreement s ha 11 terminate, and Seller- shall
immediately reimbLtrse to Buyer- an,! and all Ear-nest Money. In the
even t all the conditions set forth her-ein are satisfied, Buyer-
wi 1 1 close within 30 days of satisfaction of all the conditions
described herein.
4. REAL ESTATE TAXES. SPECIAL ASS::::SSMENTS Hj\JD PRORATIONS.
a . Se 11 e r represents that all real estate taxes and
installments of special assessments dL,e and
payable in all year-s pr~or to the year of Closing
have been paid ~n full. Peal es t."' te taxes due and
payable l.n the yea;- of Closing shall prorated to
the date of closing, on a calendar year basis.
Unpaid, levied, and pending special assessments
existing on the date of C losin';J s ha 11 be paid by
Seller on the date of Closing. Buyer shall pay
all taxes due and f:c,yable in the year after
Closing.
.
c; DOCUMENT INSPECTION/CONDITIONS PRECEDEI'IT. Within the
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specified time periods. or as soon tt-;ereafter as reasonably
practical, and at Seller's cost, Se 11 e:'"' s ha 11 provide Buyer with
the items indicated below.
With~n 15 days of acceptance by all parties he;-ein:
a . A current Registered PrODer-tl .:\bstract or Abstract
of Title certified to date. Seller- may alternately
provide a Title Commitment. " .t: Seller provides a
J. '
Registered Property Abstract ''"-', Abstract of Title,
BUY2;- shall pay all Titl2 Ccmm i trner; t ~ees. Copies of all
mortgages, assignments of rent, secu.it.y agreements or
other liens affecting the Pr-ooer--.y shall be provided
with the Registered Property AD'S tract or Title
Commitment. In any even t EI..1',E'C- s'la:l pay the cost of
any title insurance policy is;:;uEd in connection with
this Agreement.
Buyer shall be allowed sixty ( :2(1 ) d",ys after receipt of
said Registered Property Abstract or Title commitment
for examination and the making of any objections as to
. marketability of title of the P-cpe...-ty. Said objections
to be made l.n writing or d2ened waived. I f any
objections are 50 made, the 5el~er s ha 11 be allowed One
Hundred Twenty (120) days to ma....e s;\ch title marketable.
Pending corr2ction of title. tl-e pajments hereunder
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r e q '_I ire d s ha 1 1 be post;Jonec, bu t upon correction of
title and within ten ( 10) days after wr-itten lioti.ce of
co r n;> c t i on to the Buyer, tr.2 pa,~ti2s shall perform this
ag r-eemen t accor,j l.ng to its terms. Seller shall paj for
the cost of l.ssul.ng the title -::ommitment and Buy'er shall
pay the owner S title lnSurance premlL\ll1 .
Within 15 days of acceptance by all parties hereto, 5211 e r sMa 11 .
_ J.. its own e~<pense, provide the following:
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a . Prints of the survey of the Propert; attached to this
agreement as E;~hl.bit A.
- b. Copies of all easements, restrictions and ether
encumbrances or s2rvitude benefiting or bLlrden ing the
Property.
c. Curr2nt real estC\te tax statements.
. .... . Copies of any and all e~<isting soil tes ts ~n.rj
envir-onmental tests pr2viously done relatirg to ~r:e
Property which ar-e' In 52112r-'S possessl.or cr- ,3re
available to 5211er.
Within sixty (60) days of acceptance of this Agr-eeme;""1t Cine
at Buyer-'s cost, ELlyer- shall obtaln the following:
a. Report commonly knc;..Jn as a 'tPhase I " r-eport fr-om -
reputable environment3l consu 1 tan t as to the presence of
any hazar-doLiS materials on or affecting the Property.
For- purposes of this Ag r-ee:nen t, "hazardous material~"
r-efer-s tw an'! asbestos, urea-fG~maldehy~e f ':lamed - i;>-.
place insulation or ~oly~chlorinated biphenyl, cr- a'~,/
other- hazar-dCJLls or tc>< i c materials; the tJse :'I hand 1 in';;,
star-age, manufacture, t,~anspo"..tation or disposal or
which lS regulated by ar,y federal, state or local 1 a:rJ "
ordinance. rule, reg:...dation or policy. If Bu. y e ~ elect,:;
to obtaln a Phase I I environmental report, a I 1 exper;Si?'5
associated therewith shall be paid by the Buyer-. Suyer-
shall notify Seller within 20 days of receipt of the
phase I repor-t of such election.
b. Soil tests to determine the correction, if any, that ma/
be n e cessar:;, t,:) const,.-uct the Sl.ze and type I~-f
building Llpon the site that the Buyer lS propcs 1 r, g ,
. whl.ch lS a Big Wheel/Rossi automotiVi:i;! serVlCE facilit";'
(the "Improvements")
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Buyer shall have twen ty (20) days after receipt of each of t~e
as bLl i 1 t surveys, PhaSE: I environmental :--e;Jort and '30 i 1 tests to
be ob':ained by Buyer to examlne them ("Peview Fe"-iod") . I r1 the
e')en t the Buyer In its sole discretion lS not satisfied v-li th 5t_\ch
dOCLlmen ts., Buyer may cancel this Ag :-eemen t by w:--itten notice to
Seller any time within the Review Period and In such even t this
Agr-eement shall be nu 11 and void and Buyer's earnest money shall
be promptly returned. Buyer shall p~otect.. .,......l . .L- and hold
l.no....Jemn l I Y
Seller harmless from all damage and e:< pense associated with
testing, inspection and surveying to be performed by or on behalf
of Buyer.
6. CT7C" PLAN -APPRO'v'AL. Within 75 days of the date of this
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agreemen t, Buyer sha 11 deslgn, In cooperation with the Ci ty \..J .
Hopkins planning staff, a site plan including; building s~ze,
shape, and configuration; parking 1 a y au t , 1 andsc.3ping; access and
egress; signage (building and py Ion) and complying . -!-' all
wl...n
requirements of the codes and or-dinances of the Clty of Hopkins;
for their in tended use of auto service. Buyer shall also su bm it
. an applicati:::.n for a Conditional Use Feimlt - l- h' 60 days of the
W~ '-J l~n
date of this agreement, with all expenS02S incu..-red ~n ccnn02ction
with the preparation and submission of the site plan and
Conditional Use Permit shall be pai.d by the SUfer. ELl Y e ! s~all
also submit to the Cit; of Hopkins all applications, fees plar,s
and specifications as shall be required for approval of BLtye:r-5
planned construction of the Improvements. In the event ELl)-'=i has
not obtained all required approvals for construction 07 the
Improvements b:' November 1, 1993, this agr-eement h l' become
Sol la..l" 1
null and void and the earnest monel shall De rEturned to Buyer,
:=eller iTlak2s no warranty the P:--operty lS suitable f-~ Buyer-'s
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.:.ntended use. Buyer shall be solely r-esponsible fer all
r- ~ !=i L~ i r 2 en e n t s of the City of Hopkins for- app:--o'/a 1 of 8Lt~/Er- s
p,~cposed development, in.=luding such conditions and r-equir-ements
.3S the City of W ,. shall, In iI-- sole discr-etion.'1 attach to
"opKlns '-'"
31...;ch approval as necessary or ai=p:--oprlate to aSS'Jr-e accept="ble
site plan and buildlng design and j::iotect adja'C:ent pr-cpe~tI f:--om
i=ctential neqative impacts.
~~~ 7. DEf'1OL I T I Oi'~ . Buyer shall perform l,.o;ithin 6() d9.Ys
following tr,e closing, the physlcal :--emoval of the e;-:isting
structur-e tha t lS on the propeY'ty and all debris as a result of
such :--emova, I . This work shall be at the sole e~pense of the Buye.~.
Tile. b...yel' '3ha 11 also cap the abandoned we 11 in accordance with all state,
. city and feder-al regulations, at the e;~pense of the Buyer.
v.jithin 30 days from the date of acceptance hereln of this
~~g reemen t by all par-ties Buyer- sha 11 have obtained +.;......".,. h,,-I.- to
I J..' >jI ....'...J.."---' ~
ccmplete the above mentioned wc..-v.
a.
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8. DOCUr'!ENTS TO BE eEL I VERED Of\} DATE O,c CLOSING. Subject
t:J f:..: II, complete and ti'l1el/ pe,.- f':Jrman ce by Bu/-ec.- of its
ccligatior:s herei.n, 5e 11 e r shall deliver to SUi/er on the c::;te of
Closir.g the documents indicated below:
a . Two originals of the conveyanclng insti'""uments
contemplated at pai'""agr-aph -,- hereof; duly e~~ecuted and
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acknowledged by Seller.
b. Affida,,'it. In the cus':omary for-m, relative to judgments,
federal ta;( llens, mechanic s liens, bankruptcy and
outstanding interests In the Property an,j non-foreign
cwnership.
c. Assignment D-t all . -1--' leases. a p p rc\/ed by EUYEi'""
e;-:ls"lng
together with an ass:.Jmp tien by Bu.yer and consent of
thi~d part;;.
rl FL\ 11 y e'{Ecuted termination of any lease net approved \--"
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Eu/er.
. E. Cor-pGr-ate resolution or ot.he~ aperopriate resolution In
written Torm acJt:nowledging the authority of the persons
E"< E CU t i ng documents on behalf of Seller to ar;.. on behalf
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of Seller-.
Se 11 e r shall pool'; for an/ deed tax and the cost of reccr-ding an >'
documents necessar-y b:J est3blish marketable, insu.~dble and record
title in Seller-. Bu/,=,r- and 5e 11 er agr-ee to execute ai'Y ft...l rther
instruments, documei'ts and a.greements reasor.aoly neCeS5.:lry to
effectuate the terms of the sale of the Pr-operty 35 described in
thlS Agreemer, t.
9. REPPE~FNT;:'T I "" 1::- ~['-i1J W~RRAf'JT I C:S OF '=:~~LEP . Se 11 e:--
represents, war ~ 3 Ii -: S :?, ,-' :: a:rees now and as of the date of Closing
as follows;
a. Seller acr22S :~ cc~vel to EL.)fer, together with the
Proper-ty. - 1 1 s~.. c~ r.:.g ht, title and interest of Seller,
d ~. .l.
including ~LJ i t. ---::::, t~ ~ t limitation, a 11 of Seller s right,
title and 1 i'~ t 2 ,.- ~.~ t In any streets or easements adjaci='nt
thereto whid' [TO.?," be vacated, abandoned or released in
the future.
b. That the Pro ~ e .~ t ~.' lS a separate pdrcel which may be
. transferred w -=.. t r 0 ~_t t platting or subdivislon c.pproval.
c. That the,.-e are 1"_' e'~ L 5 tin 9 p r-o ceed i.~. ~ s nor.. to the bes:.
of 5;=;11;::"-'5 ~ ',c '.-J 1 e d ,~e , any thr2d ter,ec proceedirgs
again',,:,: the F 1-- =;-e:-- t ''( or owners t~er=,of, e.:.t:,er
administr-ati'c '2 .--"" jLidlC-l.alll en o3cc:;ur, t of any' o31Iegec
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violation of an'( lairls, any :'"'ules. r-egulations or o:--der-,
and that there lS no litigation or- condemnation perding,
nor to the best of Seller-'s knowledge, threatened. which
would affect the Pr-cper-ty or the i ~S2 thereof by SI_lyer.
d. That the person e~ecuting this Agreement on behalf of
Selle,.-- has full aLlthority to bind the Property and the
Se 11 e r to this Agreement.
, 'j C;::;SUALTY LOSS. The risk of loss f~om fire or other
.l. 1....' .
ca..sua 1 t y s ha 11 r-emain on 512 11 er until Closing. I f p,~lO, to
Closing any ionprc\lements on the Property are damaged by fire or-
other casualty, Selle:'"' s ha 11 notify 81.1 Y e r In .... of 1--
wrll...lng .....fle
casua 1 ty within three (3 ) days of its occurrence and Buyer shall
within twenty (20) days of the notice h2.ve the election of
pr-oceeding with the closing or 1 . this Pu,.--chase Ag reemerl t
cance~lng
a"d receiving back the earnest money deposited, a 11 subject to
the terms of any lease of the Propert:-' .
.
11. cor'mEi'1r'~AT I ON. The risk of loss frcm condemnation or
thl"eat thereof s ha 11 remai.n on 5e112r +- . , Clcsi-,g. ?-<; pfio~ to
unl...l.~ 1 I
Closing any of the Property lS con d emr, ed 1_\ neE r the powel" of
eminent domain or lS the subject of a t~reatened c8ndemGaticn..
5eller- s ha 11 notify 8L<yer In . I- - cf tha t threat or
wrll....:.ng
c-::::nde'T1nation within three (3 ) days of lts C)CCl_trr-en ce. Buyer-
sha 11 within ten (10 ) days of the notice hove tI--:e option of
proceeding with the Closing and r e c e 1. v l -. .~ the award or
condemnation paymen t (or any assignment thereof if the 52-me lS
n~+- r-eceived by Closing), or canceli.ng th.l.s P l_t f""'" C r. ,3 ':; e Agreement
w...
and r-ecE1vlng back the earnest money d~'pO'~ i :.~d . -311 subject to
the terms of any lease of the Property.
12.. REAL ESTATE BROKERS. Se 11 e r an(~ P ,_; ,.- c h a 5 e r- Each
represents and wa:'"'rdnts to the ether tha t r.el.the:-- h-5. s emplDyed
any r-eal estate a g en t , broker- or finder- 1n c;~rr,ection with tre
contemplated transaction, with the e:'<cep ti2n of Eesse'sen
Proper-ties, In c. 5eller- further acknowledges -::.h-3t Bessesen
Proper-ties, r nc. 1.S entitled to a fee of ten pE1icen t ( 10.1.) of the
PLI r chase Price, subject to the ter-ms and cond:tlons of the Fee
Agreement attached her-eto as Exhibit 8. Such fee s ha 11 be paid
entirely by the Seller at the date and time of Clo3lng.
.
13. MISCELLANEOUS.
a . Seller- and Buyer do hereby ack::8wlE::.~e :ha t tlme lS of
the essence of this Ag r-eemen t .
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b. All notices, demand::; -ol.rd r-ei:Juests "'Jhl eh ma'/ be g~'1en Q;'"'
served or which are ;'"'ECjuired +-~ be '~.l \/en or se;'"'ved by
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ei.:.her pa~ t y to the other she. 11 be ~n writ~ng and s na 11
te pe,~sonall/ delivered or ser: t via Unit'2d States mail,
certified ma. i 1 . return receipt r-equested, postage
prepaid, addressed as follows:
~ "' to 5elle,~: City of Hopkins
1 I
1010 First Street South
rcpkins, f'1inneso ta 55343
Attn: James Kerrigan
If to Buyer: Ri.chard 8. Shaller-
8.::..g Wheel Al:to Stores
2300 Pilot Knob Road
I"!er:dota Heights. f'1inneso ta 55120
Notices., demands and requests by the Se 11 e r- or- B L\ Y e r 111
. the manr,e r afcresaid shall be deemed sufficiently s2rved
0:-- g.lven f~~ all purpOSE'S hereunder two days afte:-- the
wi
timE' of such ~. demand request 5 ha 11 be ~11ai 1 ed.
nO,-J.ce, or
Either pa:--ti may change the place t.o which Ilotice 1.5 tc
bE' sent b'/ 5er~vlnl~ a . l--+- noti:::e thereof '_(pon the
Wi 1. I." ,_en
other 1.n accordance with the tel"-iTIS herec f.
d. This Agr"eement shall inu~e to the benefit of and shall
be bindi'lg upon, the heirs, adrniilistra tors, 5 l_~ C C E 5 S C ~ s
and ass1.gns of the par-ties hereto. Ell: y e r s ha 11 have the
ri~ht to asslgn its rights In this Furchdse Ag reemen t
p;"'10r to Closing su::Jject to Se 11 e:-- . S r-eason3ble right 0';-
app;",o'la 1 .
E'. This offer shall e;,-<pi,~e at 5:00 P .1"1. on Friday .July ~,lj .
1993 unless prior the~et.~ It 1.5 acce~ted by Seller and
an e~~ ecu ted coP/ ther-eof delivered to Buyer-.
f. This Ag reemen t shall be construed 1.<1 acc:orddnCE' with the
laws of the state ~n which the Pr-ope~t/ is located.
15. CCMPLETION OF I i'1PROl)Ei'1ENTS
. C\. 8L: y e r agrees to appl/ arc! S 1I b m .f. t all req'_l i r-ed
infermation for the Issuance of a builcing per-mit for the
Impr"ovemelfts no later tharl December 31, 1 .~ Cl ~ I f Buyer -:'~ils to
.." . -' .
c;:Jmp 1 e te constructior. of the I mpro'v'eme;-, ts, as 2\li-jenced by
i5suailce of a ::er- ti f i::a te of Occupancy, h'd tre e3rlle,.-- 0+ i) the
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date which is ::? 1 'J days after the d",te of .1 S SLla.n c e of the bui.ldir.,;
per:nit, or . . \ Decemoer -1 1994, 5e 11 er s ha 1 1 have the cptio:i
ll, T_'.J.. .
to ~e-en ter-- ar.d take pos3esslon of all of the real pioper- t."/
described in Exhibit A hereto and to terll1ir.a te and rev es t 1'1
Se 1 1 e:-- the estate conveyed to BU"/ei, it be i r";J thE in ten t of this
prO'vls.:.on, that the War"-anty Deed conveying the Proce:--t.! to 2uyer-
shall con ta in a condition subSEquent to the effect that Seller
may. at i+-~ option, declare a re\-/ers l on ln fa'/or of Se 11 e r of the
~'"
title to the Prc~perty cO:Jveyed to BUjEr, and to ani assi~ns or
suc~esscrs .:.r, interest to the Property, af';d the. t title shall
re'''e r t to and be VEsted in Seller, <:::ubject to the following
con,ji tions:
(i) Seller sha 11 notify B\_~yer , in wr1tlng and within
thirt}' (30) dajs f 0 1 1 0 Ir!l n 9 tr-;E earlier of the dates referred to
-'- I ~ the second sentence of this paragraph 15, of Sellers's in ten t
to e:..-: 2iClse the Option, and
( i i ) Such notice shall be accompanied b)1 Se lIe r 5
check, in the amoun t of $94,500.00.
. The Cf:ticn srall termirlate '';: Seller fails t.~ e ~.~ e r = 1 se the same
1.
,",' specified thi::; subpara;rap;, and 5211 e r 5 ha 11 ,
lil ~ne ma.nne"- in
upor' reqUEst f r-cm BL~yer , furnish a r-e-=c~rd:?.ble certifi:=:3.te
e "Ii i j e ri C .: r; g tr-:e te~minaticn of the Option. ' ~ additior" 5el12"-
..L"
.=agr-ees to pro'Y"ide ELl y e r wi-!::.h a ..--ecor-dable certificate e\/idencinf~
+-' - cGfT1ple::.icn or construction of the Impr-ovemencs and
....n:::-
ter~iil3:,::,c,n cf the Option upon issuance of a Certificate of
o C C f_l D'::; n c y b:.... the City of Hopkins.
C:=< 1 .::::;;. BUYER:
.....;1...........:............ .
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- '_ r- 1"'", I ,-="
= 7- = ; Mayor --.:: ,
-
~~::-~~ -
--
B .' I ~s = City Manager
DatRd'~' ,,3 , 1993 Dated: ~'1 , /J- ,1993:"
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.
ACCEPTANCE OF EARNEST MONEY BY BROKER
The undersigned, as listing broker, hereby acknowledges
receipt from BUjer above named of the sum of One lho~sand Dollars
(Sl,000.00) as Earnest Money and agrees to hold and disburse the
same In accordance with the terms and conditions of the Agreement
set forth above. ~
. U _
':;~-i::"'/"'?t-, -:t.. ~,~ /v:. C ,( Broker)
BY'~ .;/ ~~
/~~ f\ / ~.
JtL~ ?Ar-.rJ. L./k, ~3 {6-+\n ~ (! E g \J~Ji .
.".~.~ ~ "Ji C-
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9
.
- AMENDMENT TO PURCHASE AGREEMENT (THE " PURCHASE
AGREEMENT" ) DATED JUNE 22. 1993. BY AND BETWEEN
THE CITY OF HOPKINS. MINNESOTA ( "SELLER") AND
RICHARD B. SHALLER ( "BUYER" )
Seller and Buyer agree that the Purchase Agreement shall be
and is hereby amended, as follows:
1- Paragraph 3 of the Purchase Agreement is hereby modified
to change the date of closing from on or before November 15, 1993
to on or before June 1, 1994.
I
2. Buyer acknowledges receipt of all of the documents
required to be provided to Buyer by Seller under Paragraph 5 of the
Purchase Agreement. Paragraph 5 is hereby modified to specify that
Buyer shall have until January 30, 1994 to notify Seller if Buyer
disapproves of or objects to any document provided by Seller to
. Buyer pursuant to Paragraph 5 of the Purchase Agreement.
3. Paragraph 5 of the Purchase Agreement is further modified
to provide that Buyer shall have until May 1, 1994 to obtain the
environmental reports and soil tests to be obtained at Buyer's
cost, as specified in said Paragraph 5, and that Buyer shall have
until May 1, 1994 to notify Seller if Buyer disapproves of said
environmental reports and soil tests.
4 . Buyer acknowledges that it has obtained the required
approvals for construction of the Improvements referred to in
Paragraph 6 of the Purchase Agreement, and agrees that the
contingency stated in said Paragraph 6 has been satisfied. Buyer
agrees that he shall submit to Seller, on or before May 1 , 1994,
complete copies of the final plans and specifications for the
. Improvements.
. ------ . --- ---
,6 .
,
e 5. Paragraph 15 of the Purchase Agreement lS modified to
change the date on which Buyer is to apply for issuance of a
building permit from December 31, 1993 to May I, 1994.
6 . Notwithstanding the fact that the transaction contemplated
by the Purchase Agreement did not close on or before November 15,
1993, Seller and Buyer agree that the Purchase Agreement is hereby
reinstated and shall remain in full force and effect. Seller and
Buyer hereby restate, ratify, and affirm the Purchase Agreement in
all of it's terms, covenants and conditions, as modified by this
Amendment to Purchase Agreement.
7. This Amendment to Purchase Agreement is incorporated in
the Purchase Agreement by reference.
This Amendment to Purchase Agreement has been executed and
. delivered by Seller and Buyer effective as of this day of
, 199 .
-
SELLER
Date of Signature: City of Hopkins
, 199 - By
Its
, 199_ By
Its
BUYER
Date of Signature:
, 199 - By
John B. Shaller
.
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