e. Jail land-purchase agreement - Laserfiche WebLink

PURCHASE AGREEMENT THIS AGREEMENT is made to be effective the 15th day of December, 2008, between Cedar Crest Limited Partnership, a North Dakota Limited Partnership, the "SELLER", having an address at 402 35th Avenue North, Fargo North Dakota, and Cass County Government, a political subdivision of the State of North Dakota, the "BUYER", having an address of 211 9th Street South, Fargo, North Dakota 58103. 1. Sale of Property. The SELLER agrees to sell and the BUYER agrees to purchase on the terms hereafter stated the SELLER's right, title and interest in and to the following described Property (hereafter called the "Property"): 1.1 Property. All of the real property located in Cass County, North Dakota, as more particularly described as: The North 200 feet of the SW ~ 11-139-49, bounded on the west side by the east right of way line of 34th St S as described in Document #1025352 as recorded with the Cass County Recorder, and bounded on the east side by the west line of the property described in Document #1032608 as recorded with the Cass County Recorder, located in the City of Fargo, Cass County, North Dakota. subject to all easements, rights of way, licenses, privileges, hereditaments and appurtenances, if any, inuring to the benefit of such land, including, without implied limitation, all abutter's rights and title to all land underlying roadways adjacent to such land; 1.2 Improvements. All buildings, improvements and fixtures situated on the above-described land, if any. 2. Option for Additional Property. The SELLER agrees to offer and the BUYER agrees to purchase an exclusive option to purchase additional property under the following terms: 2.1 Additional Property. The additional property subject to the option is described as all of the property adjacent to, and immediately south of, for a distance of two hundred (200) feet, the above-described Property (hereafter called the "Additional Property"). 2.2 Price of the Additional Property. Under the Option, the BUYER shall be entitled to purchase the Additional Property at the price of Four Dollars ($4.00) per square foot. 2.3 Period of Option. This option may be exercised by BUYER giving notice to SELLER at any time between the effective date of this Purchase Agreement and one (1) year from and after the effective date, or during any extension period which may be mutually agreed upon in writing by the parties. 2.4 Price of the Option. The purchase price of the option is One Thousand Dollars ($1,000.00), which is incorporated within the Purchase Price in 93 below. 2.5 Earnest Money Deposit. Coincident with the exercise of the option, BUYER will deliver to SELLER five percent (5%) of the Purchase Price of the Additional Property, as an Earnest Money Deposit. The Earnest Money Deposit shall be in the form of a check and shall be applied toward the price of the Additional Property to be paid at Closing. The Earnest Money Deposit shall be held in an escrow account pending closing.