HomeMy WebLinkAbout2019-07-23 CC Packet Enclosure Oak Park Heights
Request for Council Action
Meeting Date July 23rd,2019
Time Required: 1 Minutes
Agenda Item Title: MADISON HOSPITALITY GROUP—TERMINATION OF PURCHASE AND
SALE AGREEMENT.
Agenda Placement Consent Ag- 4
Originating DeparYmentlRequ - .r. c J 11-.n.C' : •. i strator
-1"1 ./
Requester's Signature '
Action Requested Appro Ie Cancellation of Purchase and Sale Agreement
Background/Justification(P ease indicate if any previous action has been taken or if other public bodies
have advised):
The enclosed Agreement outlines the final terms of the cancellation of the purchase and sale Agreement
with Madison Hospitality Group for City owned land on Memorial Ave.Largely this is a formality,but is
recommended by the title company that holds the$70,000 in earnest money in escrow and would be a
conclusive action.
This approval would be subject to any final adjustments required by the City Attorney
Page 11 of 122
CANCELLATION OF PURCHASE AND SALE AGREEMENT
THE PURCHASE AND SALE AGREEMENT made and entered into as of the 29th day of August 2017; and the
FIRST AMENDMENT dated 12th day of April,2018;the SECOND AMENDMENT dated 30th day of August,2018;
the THIRD AMENDMENT dated 4th day of December, 2018; and the FOURTH AMENDMENT dated 111 day of
April,2019,by and between City of Oak Park Heights,a Minnesota municipal corporation(hereinafter"Seller")and
Madison Hospitality Group,LLC,or assigns(hereinafter"Buyer"),for property legally described as Lot 1,Block 1,
Stillwater Motors Addition to the City of Oak Park Heights,Washington County,Minnesota,shall be deemed
cancelled,terminated,null and void of all terms and conditions per this CANCELLATION agreement.
Upon Buyer's and Seller's execution of this CANCELLATION, Buyer shall have the right to recover Seventy
Thousand and 00/100 U.S. Dollars($70,000.00)in earnest money,held in the trust account of FSA Title Services,
LLC,through their Stillwater,Minnesota,office. FSA Title Services,LLC is authorized and directed to release the
same to Buyer.
Upon execution of this CANCELLATION,all terms and conditions of PURCHASE AND SALE AGREEMENT and
the FIRST AMENDMENT,SECOND AMENDMENT,THIRD AMENDMENT,and FOURTH AMENDMENT will
become terminated and non-binding between Buyer and Seller.
IN WITNESS WHEREOF,the parties have caused these presents to be executed as of the day and year written below.
BUYER: SELLER:
MADISON HOSPITALITY GROUP,LLC CITY OF OAK PARK HEIGHTS,MINNESOTA
By: By:
Mary McComber,Mayor
Its:
Date: By:
Eric Johnson,City Administrator
Date:
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