Minnesota Land Purchase Agreement
I. Agreement Overview
This Minnesota Land Purchase Agreement ("Agreement") is entered into on January 2, 2050, by and between [Your Company Name], with its principal place of business located at [Your Company Address], and StronkCo, a company duly incorporated and existing under the laws of the State of Minnesota, with its principal place of business located at Minneapolis, MN 55401.
This Agreement sets forth the terms and conditions under which [Your Company Name] agrees to sell, and StronkCo agrees to purchase, certain real property located in Minnesota.
II. Property Description
The property subject to this Agreement ("Property") is described as follows:
Location: 789 Riverfront Drive, Minneapolis, MN 55401
Size: Approximately 25 acres.
Legal Description: As detailed in Exhibit A, attached hereto and incorporated by reference.
III. Purchase Price and Payment Terms
1. Purchase Price
The total purchase price for the Property is $5,000,000 ("Purchase Price").
2. Deposit
StronkCo shall make an initial deposit of $500,000 ("Deposit") to [Your Company Name], payable within five (5) business days of the execution of this Agreement. The Deposit shall be held in escrow by [Your Company Name]’s escrow agent and credited toward the Purchase Price at closing.
3. Balance Payment
The remaining balance of $4,500,000 shall be paid in full at closing. Payment shall be made via wire transfer to an account designated by [Your Company Name].
IV. Conditions of Sale
1. Due Diligence Period
StronkCo shall have 60 days from the execution of this Agreement ("Due Diligence Period") to inspect the Property, perform surveys, and conduct any necessary investigations.
2. Title Assurance
[Your Company Name] warrants that it holds clear and marketable title to the Property and shall provide a title commitment issued by a recognized title company within 15 days of executing this Agreement.
3. Environmental Compliance
[Your Company Name] certifies that the Property complies with all applicable environmental regulations. An independent environmental assessment report, if requested by StronkCo, shall be conducted at StronkCo’s expense during the Due Diligence Period.
V. Closing
1. Closing Date
The closing shall occur no later than April 1, 2050, at a mutually agreed location or virtually.
2. Documents to be Delivered at Closing
[Your Company Name] agrees to deliver the following documents at closing:
Warranty deed transferring title to StronkCo.
Proof of satisfaction or release of any existing liens.
Property tax clearance certificate.
Any other documents required to complete the transaction.
VI. Representations and Warranties
1. [Your Company Name]
[Your Company Name] represents and warrants that:
It is the lawful owner of the Property.
The Property is free from any encumbrances or liens, except as disclosed in Exhibit B.
The Property complies with all applicable zoning and environmental laws.
2. StronkCo
StronkCo represents and warrants that:
VII. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the State of Minnesota. Any disputes arising under this Agreement shall be resolved in the courts of Minnesota, and both parties agree to submit to the jurisdiction of these courts.
VIII. Termination
This Agreement may be terminated:
By mutual written agreement of both parties.
By StronkCo if any material defect is discovered during the Due Diligence Period that is not remedied by [Your Company Name].
By [Your Company Name] if StronkCo fails to make the Deposit or balance payment as outlined in Section III.
IX. Signatory Section
This Agreement is executed by the undersigned representatives of both parties, who warrant that they have the authority to bind their respective organizations.
For [Your Company Name]
Signed by: [Your Name]
Title: Chief Executive Officer
Date: January 2, 2050
For StronkCo
Signed by: Elvie Block
Title: President
Date: January 2, 2050
For further inquiries, please contact [Your Name] at [Your Email], or reach out to [Your Company Name] via [Your Company Email].
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