2014-12-10 Amendment to Purchase AgreementAMENDMENT TO PURCHASE AGREEMENT
WHEREAS, the City of Albertville, a Minnesota municipal corporation ( "Seller "),
and Fieldstone Family Homes, Inc., a Minnesota corporation ( "Buyer ") have entered into
a Vacant Land Purchase Agreement dated 10 Iq 2014 ( "Purchase
Agreement "); and
WHEREAS, Seller and Buyer desire to modify the Purchase Agreement;
NOW, THEREFORE, Seller and Buyer agree as follows:
1. Paragraph 1 of the Purchase Agreement shall be amended to read as follows:
1. SALE OF LOTS. This Agreement contemplates closings upon the purchase
and sale of the Lots (each, a "Closing" and, collectively, the "Closings ") at
different times in accordance with the following:
a. Seller hereby agrees to sell and convey to Buyer, and Buyer hereby
agrees to purchase and accept from Seller, fee title to one Lot at a Closing which
shall occur on a date that is designated by Buyer in a "Notice of Exercise" (as
defined in Section Lc hereof) and that occurs within four (4) months of the date
of this Agreement;
b. Seller hereby agrees to sell and convey to Buyer, and Buyer hereby
agrees to purchase and accept from Seller, the remaining Lots at one or more
Closings that occur in compliance with the following schedule:
(i) Closings shall occur on at least two (2) additional Lots on
or before 180 days after the date of this Agreement;
(ii) Closings shall occur on at least three (3) additional Lots on
or before the first anniversary of the date of this Agreement;
(iii) Closings shall occur on the remaining four (4) Lots within
eighteen (18) months of the date of this Agreement; and
C. To confirm its selection of the identity and sequencing of each Lot
that it purchases hereunder, Buyer shall, from time to time, deliver a written
notice to that effect to Seller for each Lot that Buyer purchases hereunder (a
"Notice of Exercise "). The Notice of Exercise shall designate the Lot or Lots that
Buyer desires to purchase and shall also designate the date that Buyer desires for
the Closing upon its purchase of such Lot or Lots, which date (the "Closing
Date ") shall occur no later than ten (10) business days after Buyer's delivery of
the Notice of Exercise.
2. Paragraph 7 of the Purchase Agreement shall be amended to read as follows:
7. AMENDMENT TO DECLARATIONS: Seller shall use its best efforts to modify
the Declarations as follows:
a. to remove the Lots and all other parcels encumbered by the
Declaration (collectively, the "Property") from the requirements
of Minn. Stat. § 515B while retaining the current Association
and the requirement that the Association continue to maintain
the private street serving the Property;
b. to eliminate the requirement in Section 9.1 that the Association
maintain the driveway located on each lot;
C. to eliminate the driveway easements set forth in Section 10.1
for Lots 3, 4, 5, 6, 8, 9, 10, 11, 12 and 13 in Block 2;
d. to eliminate the easements for encroachments set forth in
Section 13.1 for lots 3, 4, 5, 6, 8, 9, 10, 11, 12 and 13 in Block
2; and
e. to eliminate the easement for emergency access set forth in
Section 13.4 for lots 3, 4, 5, 6, 8, 9, 10, 11, 12 and 13 in Block
2.
Buyer shall be responsible for preparing the requisite paperwork to effect the
modifications to the Declaration, and Buyer shall support such modifications to
the Declaration in the event Buyer owns one or more of the lots when a vote of
the property owners is taken regarding such modifications.
Dated: December 0 2014
CITY OF ALBERTVILLE
Hendrickson, Mayor
Olson, City Clerk
FIELDSTONE FAMILY HOMES,
INC.,
By----�'
Name:
T
Its: