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A RESOLUTION AUTHORIZING THE REPURCHASE OF CERTAIN REAL PROPERTY BETWEEN BALDWIN COLD LOGISTICS LLC, AND THE CITY OF FOLEY
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WHEREAS, BCL is the owner of certain real property located in Baldwin County, Alabama and more specifically described on Exhibit A attached hereto and made a part hereof (the “Property”); and
WHEREAS, BCL acquired the Property from the City pursuant to the Deed between the parties dated December 27, 2024 and recorded as Document Number 2163765 in the records of the Judge of Probate of Baldwin County, Alabama; and
WHEREAS, in the 2024 Development Agreement referenced in the 2024 Deed, BCL was required to develop the Property in a certain manner by a certain deadline; and
WHEREAS, BCL has advised the City that it will not be able to develop the Property as required by the Development Agreement; and
WHEREAS, BCL desires to re-convey the Property back to the City, and the City desires to re-acquire the Property, pursuant to the Development Agreement’s terms which are set forth below;
NOW, THEREFORE, in consideration of the sum of Ten Dollars ($10.00), the premises, the mutual covenants and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Seller and Purchaser hereby agree as follows:
Section 1. Purchase and Sale. Subject to the terms and conditions of this Agreement, Seller hereby agrees to sell and convey the Property to Purchaser, and Purchaser hereby agrees to purchase the Property from Seller.
Section 2. Purchase Price. The purchase price for the Property shall be SEVEN HUNDRED THIRTY-FOUR THOUSAND and No/100 Dollars ($734,000.00) (the “Purchase Price”). The Purchase Price shall be paid to Seller at Closing in immediately available funds satisfactory to Seller.
Section 3. Earnest Money. Within five (5) business days after the Effective Date, if not previously provided, Purchaser shall deposit in escrow with Gulf Shores Title Co. (the “Tit...
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