HomeMy WebLinkAboutIV.F - Right of First Refusal - Stretch
RIGHT OF FIRST REFUSAL
THIS AGREEMENT, dated this _____ day of __________________, 2025, by and
between Stretch Holdings LLC, a Minnesota limited liability company, and Hastings
Economic Development and Redevelopment Authority, a public body corporate and politic
organized under the laws of the State of Minnesota,hereinafter called HEDRA.
1. Right of First Refusal. In consideration of the sum of One Dollar and no/100 ($1.00)
Dollar paid by Stretch Holdings LLC to HEDRA, the receipt of which is hereby
acknowledged, HEDRA hereby grants to Stretch Holdings LLC the right of first refusal from
the date of this agreement and expiring on March 13, 2026 to purchase the following described
lots, located in the County of Dakota, State of Minnesota, legally described as follows:
All of the parcel dedicated as Public Land on the plat of Bauer’s Second Addition recorded on
August 29, 1968 as Document No. 352204;
EXCEPT that part dedicated as Parcel 259P on the Minnesota Department of
Transportation Right Of Way Plat No. 19-89 recorded on August 29, 1989 as Document No.
901710;
AND
EXCEPT that part dedicated as Outlot A and South Frontage Road on the plat of Hastings
Library Addition recorded on September 21, 1993 as Document No. 1153376.
Abstract Property
PID: 19-13401-04-101
(“Property”)
2. Notice. In the event that HEDRA should decide to sell the Property to a third party,
HEDRA shall send written notice, by certified mail, to Stretch Holdings LLC of its intention to sell
the Property and the purchase price and terms of sale, and Stretch Holdings LLC shall have five (5) business
days after receipt of the written notice to advise HEDRA of its intention to purchase the Property or not to
purchase the Property. It is agreed that the closing shall take place within sixty (60) days from the date in
which Stretch Holdings LLC exercises the right of purchase under this Agreement. In the event HEDRA
shall decide to sell the Property and Stretch Holdings LLC shall decide not to exercise this right of first
refusal, HEDRA shall then be free to sell the Property to any other third party,
3. Documents. In the event the right of first refusal is exercised, the parties agree to
provide and execute any and all necessary legal documents to effectively exercise the right of first
refusal and transfer title to the property.
4. Entire Agreement. This agreement shall not be modified or exchanged except upon
the written agreement of all the parties to this agreement. This agreement shall run with the land
and shall be binding upon and inure to the benefit of each of the parties. their successors and
assigns.
5. Governing Law. This agreement shall be interpreted and enforced according to the
laws of the State of Minnesota.
IN WITNESS WHEREOF, the parties hereto have hereunto executed this agreement the date and
year first above written.
Stretch Holdings, LLC
By:
Its: ___________________________
Hastings Economic Development and Redevelopment Authority
By: Benjamin Anderson
Its: President
By: John Hinzman
Its: Executive Director