HomeMy WebLinkAboutIV.D - Acknowledgement of Terminination of Option - Rungoli-Panache1
ACKNOWLEDGEMENT REGARDING TERMINATION
OF REAL ESTATE OPTION
THIS ACKNOWLEDGEMENT, is made on or as of the __________ day of May, 2020, by the
Hastings Economic Development and Redevelopment Authority in and for the City of Hastings, a
public body corporate and politic under the laws of the State of Minnesota, (hereinafter referred to
as "HEDRA"), having its principal office at 101 4th Street East, Hastings, Minnesota 55033-1955,
and Rungoli LLC, a Minnesota limited liability company (hereinafter referred to as the
"Developer"), having its principal office at 1865 Fairmont Avenue, St. Paul, Minnesota 55105.
RECITALS
WHEREAS, HEDRA and Developer entered into that certain real estate option agreement
on December 17, 2018 (“Option Agreement”).
WHEREAS, HEDRA and Developer entered into an extension of the Option Agreement
on May 31, 2019 (“Extension No. 1”).
WHEREAS, HEDRA and Developer entered into a further extension of the Option
Agreement on October 31, 2019 (“Extension No. 2”).
WHEREAS, HEDRA and Developer entered into a further extension of the Option
Agreement on January 31, 2020 (“Extension No. 3”) which extended the term of the option to
April 30, 2020 (Extension No. 1, Extension No. 2 and Extension No. 3 are sometimes referred to
herein as the “Extensions”).
WHEREAS, Section 8 of the Option Agreement provides, in part: If the parties do not
agree in writing on the purchase price of the Property within 60 days after receipt of such notice,
or if the Developer does not exercise the option herein granted prior to expiration of the option
term, the obligations of the parties hereunder shall automatically terminate, the parties shall
execute and exchange a document confirming the termination of the option rights hereunder upon
request by either party, the option payment made by the Developer to HEDRA upon execution of
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this Agreement and as provided for in the Letter of Intent shall be refunded to Developer, and
neither party shall have any further obligation to the other under this Agreement.
WHEREAS, Developer did not exercise the option to purchase the Property, as defined in
the Option Agreement, on or before April 30, 2020 and the parties desire to acknowledge the same
in satisfaction of their obligations under Section 8 of the Option Agreement.
NOW, THEREFORE, HEDRA and the Developer hereby acknowledge that the
Developer did not exercise the Developer’s option to Purchase the Property during the option term
established in the Option Agreement and extended in the Extensions and as a result, the
Developer’s option to purchase the Property terminated by its own terms. Upon Developer’s
signature (with notary) and delivery of this Acknowledgement to HEDRA, HEDRA shall refund
the $1,000.00 option payment to Developer and thereafter, neither party shall have any further
obligation to the other under the Option Agreement and the Extensions.
IN WITNSS WHEREOF, the parties have executed this Agreement effective the
day of May, 2020.
RUNGOLI LLC
A Minnesota limited liability company
By: Ameeta Jaiswal-Dale
Its: CEO and Owner
ACKNOWLEDGEMENT
STATE OF MINNESOTA )
) ss.
COUNTY OF )
The foregoing instrument was acknowledged before me this _____day of May, 2020, by Ameeta
Jaiswal-Dale, the Chief Executive Officer of Rungoli LLC, a Minnesota limited liability
company.
_________________________________
Notary Public
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HASTINGS ECONOMIC DEVELOPMENT
AND REDEVELOPMENT AUTHORITY IN
AND FOR THE CITY OF HASTINGS, A
PUBLIC BODY CORPORATE AND POLITIC
UNDER THE LAWS OF THE STATE OF
MINNESOTA
By:
Martha Sullivan, President
ACKNOWLEDGEMENT
STATE OF MINNESOTA )
) ss.
COUNTY OF DAKOTA )
The foregoing instrument was acknowledged before me this _____day of May, 2020, by Martha
Sullivan, the President of Hastings Economic Development and Redevelopment Authority in and
for the City of Hastings, a public body corporate and politic under the laws of the State of
Minnesota.
_________________________________
Notary Public