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PURCHASE AGREEMENT <br />THIS AGREEMENT is made as of November , 2015, between Joseph Tereau, a <br />single person ("Seller"), and the City of Little Canada, a Minnesota municipal corporation <br />("Buyer"). <br />In consideration of this Agreement, Seller and Buyer agree as follows: <br />1. Sale of Property. Seller agrees to sell to Buyer, and Buyer agrees to buy from Seller, <br />the following property (collectively the "Property"). <br />(a) Real Property. The real property and fixtures located at 30 Little Canada Road, <br />East in the City of Little Canada, County of Ramsey, State of Minnesota and <br />further identified by Ramsey County Property Identification Number (PIN) 06- <br />29-22-31-0056 and legally described as follows: Except East 7 feet of Lot 9 And <br />All of Lots 10, 11, and 12, Block 5 of Round Lake Plat ("Land"), together with all <br />easements and rights benefiting or appurtenant to the Land (collectively the "Real <br />Property"). <br />(b) Personal Property. All of the personal property, (if any), situated in or about the <br />Real Property owned by Seller, including the personal property described on <br />attached Exhibit A ("Personal Property"). <br />(c) Leases. Seller's interests as lessor in all of the leases, if any, affecting the <br />Property. <br />2. Purchase Price and Manner of Payment. The total purchase price ("Purchase Price") <br />to be paid by Buyer to Seller for the Property shall be One hundred -five thousand dollars <br />($105,000.00), which Purchase Price shall be payable as follows: <br />(a) Earnest Money of $500.00 receipt of which is hereby acknowledged. <br />(b) $104,500.00 by check on or before November 20, 2015 (the "Closing Date"). <br />3. Contingencies. The obligations of Buyer under this Agreement are contingent upon <br />each of the following: <br />(a) Representations and Warranties. The representations and warranties of Seller <br />contained in this Agreement must be true now and on the Closing Date as if made <br />on the Closing Date. <br />(b) Title. Title to the Property shall be acceptable to Buyer in Buyer's sole discretion, <br />in accordance with the requirements and terms of Section 6 below. <br />(c) Performance of Seller's Obligations. Seller shall have performed all of the <br />6 <br />