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1 <br />PURCHASE AGREEMENT <br /> <br /> <br />THIS AGREEMENT is made as of _________________________ between, City of <br />Little Canada, a Minnesota Municipal Corporation and Little Canada Economic <br />Development Authority (jointly “Seller") and Q3 Contracting, Inc., a Minnesota <br />Corporation ("Buyer"). <br /> <br />RECITALS: <br />Seller is the fee owner of certain real property located in Ramsey County, as <br />legally described on Exhibit A (the "Land") together with all buildings and improvements <br />constructed or located on the Land, specifically including that certain building with a <br />street address of 53 & 167 South Owasso Boulevard, Little Canada, MN 55117 ("the <br />Buildings") and all easements and rights benefiting or appurtenant to the Land <br />(collectively, the "Real Property"). <br /> <br />Buyer desires to purchase the Real Property and other property and interests <br />described in Section 1 of this Agreement (collectively, the "Property") from Seller, <br />pursuant to the terms of this Agreement. <br /> <br />Seller desires to sell the Property to Buyer, pursuant to the terms of this <br />Agreement. <br /> <br />NOW, THEREFORE, in consideration of the foregoing and other good and <br />valuable consideration, the receipt and sufficiency of which are hereby acknowledged, <br />the parties agree as follows: <br /> <br />1. Sale of Property. Seller agrees to sell to Buyer and Buyer agrees to buy from <br />Seller, the Property, which shall include all property described in this Section 1. <br /> <br />1.1 Real Property. The Real Property as described in the first Recital <br />paragraph. <br /> <br />1.2 Personal Property. All of the personal property situated in or about the <br />Real Property owned by Seller and used in the maintenance or operation of the Real <br />Property, including without limitation, those items described in the inventory attached to <br />this Agreement as Exhibit B ("Personal Property"), if any. <br /> <br />1.3 Contracts. Seller's interest in the service and maintenance contracts, <br />equipment leases and other contracts regarding the Real Property and the Personal <br />Property described on Exhibit C ("Contracts"), if any. <br /> <br />1.4 Warranties. Seller's interests in all warranties and guaranties given to, <br />assigned to or benefiting Seller or the Real Property or the Personal Property regarding <br />the acquisition, construction, design, use, operation, management or maintenance of the <br />Real Property. <br /> <br />1.5 Records. All records of Seller regarding the Real Property including all records <br />regarding operation of the Property, including without limitation, current real estate tax <br />statements and special assessment notices, and records of maintenance, repairs, services <br />and capital improvements to the Property, but excluding tax returns and such other records <br />as are normally viewed as confidential, provided that such other records are not necessary,