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PURCHASC AGIZ~~M~NT <br /> PURCIIAS>J ACRT~PMrNT, made as of the date that the last party executes it <br /> (`Bffeclive Date") between She CITY OF LITTLI; CANADA, a Minnesota municipal <br /> <br /> corporation ("Seller') and 12..1. MARCO CONSTRUCTION, INC., a Minnesota corporation _ <br /> ("Buyer"). <br /> K1;CITALS: <br /> A. Seiler is the owner of certain real estate situated in Ramsey County, Minnesota <br /> and legally described as Lot 1, BIock 2, Melancon Addition ("Real 13siate"); <br /> B. Seller also desires to purchase certain adjoining property from Viking Partnership <br /> as depicted on the attached exhibit A ("Viking Property"); <br /> C. Buyer desires to combine the two parcels and build a structure crossing tlae lot <br /> lines of the Real Estate and the Vikhtg Properly; and <br /> D. The parties desire to set forth their agreement by this t~a•itten instrument. <br /> NOW TITEI2T;FORF,, in consideration of the 'foregoing Recitals, the nurtual covenants <br /> and proutises made herein, and for other good and valuable consideration, it is hereby agreed as <br /> follows: <br /> 1. SALC AND PU12CpIAS11. Seller agrees to sell and Buyer agrees to purchase <br /> fiom Seller the Real Estate pursuant to the terms and conditions of this Agreement. <br /> 2. PUI2CIIASF 1'121C)? AND MANNrR OF 1'AYMI'sNT. The purchase price for <br /> the Real Estate shall be One PTrmdred Thousand and no/100 ($100,000.00) Dollars of vvhich One <br /> Thousand and no/100 ($1,000.00) Dollars has been paid as earnest money. The balance of the <br /> purchase price shall be paid in cash at closing. <br /> 3. O13LIGAT'TONS OF SP:LI,I;R. Seller shall be obligated to perform each of the <br /> following acts: <br /> a. Within ten (10) days of the Effective Date of this Agreement, provide Buyer with <br /> any and all Phase I Environmental Audits, surveys, and other information it has <br /> with respect to the Real Estate. <br /> b. Provide Buyer with a title couunifinent as described in Paragraph 6. <br /> C:U21~IG\RJM\RJM PA from City of Little Canada\January 2!>, 2010ARFIG:vr <br /> 2 <br /> <br />