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PURCHASE AGREEMENT <br />THIS AGREEMENT is made as of this 10th day of January, 2007, <br />between Twin Cities Stores, Inc., a Minnesota <br />corporation( °Seller"), and the City of Little Canada, a Minnesota <br />municipal corporation ( "Buyer "). <br />In consideration of this Agreement, Seller and Buyer agree <br />as follows: <br />1. Sale of Property. Seller agrees to sell to Buyer, and <br />Buyer agrees to buy from Seller, the following property <br />(collectively the "Property "). <br />(a) Real Property. The real property and fixtures located <br />2250 Rice Street in Ramsey County, Minnesota and <br />further identified by property identification number <br />07- 29 -22 -33 -0005 ( "Land "), together with all easements <br />and rights benefiting or appurtenant to the Land <br />(collectively the "Real Property "). <br />(b) Personal Property. All of the personal property, (if <br />any), situated in or about the Real Property owned by <br />Seller, including the personal property described on <br />attached Exhibit A ( "Personal Property "). <br />(c) Leases. Sellers interests as lessor in all of the <br />leases, if any, affecting the Property. <br />2. Purchase Price and Manner of Payment. The total <br />purchase price ( "Purchase Price ") to be paid by Buyer to Seller <br />for the Property shall be Eight Hundred Fifteen Thousand Dollars <br />and 00 /xx ($815,000), which Purchase Price shall be payable as <br />follows: <br />(a) Earnest Money of $2,500, receipt of which is hereby <br />acknowledged, which Earnest Money shall be held by C.I. <br />Title, Inc.( "The Title Company "). <br />(b) $812,500 by check on or before March 8, 2007 (the <br />1 <br />-8 <br />