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PURCHASE AGREEMENT <br />THIS AGREEMENT is made as of January 25, 2007, between David <br />E. Koopman and Jane E. Koopman, husband and wife ( "Seller "), and <br />the City of Little Canada, a Minnesota municipal corporation <br />( "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 at <br />85 Viking Drive West in the City of Little Canada, County <br />of Ramsey, State of Minnesota and further identified by <br />Ramsey County Property Identification Number (PIN) 07 -29- <br />22 -33 -0007 ( "Land "), together with all easements and <br />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. Seller's 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 Two hundred twenty -five thousand <br />Dollars ($225,000.00), which Purchase Price shall be payable as <br />follows: <br />(a) Earnest Money of $1,500.00 receipt of which is hereby <br />acknowledged. <br />(b) $223,500.00 by check on or before February 28, 2007 <br />(the "Closing Date "). <br />1 <br />5 <br />