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07/11/2007 17:38 FAX 852 886 3250 <br />LARKIN HOFFMAN OALY a002/018 <br />PURCHASE AGREEMENT <br />THIS AGREEMENT is made as of , 2007 (the <br />"Effective Date "), between Valor Enterprises, Inc., a Minnesota <br />Corporation ( "Seller "), and the City of Little Canada, a <br />Minnesota municipal corporation ( "Buyer "). <br />In consideration of this Agreement, Seller and Buyer agree <br />as follows: <br />1. Sale of Property. 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 located in Ramsey <br />County, Minnesota described on the attached Exhibit A <br />( "Land "), together with all easement., and rights <br />benefiting or appurtenant to the Land (collectively the <br />"Real Property ") <br />(h) L;eases. 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 Six Hundred Forty Thousand and No /100 <br />Dollars ($640,000.00), which Purchase Price shall be payable as <br />follows: <br />(a) Earnest Money of $10,000.00, receipt of which is hereby <br />acknowledged, which Earnest Money shall be held by the <br />Title Company. <br />(b) $630,000.00 by cash, wire transfer or guaranteed funds <br />on or before the Closing Date. <br />3. Contingencies. The obligations of Buyer under this <br />Agreement are contingent upon each of the following: <br />(a) Representations and Warranties. The representations <br />and warranties of Seller contained in this Agreement <br />must be true now and on the Closing Date as if made on. <br />the Closing Date. <br />(b) Title,.,,, Title to the Property shall be acceptable to <br />Buyer in Buyer's sole discretion, in accordance with <br />the requirements and terms of Section 6 below. <br />2 <br />