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PURCHASE AGREEMENT 1. Parties. This Purchase Agreement is made on December 17, 2002, by and between Market Place Development Company, LLC and Towne & Country Center Limited Liability Company, both of which are Minnesota Limited Liability Companies located at 6440 Flying Cloud Drive, Suite 203, Eden Praire, MN 55344 and hereinafter referred to as " SELLER" and the City of Little Canada, a Minnesota Municipal Corporation, located at 515 Little Canada Road East, Little Canada, MN 55117 and hereinafter referred to as "BUYER ". 2. Offer /Acceptance. Buyer offers to purchase and Seller agrees to sell real property located in Ramsey County, Minnesota legally described as follows: Property Identification #'s 062922320001 & 062922320002 and legally described on Exhibit A, except the north thirty (30) feet thereof and except Outlot A. Located at 2874 Rice Street, in the City of Little Canada, County of Ramsey, State of Minnesota. 3. Acceptance Deadline. The acceptance date of this Agreement is the date it is delivered by the last party signing to the other party. This offer to purchase, unless accepted sooner, shall be void at 11:59 p.m. on December 20th, 2000, and in such event, all earnest money shall be refunded to Buyer. 4. Personal Property and Fixtures Included in Sale. No personal property and fixtures are included in this sale. Seller warrant they have been responsible for all utility disconnections and ensures they were done in a manner acceptable to the affected utility company, including water and sanitary sewer. 5. Price and Terms. The price for the real and personal property included in this sale is Four hundred ten thousand and 00 /xx Dollars ($ 410,000.00), which Buyer shall pay as follows: Earnest money of $5000.00 by check payable to Commercial Partners Title LLC, receipt of which is hereby acknowledged and $ 405,000 cash, on the DATE OF CLOSING. Closing shall take place as soon as practical, but no later than February 15th, 2003 in a location and on a date to be determined by the Buyer. 6. Deed /Marketable Title. Upon performance by Buyer, Seller shall execute and deliver a Warranty Deed conveying marketable title, subject to: a. Building and zoning laws, ordinances, state and federal regulations; b. Restrictions relating to use or improvement of the property without effective forfeiture provisions; c. Reservation of any mineral rights by the State of Minnesota; d. Utility and drainage easements that do not interfere with existing improvements; e. Exceptions to title that constitute encumbrances, restrictions, or easements which have been disclosed to Buyer and accepted by Buyer in this Purchase Agreement (must be specified in writing); NONE