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PURCHASE AGREEMENT <br />Dated: , 2003 <br />1. Parties and Relationship to Development Agreement. The part ies to this <br />Purchase Agreement are: <br />a. Economic Development Authority of the City of Little Canada, a <br />Minnesota municipal corporation, Attention: Mr. Joel Hanson, City Administrator, 515 <br />East Little Canada Road, Little Canada, MN 55117 (the "Seller "); and <br />b. The Villas at Little Canada LLC, a Minnesota limited liability company, <br />Attention: Mr. George E. Sherman, c/o Sherman Associates, Inc., 233 Park Avenue <br />South, Suite 201, Minneapolis, Minnesota 55415 (the "Buyer"). <br />This Agreement sometimes refers to Seller and Buyer individually as a "Party" and collectively <br />as the "Parties." Seller and Buyer are executing this Agreement contemporaneously with and <br />pursuant to a Development Agreement between the Economic Development Authority of the <br />City of Little Canada and The Villas of Little Canada LLC of even date herewith (the <br />"Development Agreement ") which Development Agreement contemplates the Buyer's <br />construction of 44 townhome units intended for sale to individual owners on the property that is <br />the subject of this Agreement. <br />2. Property. The real property that is the subject of this Agreement is located in the <br />City of Little Canada, Ramsey County, Minnesota and is legally described on the attached <br />Exhibit A (the "Property "). The term "Property," as used in this Agreement shall include all <br />improvements and fixtures, other than tenant trade fixtures, located on the Property and all <br />hereditaments and appurtenances to the Property. <br />3. Purchase and Sale. Seller agrees to sell the Property to Buyer pursuant to the <br />terms of this Agreement, and Buyer agrees to purchase the Property from Seller pursuant to the <br />terms of this Agreement. <br />4. Purchase Price. The purchase price for the Property is One Dollar ($1.00) (the <br />"Purchase Price "). <br />5. Payment Terms. Upon Seller's full performance of Seller's obligations under <br />this Agreement, Buyer must tender the Purchase Price to Seller in cash. <br />6. Conveyance Terms. Upon Buyer's full performance of Buyer's obligations under <br />this Agreement, Seller must execute and deliver to Buyer a Quit Claim Deed conveying fee title <br />to the Property to Buyer subject only to: <br />1455685v6 <br />a. Building, zoning and subdivision statutes, laws, ordinances and <br />regulations; <br />3 <br />