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PURCHASE AGREEMENT <br />1. Parties. This Purchase Agreement is made on April 11, 2001 by and between <br />(name) CommonBond Communities, 328 Kellogg Boulevard West, St. Paul, Minnesota 55101, (Buyer) and the City <br />of Little Canada, a municipal corporation, of 515 Little Canada Road East, Little Canada, MN 55117, (Seller). <br />2. Offer /Acceptance. Buyer offers to purchase and Seller agrees to sell real property located in Ramsey <br />County, Minnesota legally described as follows: <br />Northeast quadrant of First Bank Drive and Market Place Drive, as depicted in Exhibit "A" attached hereto and <br />further identified by PIN #06- 29 -22 -23 -0023. <br />Located in the City of Little Canada, County of Ramsey, State of Minnesota. <br />3. Acceptance Deadline. The acceptance date of this Agreement is the date it is delivered by the last <br />party signing to the other party. This offer to purchase, unless accepted sooner, shall be void at 11:59 p.m. on April <br />30, 2001, and in such event, all earnest money shall be refunded to Buyer. <br />4. Personal Property and Fixtures Included in Sale. No personal property and fixtures are included in <br />this sale. <br />5. Price and Terms. The price for the real and personal property included in this sale is Seventy <br />Thousand Dollars ($70,000.00), which Buyer shall pay as follows: Earnest money of $100.00 by check, receipt of <br />which is hereby acknowledged and $69,900.00 cash, on or before that date described in paragraph 1, Addendum "A ", <br />the "date of closing." <br />6. Deed/Marketable Title. Upon performance by Buyer, Seller shall execute and deliver a Limited <br />Warranty Deed conveying marketable title, subject to: <br />a. Building and zoning laws, ordinances, state and federal regulations; <br />b. Restrictions relating to use or improvement of the property without effective forfeiture <br />provisions; <br />c. Reservation of any mineral rights by the State of Minnesota; <br />d. Utility and drainage easements which do not interfere with existing improvements; <br />c. Exceptions to title which constitute encumbrances, restrictions, or easements which have been <br />disclosed to Buyer and accepted by Buyer in this Purchase Agreement (must be specified in <br />".�gT <br />e. Other encumbrances restrictions or easements of record if any. <br />II: \KrisP \CORRESP\Kris' 2001 \Common Bond Purchase Agreement.doc <br />Page I of6 <br />Page 24 <br />