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PURCHASE AGREEMENT <br />Dated: , 2001 <br />Parties. The parties to this Purchase Agreement are: <br />a. The City of Little Canada, a Minnesota municipal corporation, 515 East <br />Little Canada Road, Little Canada, Minnesota 55117, Attention: City Administrator (the <br />"Seller "); and <br />b. C unty Drivo Inv storc,Country Drive Investments, LLC, a Minnesota <br />limited liability company, Attention: Mr. Reg Plowman (the "Buyer "). <br />This Agreement sometimes refers to Seller and Buyer individually as a "Party" and collectively <br />as the "Parties ". <br />2. Recital. Seller and Buyer are parties to a Development Agreement which Seller <br />and Buyer are executing contemporaneously with the execution of this Purchase Agreement (the <br />"Development Agreement "). The Development Agreement provides, among other things, for <br />Buyer's construction of certain minimum improvements on the Property. In the event of a <br />conflict between the terms of the Development Agreement and the terms of this Purchase <br />Agreement, the terms of this Purchase Agreement control. Capitalized terms used in this <br />Purchase Agreement and not otherwise defined in this Purchase Agreement have the meanings <br />set forth in the Development Agreement. <br />3. 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 includes any <br />improvements and fixtures located on the Property. The Parties do not contemplate the <br />conveyance of any personal property pursuant to this Agreement. <br />4. Purchase and Sale. Seller agrees to sell the Property to Buyer pursuant to the <br />tel is of this Agreement, and Buyer agrees to purchase the Property from Seller pursuant to the <br />terms of this Agreement. <br />5. Purchase Price. The purchase price for the Property is $2.50 per gross square <br />foot. Seller and Buyer will calculate the purchase price by multiplying $2.50 by a square footage <br />obtained from: <br />1316963v1 <br />a. An existing survey reasonable acceptable to Seller and Buyer; or <br />b. If neither Seller nor Buyer can locate an existing survey or if no existing <br />survey is reasonably acceptable to Seller and Buyer from a new survey a surveyor <br />Page 85 <br />