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PURCHASE AGREEMENT <br />1. Parties. This Purchase Agreement is made this day of , 2000 by <br />and between Richard J. Schreier and Patricia A. Schreier, husband and wife, hereinafter "Seller," <br />and City of Little Canada, a Minnesota Municipal Corporation, and /or assigns, hereinafter <br />"Purchaser," for the sale and purchase of the property described in the following paragraph. <br />2. Property. Seller hereby sells and Purchaser hereby buys real property located in <br />Ramsey County, Minnesota legally described as follows: <br />PIN #06- 29 -22 -24 -0016 <br />3. Purchase Price. The price for the real property included in this sale is One Dollar and <br />50 /100 per square foot ($1.50 /sq.ft.) with square footage of site to be determined by a registered <br />land surveyor mutually agreeable to Seller and Purchaser. In the event Seller and Purchaser <br />cannot agree on a surveyor, the appointment of the surveyor shall be made by the Chief Judge of <br />the Ramsey County District Court. Payment shall be made as follows: Earnest money of <br />$100.00 by check, the receipt of which is hereby acknowledged and the balance in cash on the <br />Date of Closing. <br />4. Permitted Encumbrances. Upon and subject to performance by Purchaser, the Seller <br />shall execute and deliver to Purchaser on the date of closing a Warranty Deed conveying <br />marketable title to said property subject only to the following: <br />a. Reservations of minerals or mineral rights by the State of Minnesota, if any. <br />b. Building, zoning and subdivision laws and regulations. <br />c. Restrictions relating to use or improvement of the premises which do not conflict <br />with present use or contain effective forfeiture provision. <br />d. Utility and drainage easements which do not interfere with present improvements. <br />All of the above exceptions may hereafter collectively be referred to as "Permitted <br />Encumbrances." <br />5. Seller's Performance. Subject to performance by Purchaser, Seller shall execute and <br />deliver to Purchaser the following at closing: <br />a. A Warranty Deed, in recordable form, as aforesaid. <br />b. An Affidavit attesting that, on the date of closing, there are no unsatisfied <br />outstanding judgments, tax liens or bankruptcies against or involving the Seller; <br />Page 100 <br />