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* *DRAFT — NOT APPROVED BY CITY COUNCIL ** <br />PURCHASE AGREEMENT <br />1. Parties. This Purchase Agreement is made this _ day of 1999 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 />/:. /N,J; /C /1Fc6 <br />3. Purchase Price. The property described in the preceding paragraphs hereby sold to <br />the Purchaser for the a sum to be°d'etermrned.by=M chea1Bettendorr „,ascertifie &Minnesota,rea1 <br />estates ppraaiser, subjecttoxthe: property's value -being' in:the*range ofl1 SO to $2±50 per squad <br />faot appired<agamst~tlie-acb+al square: footage; of "t e :property as deteinine&by a *Registered Land <br />Si cveyo> and dthaeated. rrni Paragraph; #12' of ($ ) <br />which t The Purchaser agrees to pay t more ase ^pace in the following manner: <br />$10,000 earnest money, by check, receipt of which is hereby acknowledged. Earnest <br />money paid hereunder shall be deposited in the Trust Account of C.I. Title, Inc., upon <br />execution by Seller of this Purchase Agreement. <br />$ <br />Thebalance.in cash, at the time 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 />Page 104 <br />