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PURCHASE AGREEMENT <br />DRAFT <br />1. Parties. This Purchase Agreement is made this day of , 1999 <br />by and between Wild North Properties, LLC, a Minnesota corporation (hereinafter "Seller "), and <br />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 (hereinafter <br />"Subject Properties ") located in the Cityof Little,Canada Ramsey County, Minnesota, legally <br />described as follows: <br />PIN #07- 29 -22 -22 -0026 (2620.. Rice Street) <br />PIN #07- 29 -22 -22 -0029 (2600 Rice: Street) <br />PIN #07- 29 -22 -22 -0067 (2580 Rice Street) <br />3. Purchase Price. The property described in the preceding paragraph is hereby <br />sold to the Purchaser for the sum of <br />58,900.00 <br />57,600.00 <br />240,000.00 <br />20;000.00 <br />15i 000.00 <br />391,500.00 <br />PIN #07-29-22-22-0026 (2620 Rice Street) <br />PIN #07-29-22-22-0067 (2580 Rice Street) <br />PIN #07-29-22-22-0029 (2600 Rice. Street) <br />relocations costs <br />eminent domain costs <br />Three. Hundred,Thousand.Ninety; One, Five Hundred and no /I00 Dollars ($391,500.00) which <br />the Purchaser agrees to pay in the following manner: <br />$10,000 earnest money, by check, receipt of which is hereby acknowledged. <br />Earnest money paid hereunder shall be deposited in the Trust Account of C.I. <br />Title, Inc., upon execution by Seller of this Purchase Agreement. <br />$381,500.00, cash, at the time of closing. <br />4. Relocation Payment. Pursuant to the Uniform Acquisition and Relocation Act <br />(Act), Purchaser shall also pay to Seller a one -time relocation payment of Twenty Thousand and <br />No /I00 Dollars ($20,000.00) as evidence of full compliance with the Act. Seller shall have no <br />further claims against the City of Little Canada pursuant to these requirements as evidence by <br />their execution of Statement and Waiver of Additional Claims attached as Exhibit "A." This <br />payment shall be made in addition to the purchase price at the time of closing. Seller shall then <br />execute Exhibit "A." <br />Page 58 <br />