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PURCHASE AGREEMENT <br />1. Parties. This Purchase Agreement is made this day of August, 1998 by and between <br />Madeline Sigstad and Gerald Sigstad, trustees, hereinafter "Seller" (whether one or more) <br />and City of Little Canada, a municipal corporation, hereinafter "Purchaser ", for the sale and <br />purchase of the Property described in the following paragraph. <br />2. Property. Seller hereby sells and Purchaser hereby buys real Property located in Ramsey <br />County, Minnesota located as follows: <br />2600 Rice Street <br />Little Canada, Minnesota <br />PIN #07- 29 -22 -22 -0029 <br />Legal Description: NORTH PARK <br />VAC HANNAH ST ACCRUING & FOL; W 355.33 FT OF THE <br />FOL; EX S 1/5 & EX PART REPLATTED AS NORTH <br />HEIGHTS; LOT 7 BLK 2 <br />The Property sold hereunder shall include all fixtures, machinery, equipment, appliances and <br />personal Property owned by Seller and located in, on or about the above real Property and <br />used or intended to be used with or in connection with the use, operation and enjoyment of <br />the Property. <br />3. Purchase Price. The Property described in the preceding paragraph is hereby sold to the <br />Purchaser for the sum of One Hundred Thirty -nine Thousand Nine Hundred and No /100 <br />Dollars ($139,900.00) which the Purchaser agrees to pay in the following manner: <br />$1,000 earnest money, by check, receipt of which is hereby acknowledged. Earnest <br />money paid hereunder shall be deposited in an interest bearing account by Seller upon <br />execution of this Purchase Agreement. All interest upon the earnest money shall be <br />credited to the Purchaser unless such earnest money shall be forfeited to the Seller in <br />accordance with the terms of this Purchase Agreement, in which event the interest shall <br />be credited to and received by the Seller. <br />$138,900, cash, at the time of closing. <br />4. Permitted Encumbrances. Upon and subject to performance by Purchaser, the Seller shall <br />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 />Page 1 of 11 <br />Page 34 <br />