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THE BURLINGTON NORTHERN AND SANTA FE RAILWAY COMPANY <br />REAL ESTATE PURCHASE AND SALE AGREEMENT <br />Catellus Management Corporation <br />4545 Fuller Drive <br />Irving, TX 75038 <br />April 15, 1997 <br />BUYER'S OFFER <br />1. The undersigned, hereinafter called "Buyer ", offers to purchase from the Burlington Northern Railway <br />Company, herein -after called "Seller ", all of Seller's right, title and interest in and to that parcel of land situated <br />in or near the City of Little Canada, County of Ramsey and State of Minnesota, shown outlined red on map <br />marked Exhibit "A ", dated April 15, 1997, attached hereto and made a part hereof (said parcel of land being <br />hereinafter called "the Property") at the price and upon the terms and conditions as follows. <br />PURCHASE PRICE AND PAYMENT <br />2. Seller may approve or disapprove this Agreement for any reason whatsoever, in Seller's sole and <br />absolute discretion, whether reasonable or unreasonable or whether arbitrary or capricious. Subject to the <br />approval of this Agreement by Seller, Buyer agrees to pay to Seller the purchase price of $8,500.00 for <br />Property, of which the amount of $8,500.00 (full payment) hereinafter called the "deposit ", is paid to Seller, or <br />Seller's assignee, to be applied on the purchase price. Said deposit shall be refunded to Buyer if this offer is not <br />accepted by Seller within forty five (45) days from the date of said offer. The balance of said purchase price <br />shall be paid in cash or by certified check to Seller, or Seller's assignee, or by wire transfer to the bank account <br />of Seller or Seller's assignee, as designated by Seller, at the time Seller's deed to said property is delivered to <br />Buyer. Notwithstanding anything set forth herein to the contrary, the balance of the purchase price shall be due <br />twenty (20) days from notice that Seller's deed is ready for delivery. Delivery of said deed shall be made at <br />Seller's above stated office. <br />TAX- DEFERRED EXCHANGE <br />3. Seller reserves the right to assign to Apex Property & Track Exchange, Inc. ( "Apex "), Seller's right to <br />receive payment of the purchase price. Apex is a qualified intermediary within the meaning of Section 1031 of <br />the Internal Revenue Code of 1986, as amended, and Treas. Reg. § 1.1031(k) -1(g), for the purpose of <br />Page 82 <br />