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II:CSF:041482 <br />PURCHASE AGREEMENT <br />This Agreement is made and entered into thist day of <br />NUM , 1982, by and between Tex -Sota Construction, Inc., a <br />Minnesota corporation (hereinafter referred to as "Purchaser ") <br />and Naegele, Inc. (hereinafter referred to as "Se M(er "). <br />WITNESSETH: <br />1. Sale and Purchase of Property. Seller agrees to <br />sell to Purchaser and Purchaser agrees to purchase from Seller <br />certain real property situated in the City of Little Canada, <br />County of Ramsey, State of Minnesota and legally described on <br />Exhibit A attached hereto (hereinafter referred to as "Property "). <br />Said Property shall consist of a total of approximately 10.825 <br />acres. Said Property shall include all the appurtenant rights, <br />privileges and easements belonging thereto, ae well as all <br />improvements thereon, if any. <br />Purchase Price - Earnest Money. The purchase <br />price of said Property shall be Two Hundred Thirty Thousand and <br />no /100 Dollars ($230,000.00), payable as follows: <br />(a) Ten Thousand Dollars ($10,000.00) earnest money <br />paid on the date hereof, receipt of which is <br />hereby acknowledged. <br />(b) Two Hundred Twenty Thousand Dollars ($220,000.00) <br />to be paid according to the term" of a contract <br />for deed ( "Contract for Deed ") attached hereto as <br />Exhibit B. <br />3. Additional Terms. Purchaser and Seller sores to <br />deal in good faith to effect an exchange of properties in the <br />following manner: <br />(a) Purchaser shall, subject to Seller's approval, <br />obtain an offer from the appropriate governmental <br />authorities to convey to Seller in fee simple by <br />warranty deed the Exchange Property in exchange <br />for a conveyance from Seller of the Ponding Area. <br />The Exchange Property is crosshatched on Exhibit C <br />