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PURCHASE AGREEMENT Land Acquisition TIIIS AGREEMENT is made and entered into effective as of the date of execution by the last party to execute this Agreement (the "Effective Date") between City of Little Canada, a Minnesota a Minnesota Municipal Corporation ("Seller") and Davis Real Estate Services Group, LLC, a Minnesota Limited Liability Company or assigns ("Buyer"). In consideration of this Agreement, Seller and Buyer agree as follows: 1. Sale of Property. Seller agrees to sell and transfer to Buyer, and Buyer agrees to buy from Seller the real property owned by Seller, located in the City of Little Canada, Ramsey County, Minnesota and legally described in Exhibit A attached hereto (the "Real Property"). The Real Property includes all easements benefiting the Real Property and all hereditaments and appurtenances to the Real Property which, together with the Real Property, are sometimes hereinafter referred to as the "Property". No part of the Real Property shall lie within the public easements or rights of way for any public road. 2. Purchase Price and Manner of Payment. The total purchase price ("Purchase Price") to be paid by Buyer to Seller for the Property shall be $375,417 ("Purchase Price"), subject to adjustment as provided in Paragraph c, below. The Purchase Price shall be payable as follows: a. $10,000, cash, as Earnest Money (the "Earnest Money") to be deposited in escrow by Buyer on the Effective Date with Commercial Partners Title LLC (the "Title Company") which the Title Company is instructed to hold and disburse in accordance with the terms of this Agreement. The Earnest Money shall be deposited -in an-intefest bearing-accoun-wit c 44o be -applied to the Purchase Price on the Closing Date, except as otherwise stated in this Agreement. Upon Seller's full performance of this Agreement, or as provided by Section 18, below, the Earnest Money shall be delivered to Seller and applied toward the payment of the Purchase Price. b. The balance of $365,417, shall be payable in cash, on the Closing Date stated in Section 4 of this Agreement. c. If the area of the Real Property, as certified in the Survey (defined below), is more or less than 41,713 sq. ft., the Purchase Price shall be adjusted based on the actual land area, in sq. ft., times $9.00 per sq. ft. to determine the adjusted Purchase Price. 1 Davis Real Estate/City of Little Canada