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PURCHASE AGREEMENT <br />THIS PURCHASE AGREEMENT (the "Agreement") is made and effective as of <br />September 1, 1996, by and between Richard Schreier ("Seller") and the City of Lino <br />Lakes, a municipal corporation ("Buyer"). <br />RECITALS: <br />WHEREAS, the Buyer is desirous of purchasing property owned by the Seller <br />within the City of Lino Lakes for the purpose of constructing a water storage tank; <br />and <br />WHEREAS, the Seller has agreed to sell certain property that he owns within <br />said City. <br />NOW, THEREFORE, in consideration of the amount of One (51.00) Dollar paid <br />by Buyer to Seller, the receipt and sufficiency of which is hereby acknowledged, and <br />in consideration of the foregoing Recitals, the mutual promises of the parties hereto <br />and the mutual benefits to be gained by the performance hereof, Seller and Buyer <br />agree as follows: <br />1. Sale. Subject to the terms, conditions, covenants and provisions of this <br />, Agreement, Seller agrees to sell to Buyer, and Buyer agrees to purchase from Seller, <br />the real property located in Anoka County, Minnesota, legally described as: <br />S e.,e.-,C\N A- 4 k <br />(such parcel hereinafter referred to as the "Property"). <br />2. Purchase Price. In consideration of the transfer of the Pr9perty to <br />SA,/ �e.�n 6v�.cxw <br />Buyer described in Paragraph 1, Buyer shall pay the sum of ikwAslAze-d_ and <br />no /100 ($ 61, COO ) Dollars. Said amount shall be paid as follows: <br />-1- <br />