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PURCHASE AGREEMENT <br /> <br />This Agreement is entered into by and between the City of Lino Lakes, a Minnesota <br />municipal corporation (“Seller”), and Dupont Holdings, LLC, a Minnesota limited liability <br />company (“Buyer”). <br /> <br />In consideration of the Purchase Price, the mutual covenants set forth below, and other <br />good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, <br />Seller and Buyer agree as follows: <br /> <br />1. EFFECTIVE DATE. The effective date of this Agreement is ________________ (the <br />“Effective Date”). <br /> <br />2. SALE OF PROPERTY. Seller agrees to sell to Buyer, and Buyer agrees to buy from <br />Seller, the Property, legally described as follows: <br /> <br />The South 550.00 feet of the East 330.00 feet of the Southwest Quarter of the Southwest <br />Quarter of Section 28, Township 31, Range 22, Anoka County, Minnesota <br /> <br />and further identified by Anoka County by the following property identification number: <br /> <br />[PID not yet assigned] <br /> <br />3. PURCHASE PRICE. The purchase price for the Property is $100,000.00 (the “Purchase <br />Price”). <br /> <br />4. EARNEST MONEY. Upon execution of this Purchase Agreement, Buyer must deposit the <br />full Purchase Price of $100,000.00 with the Seller to be held in escrow until closing. The <br />deposit shall be by wire transfer or delivery of a certified check. <br /> <br />a. If Buyer does not deposit the full Purchase Price as required above, then Seller <br />may terminate this Agreement by written notice to Buyer; provided, however, if <br />Buyer deposits the Purchase Price with Escrow Agent before Seller exercises <br />Seller’s right to terminate, Seller’s right to terminate is extinguished. <br /> <br />b. At Closing, the funds deposited in escrow with Seller shall be released from <br />escrow and disbursed to Seller. <br /> <br />5. SURVEY. Seller shall provide the April 1, 2016, minor subdivision survey obtained <br />from E.G. Rud & Sons, Inc. to Buyer upon execution of this Purchase Agreement. <br /> <br />6. TITLE COMMITMENT. <br /> <br />a. Seller makes no representations or warranties with respect to the status of title to <br />the Property. Buyer obtained a title commitment from Landtitle dated March 31, <br />2016 (LT File No. 535453), and has no objections to title.