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1 <br /> <br />PURCHASE AGREEMENT <br /> <br /> This Purchase Agreement (“Agreement”) is made and entered into by and between <br />the City of Lino Lakes, a municipal corporation under the laws of Minnesota (“Seller”) <br />and Vaquero Ventures Management, LLC, a Texas limited liability corporation and/or <br />assigns (“Buyer”). <br /> <br />RECITALS: <br /> <br />A. Seller is the fee owner of approximately 2.01 acres of real property located <br />at the northwest corner of Lake Drive and 77th St. in the City of Lino Lakes, Minnesota <br />and legally described as Lot 12 and Lot 13, Block 2, Carole’s Estates 2nd Addition, <br />Anoka County, Minnesota as further shown as the hatched area on Exhibit “A” attached <br />hereto and incorporated herein by reference (the “Land”). <br /> <br />B. Seller wishes to convey, and Buyer wishes to purchase the Land, together <br />with all rights, privileges, easements, and appurtenances belonging thereto, as more <br />particularly described herein. <br /> <br />AGREEMENT: <br /> <br /> In consideration of the mutual covenants and agreements herein contained and <br />other valuable consideration, the sufficiency of which is hereby acknowledged, the <br />parties agree as follows: <br /> <br />1. Property. Seller agrees to sell and convey to Buyer and Buyer agrees to buy from <br />Seller the Land, together with all buildings, structures, improvements, signage <br />(collectively, the “Improvements”) and systems, fixtures, equipment, and personal <br />property of every kind and character owned by Seller and located on or used in <br />connection with the Land or Improvements (the “Personalty”) situated thereon and all <br />and singular all other rights, privileges, appurtenances owned by Seller and in any way <br />related to said property, including any right, title, and interest of Seller in and to adjacent <br />streets, alleys, or rights of way and all rights of Seller relating to ingress and egress and <br />all strips and gores between such real property and any adjacent land, if any are owned by <br />Seller, (the Land, Improvements and Personalty are collectively referred to herein as the <br />“Property”). The exact size and legal description of the Property shall be determined by <br />a survey, as provided in Section 6 hereof. <br /> <br />2. Purchase Price and Manner of Payment. The total purchase price (“Purchase <br />Price”) to be paid by Buyer for the Property shall be Five Hundred and Twenty Five <br />Thousand and no/100 dollars ($525,000.00), payable as follows: Within 3 Business Days <br />(as hereinafter defined) after the Effective Date (as hereinafter defined) of this <br />Agreement, Buyer shall deliver Five Thousand and no/100 dollars ($5,000.00) as Earnest