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PURCHASE AGREEMENT <br /> <br /> This Agreement is made and entered into by and between Alwin A. LaMotte and Virginia <br />L. LaMotte (“Seller”) and the City of Lino Lakes, a municipal corporation under the laws of <br />Minnesota (“Buyer”). <br /> <br />RECITALS <br /> <br />A. Seller is the fee owner of real property located at 6510 12th Ave., Lino Lakes, MN 55014, <br />and identified as Anoka County, Minnesota, PID No. 28-31-22-41-0004. Buyer desires to <br />purchase a portion of Seller’s above-identified property, depicted as Proposed Tract A in <br />Exhibit A (“Property”). The legal description of the Property will be inserted into this <br />Agreement prior to closing as Exhibit B. <br /> <br />B. Seller wishes to convey, and Buyer wishes to purchase the Property, together with all <br />rights, privileges, easements, and appurtenances belonging thereto. <br /> <br />AGREEMENT <br /> <br />In consideration of the mutual covenants and agreements herein contained and other valuable <br />consideration, the sufficiency of which is hereby acknowledged, the parties agree as follows: <br /> <br />1. Purchase Price and Manner of Payment. The total purchase price (“Purchase Price”) <br />to be paid by Buyer for the Property shall be Three Hundred Fifty-One Thousand Seven Hundred <br />and 00/100 Dollars ($351,700.00), payable upon closing of the purchase. <br /> <br />2. Closing. The closing of the purchase and sale of the Property contemplated by this <br />Agreement shall occur on a “Closing Date” which shall occur on or before August 31, 2023. The <br />closing shall be conducted by Land Title, Inc. (“Title Company”) at a mutually agreeable time <br />and place. Seller agrees to deliver possession of the Property to Buyer on the Closing Date. At <br />the closing, Buyer shall pay the entire Purchase Price to Seller and the following closing <br />documents shall be executed and delivered. <br /> <br />a. A warranty deed conveying to Buyer fee simple title of the Property, free and <br />clear of all encumbrances, except the following “Permitted Encumbrances”: <br /> <br />(1) Property taxes and special assessments to be allocated between the parties <br />as provided in Section 3 of this Agreement; <br /> <br />(2) Building codes and laws and ordinances relating to zoning, land use, and <br />environmental matters; and <br /> <br />(3) Easements and Restrictions and Covenants of Record that do not interfere <br />with Buyer’s intended use of the Property. <br /> <br />b. A closing statement detailing the financial terms of the closing.