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PURCHASE AGREEMENT <br />This Agreement is made and entered into by and between L. & D. Winter 2023 Charitable <br />Remainder Unitrust ("Seller") and the City of Lino Lakes, a municipal corporation under the <br />laws of Minnesota ("Buyer"). <br />RECITALS <br />A. Seller is the fee owner of real property located at 7473 241h Avenue, Lino Lakes, MN <br />55038, and identified as Anoka County, Minnesota, PID Nos. 13-31-22-14-0001, 13-31- <br />22-13-0002, 13-31-22-12-0002, and 13-31-22-11-0001. The legal description of the <br />Property will be inserted into this Agreement prior to closing as Exhibit A. <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 />AGREEMENT <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 />1. Purchase Price and Manner of Payment. <br />a. Purchase Price. The base purchase price ("Base Purchase Price") to be paid by <br />Buyer for the Property shall be Two Million, Four Hundred and Twenty -Five <br />Thousand and 00/100 Dollars ($2,425,000.00), payable upon closing of the <br />purchase. If Closing occurs after December 31, 2024, the Base Purchase Price <br />shall be increased by interest on the Base Purchase price calculated at 5% APR <br />from December 31, 2024 to the actual Closing Date. In addition, the Base <br />Purchase Price shall also be increased by the amount of interest accrued on <br />outstanding special assessments on the Property between December 31, 2024 and <br />the actual Closing Date. The total amount due as of closing shall be the "Final <br />Purchase Price." <br />b. Earnest Money. Ten Thousand and 00/100 Dollars ($10,000) will be paid to the <br />Seller on the Effective Date of this Agreement. The Earnest Money shall be <br />deposited with Land Title, Inc. ("Title Company"). The Earnest Money shall be <br />applied to towards payment of the Final Purchase Price on the Closing Date (as <br />defined below). <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 June 30, 2025, <br />unless extended as provided for in this Agreement. The closing shall be conducted by <br />Land Title, Inc. ("Title Company"). Seller agrees to deliver possession of the Property to <br />Buyer on the Closing Date. At the closing, Buyer shall pay the balance of the Final <br />