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PURCHASE AGREEMENT <br />This Agreement for the exchange of real property is made and <br />entered into by and between, Glenn Rehbein Excavating, Inc., Glenn <br />R. Rehbein and Myrna L. Rehbein, 7374 Lake Drive, Lino Lakes, <br />Minnesota 55014 (hereinafter referred to as "Rehbein ") and <br />Centennial Schools, Independent School District #12, 4707 North <br />Road, Circle Pines, Minnesota 55014 (hereinafter referred to as <br />"ISD # 12 "). <br />WHEREAS, the parties have agreed to exchange real property <br />(hereinafter collectively referred to as "premises" or "real <br />property "), situated in the City of Lino Lakes, County of Anoka, <br />State of Minnesota, and described in the attached exhibit, labeled <br />"Exhibit A ", and by reference made a part hereof. <br />NOW THEREFORE, in consideration of the mutual promises and <br />covenants contained herein, and other good and valuable <br />consideration, it is agreed as follows: <br />1. Consideration. The parties hereby agreed that the real <br />property to be exchanged and the services to be provided as a part <br />of this exchange shall constitute good and sufficient consideration <br />for mutual performance and each shall convey to the other by <br />warranty Deed, all of its right, title, interest and equity in and <br />to the property in consideration for the receipt of property held <br />by the other and in consideration for the excavation work to be <br />performed by Rehbein. <br />2. Closing. <br />A. Obligations. The parties agree to execute and <br />deliver a Warranty Deed conveying marketable title to said real <br />