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PURCHASE AGREEMENT <br />1. PARTIES. This Purchase Agreement is made on <br />1999, by and between the City of Lino Lakes, a municipal corporation under the <br />laws of the Minnesota, of 600 Town Center Parkway, Lino Lakes, Minnesota <br />55014, Seller, and Century Farm Development, Inc., a Minnesota corporation, of <br />3825 85th Avenue North, Brooklyn Park, Minnesota 55433, Buyer. <br />2. OFFER /ACCEPTANCE. Buyer offers to purchase and Seller agrees to <br />sell real property legally described as follows: <br />INSERT LEGAL DESCRIPTION. <br />3. PURCHASE OF LOT WITH BUILDING OR VACANT LOT. Buyer is <br />purchasing this land as vacant without existing buildings. <br />4. PRICE AND TERMS. The price for the real property included in this <br />sale shall be paid by providing to the City the following services on the remainder <br />of the park land owned by the Seller contiguous to the property being sold to the <br />Buyer. Such services shall include the following: <br />Clearing and grubbing, installation of the silt fence, grading with 4" of top <br />soil import, construction of trails including, 4" sub -base and 2" bituminous <br />surface, and seeding. Such services shall be completed as indicated in the <br />attached specifications and concept plan made a part of this agreement. <br />The Seller shall have the option to receive cash in lieu of the work described <br />above at the discretion of the public service director. In the event the Seller <br />elects such option, the fair market value of the items shall be determined <br />through negotiation and if unsuccessful, by submission to a panel of three <br />arbitrators pursuant to the rules of the American Arbitration Association. <br />Such services shall be completed on or before <br />the date of closing. <br />5. DEED /MARKETABLE TITLE. Upon performance of the Buyer of the <br />services described in paragraph 4, Seller shall execute and deliver a Warranty <br />Deed conveying marketable title, subject to: <br />A. Building and zoning laws, ordinances, state and federal regulations; <br />B. Restrictions relating to use or improvement of the property without <br />effective forfeiture provisions; <br />1 <br />