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1 <br />LA515\146\976162.v3 <br />PURCHASE AGREEMENT <br /> <br />This Purchase Agreement (“Agreement”) is made this ____ day of _____________, 2024 <br />(“Effective Date”), by and between Fonda Olson, a single person (“Seller”), and the City of Lake <br />Elmo, a Minnesota municipal corporation (“Buyer”). The Effective Date, written above, is the date <br />that the last party signed this Agreement. <br /> <br />1. PROPERTY. Seller is the fee owner of approximately 37.1 acres of real property identified <br />as Washington County PID 1502921420004 and legally described below (the “Property”): <br /> <br />The part of the West 1385.00 feet of Southeast Quarter Section 15, Township 29 North, <br />Range 21 West, Washington County, Minnesota lying northerly of the north line of the <br />Chicago Northwestern Railroad, formerly known as the St. Paul, Stillwater and Taylors <br />Falls Railroad. <br /> <br />Subject to and together with prior restrictions, reservations and easements, if any. <br /> <br />LESS <br /> <br />That portion of the foregoing conveyed by contract for deed by Merle G. Olson and Fonda <br />R. Olson to Lee Olson and Molly M. Olson and legally described as follows: <br /> <br />The west 445.00 feet of the north 725.00 feet of the Southeast Quarter of Section 15, <br />Township 29 North, Range 21 West, Washington County, Minnesota. <br /> <br />2. OFFER/ACCEPTANCE. Buyer desires to purchase 32 acres of the Property. The portion <br />of the Property that Buyer is purchasing is shown on the attached Exhibit A (the “Sale Parcel”). <br />In consideration of the mutual agreements herein contained, Buyer offers and agrees to purchase <br />the Sale Parcel, and Seller agrees to sell and hereby grant to Buyer the exclusive right to purchase <br />the Sale Parcel. <br /> <br />3. CONTINGENCIES. This Agreement is subject to the following contingencies: <br /> <br />A. Buyer having determined, on or before the expiration of the Due Diligence Period, <br />as defined in paragraph 9 of this Agreement, that it is satisfied with the result of all <br />matters disclosed by Buyer’s investigations, surveys, soil tests, inspections, and any <br />environmental reviews of the Sale Parcel. <br /> <br />B. Buyer being satisfied with the condition of the Sale Parcel’s title in accordance with <br />paragraph 8 of this Agreement. <br /> <br />C. A determination by Buyer’s governing body, prior to the end of the Due Diligence <br />Period, that the provisions of Minnesota Statutes Section 462.356, subdivision 2 <br />are duly satisfied. <br /> <br />D. Approval of the subdivision of the Sale Parcel from the Property and combination