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<br />PURCHASE AGREEMENT
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<br />1. PARTIES. This Purchase Agreement is made this 18th day of September, 1999, by
<br />and between Richard and Cynthia Chamberlain, a married couplc, owner (the "Seller") and
<br />the MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY, a public body
<br />corporate and politic, 2401 Highway 10, Mounds View, MN 55112-1499 ("Buyer").
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<br />2. SUBJECT PROPERTY. Seller is the owner of that certain real estate (the
<br />"Property") located at 7861 Grovcland Road, Mounds View, and legally describcd as
<br />follows:
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<br />LOT 57 BLOCK 0, Auditor's Subdivision, Mounds View, Minnesota according to
<br />the plat filed for record with the Ramsey County Recorder
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<br />3. OFFER/ACCEPT ANCE. In consideration of the mutual agreements herein
<br />contained, Buyer offers and agrccs to purchase and Seller a6'Tces to sell and hereby grants to
<br />Buyer the exclusive right to purchase the Property and all improvements thereon, together
<br />with all appurtenances, including, but not limited to, garden bulbs, plants, shrubs, trees, and
<br />grass.
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<br />4. CONTINGENCY/ACCEPTANCE DEADLINE. This Purchasc Agreement shall
<br />be presented to the Board of the Buyer within 10 days of thc date it is submitted to Buyer,
<br />fully executed by Seller herein. If the Buyer does not approve this Purchase Agreement, all
<br />Earnest Money shall be refunded to the Buyer.
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<br />5. PERSONAL PROPERTY INCLUDED IN SALE. The following items of
<br />personal property and fixtures owned by Seller and currently located on the Prope11y are
<br />included in this sale: stonn windows and inserts, stornl doors, screens, awnings, window
<br />shades, blinds, curtain-traverse-drapery rods, attached lighting fixtures with bulbs, plumbing
<br />fixtures, sump pumps, water heaters, heating systems, built-in appliances, water softeners,
<br />garbage disposals, installed carpeting, work benches, television antennas, refrigerator,
<br />washer, dryer, diswasher, range/oven, and hood-fans.
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<br />6. PURCHASE PRICE AND TERMS.
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<br />A. Purchase Price. The total Purchase Price for the real and personal property
<br />and fixtures included in this sale is one hundred twenty-five thousand and
<br />NollOOths Dollars ($125,000.00).
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<br />B. Terms.
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<br />(1)
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<br />PAYMENT OF PURCHASE PRICE TO SELLER Buyer agrees to
<br />pay by check the amount of One Thousand Two Hundred Pifty and
<br />Noll OOths Dollars ($1250.00) as earnest money (thc "Earnest
<br />Moncy") to be deposited by Remax Results within ten (10) days
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