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REAL ESTATE PURCHASE AGREEMENT <br />THIS AGREEMENT is made and entered into as of this lith day of October, <br />1993, by and between WATSON INVESTMENTS, INC. , a Minnesota corporation <br />("Seller") and CITY OF MOUNDS VIEW, a Minnesota municipal corporation <br />("Buyer"). <br />RECITALS <br />A. Seller is the owner of certain land ("Property") in the City of Mounds View, <br />County of Ramsey, State of Minnesota, described as follows: <br />Lot ,_ Block 1, North Star Industrial Park 2nd Addition <br />("Plat") <br />B . The Property is vacant, undeveloped. land. <br />C. Seller desires to sell, and Buyer desires to purchase, the Property, subject <br />to the terms and conditions of this Agreement. <br />AGREEMENT <br />In consideration of the mutual covenants made below and other good and valuable <br />consideration, the parties agree as follows: <br />1. Offer and Acceptance. Seller agrees to sell and Buyer agrees to purchase the <br />Property, subject to the terms and conditions of this Agreement. The Property is <br />vacant, undeveloped land,. and there is no personal property included in this sale. <br />Buyer is responsible for cleaning up surface junk and debris on the Property. <br />Seller acknowledges that Buyer's responsibility for surface clean-up is a material <br />part of the sale of the property. <br />2. Purchase Price. The purchase price for the subject property ("Purchase <br />Price") shall be $358,814.00 and shall be payable in full at closing. <br />3. Title Matters. Seller shall furnish Buyer with the abstract of title or <br />Registered Property Abstract for the Property. Buyer shall be allowed 20 business <br />days after receipt of the abstract of title or Registered Property Abstract for making <br />any objections, which shall be made in writing or deemed waived. Seller shall have <br />60 days after receipt of Buyer's written objections to make title marketable. Pending <br />correction of title, payments hereunder required shall be postponed, but upon <br />correction of title and within 10 days after written notice to Buyer, the parties shall <br />perform this Agreement according to its terms. <br />3.1. If the Seller fails to make title marketable within the sixty (60) <br />day period, or if Seller defaults in any of the other areements herein, Buyer <br />may, as its sole and exclusive remedy, terminate this Agreement by delivering <br />to Seller written notice thereof. <br />=T59371 <br />MU125-21 <br />