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SEP 30 '93 14:20 HOLMES & GRAVE- P.2 DRAFT " Lot 16ee REAL ESTATE PURCHASE AGREEMENT THIS AGREEMENT is made and entered into as of this day of September, 1993, by and between ("Seller") and CITY OF MOUNDS VIEW, a Minnesota municipal corporation ("Buyer"). RECITALS A. Seller is the owner of certain land ("Property") in the City of Mounds View, County of Ramsey, State of Minnesota, legally described as follows: Lot 16, Blaine's Northstar Industrial Park. • B. The Property is vacant, undeveloped land. C. Seller desires to sell, and Buyer desires to purchase, the Property, subject to the terms and conditions of this Agreement. AGREEMENT In consideration of the mutual covenants made below and other good and valuable consideration, the parties agree as follows: 1. Offer and Acceptance. Seller agrees to sell and Buyer agrees to purchase the Property, subject to the terms and conditions of this Agreement. The Property is vacant, undeveloped land, and there is no personal property included in this sale. The chain link fence on the property is included in the sale. 2. Purchase Price. The purchase price for the subject property ("Purchase Price") shall be $204,504.90 and shall be payable in full at closing. 3. Title Matters. Upon execution of this agreement, Buyer shall obtain a title commitment for an owner's policy of title insurance from thetitle company of its choice. Buyer shall be allowed 20 business days after receipt of the title commitment for making any objections, which shall be made in writing or deemed waived. Seller shall have 60 days after receipt of Buyer's written objections to make title marketable. Pending correction of title, payments hereunder required shall be postponed, but upon correction of title and within 10 days after written notice to Buyer, the parties shall perform this Agreement according to its terms. 3.1. If the Seller proceeds in good faith to make title marketable but fails to do so within the 60 day period, Buyer may terminate this Agreement without any liability on its part, in which event the Earnest Money paid hereunder shall be promptly refunded to Buyer. 3.2. If Seller fails to make title marketable within the 60 day period due to Seller's failure so proceed in good faith, or, if title is marketable but Seller defaults in its obligations under this Agreement, Buyer may seek any of the following remedies permitted under law: (a) proceed to closing without waiver or merger in the deed of the objections to title and seek damages, costs and attorney's fees from Seller for recovery of the costs of curing the objections to title (damages may include an award in condemnation, and all JJT59371 ten25-11 1