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PVT 01 '93 09:24 HOLMES 9 GPRVEH P.2 DRAFT "Watson Property" REAL ESTATE PURCHASE AGREEMENT THIS AGREEMENT is made and entered into as of this day of October, 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, described as follows: Lot 5, Block 1, North Star Industrial Park Preliminary Plat Lot 4, Block 1, North Star Industrial Park Preliminary Plat South 1/2 of Lot 3, Block 1, North Industrial Park Preliminary Plat 'These legal descriptions are based on the North Star Industrial Park Preliminary Plat dated May 14, 1987, provided by Comstock and Davis. Accurate legal description will be prepared prior to closing. 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: l . 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. Buyer is responsible for cleaning up surface junk and debris on the Property. 2. Purchase Price. The purchase price for the subject property ("Purchase Price") shall be $356,603.94 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 the title 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 falls to do so within tho 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. JJ 59111 M9125.11