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PURCHASE AGREEMENT <br />Mounds View, Minnesota <br />August 22, 2013 <br />IN CONSIDERATION OF THE MUTUAL COVENANTS, DUTIES AND <br />OBLIGATIONS CONTAINED HEREIN, the MOUNDS VIEW ECONOMIC DEVELOPMENT <br />AUTHORITY, a public body politic and corporate under the laws of the State of Minnesota, whose <br />business address is 2401 County Road 10, Mounds View, MN 55112, ('Buyer") and <br />("Seller"), agrees to the following Purchase Agreement ("Agreement"). <br />THE CONDITIONS AND TERMS OF THIS PURCHASE AGREEMENT INCLUDE <br />THE FOLLOWING: <br />1. SUBJECT PROPERTY: The Seller is the owner of certain real estate (the 'Property") <br />located in Ramsey County, Minnesota, which is legally described on the attached Exhibit A. <br />2. OFFER/ACCEPTANCE: In consideration of the mutual agreements herein contained, <br />Buyer offers and agrees to purchase and Seller agrees to sell and convey the Property, <br />pursuant to the terms of this Agreement. <br />3. ACCEPTANCE DEADLINE: This Agreement shall be null and void unless it has been <br />executed by both Seller and Buyer by September 3, 2013. <br />4. PURCHASE PRICE AND TERMS: <br />A. PURCHASE PRICE. The purchase price (the "Purchase Price") for the Property <br />shall be Seventy -Five Thousand Dollars ($75,000.00) payable as follows: Seventy - <br />Two Thousand Five Hundred Dollars ($72,500.00) at Closing by certified check or <br />other immediately available funds, with Two Thousand Five Hundred Dollars <br />($2,500.00) held in escrow by the Buyer until completion and verification of the <br />requirements set forth in Paragraph 13.C. of this Agreement. <br />B. DOCUMENTS TO BE DELIVERED BY SELLER AT CLOSING. At <br />Closing, Seller agrees to execute and shall deliver to Buyer: <br />1. Warranty Deed conveying title to the Property to the Buyer free and clear of <br />all liens and encumbrances except the following items (allowable <br />encumbrances): <br />a) Building and zoning laws, ordinances, state and federal statutes or <br />other governmental regulations; <br />b) Easements and restrictions of record which do not interfere with <br />Buyer's intended use of the Property; <br />1 <br />4305620 SJR MU205-44 <br />