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<br />Page 1
<br /> PURCHASE AGREEMENT
<br />
<br />
<br />1. PARTIES. This Purchase Agreement is made this 18th day of September, 1999, by and
<br />between Richard and Cynthia Chamberlain, a married couple, owner (the "Seller") and the
<br />MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY, a public body corporate and
<br />politic, 2401 Highway 10, Mounds View, MN 55112-1499 ("Buyer").
<br />
<br />2. SUBJECT PROPERTY. Seller is the owner of that certain real estate (the "Property")
<br />located at 7861 Groveland Road, Mounds View, and legally described as follows:
<br />
<br />LOT 57 BLOCK 0, Auditor’s Subdivision, Mounds View, Minnesota according to the
<br />plat filed for record with the Ramsey County Recorder
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<br />3. OFFER/ACCEPTANCE. In consideration of the mutual agreements herein
<br />contained, Buyer offers and agrees to purchase and Seller agrees to sell and hereby grants to
<br />Buyer the exclusive right to purchase the Property and all improvements thereon, together with
<br />all appurtenances, including, but not limited to, garden bulbs, plants, shrubs, trees, and grass.
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<br />4. CONTINGENCY/ACCEPTANCE DEADLINE. This Purchase Agreement shall be
<br />presented to the Board of the Buyer within 10 days of the date it is submitted to Buyer, fully
<br />executed by Seller herein. If the Buyer does not approve this Purchase Agreement, all Earnest
<br />Money shall be refunded to the Buyer.
<br />
<br />5. PERSONAL PROPERTY INCLUDED IN SALE. The following items of personal
<br />property and fixtures owned by Seller and currently located on the Property are included in this
<br />sale: storm windows and inserts, storm doors, screens, awnings, window shades, blinds,
<br />curtain-traverse-drapery rods, attached lighting fixtures with bulbs, plumbing fixtures, sump
<br />pumps, water heaters, heating systems, built-in appliances, water softeners, garbage disposals,
<br />installed carpeting, work benches, television antennas, refrigerator, washer, dryer, diswasher,
<br />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 />No/100ths Dollars ($125,000.00).
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<br /> B. Terms.
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<br /> (1) PAYMENT OF PURCHASE PRICE TO SELLER. Buyer agrees to
<br />pay by check the amount of One Thousand Two Hundred Fifty and
<br />No/100ths Dollars ($1250.00) as earnest money (the "Earnest
<br />Money") to be deposited by Remax Results within ten (10) days after
<br />the date of this Agreement and held and disbursed under the terms of
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