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PURCHASE AGREEMENT <br />Draft 2.10.2022 <br />Mounds View, Minnesota <br />February 14 .2022 <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 Mounds View Boulevard, Mounds View, MN 55112, ("Buyer") and Elsa <br />H. Lee, a single person, and Amelia A. Sullivan, a single person, (together, "Sellers"), agrees to the <br />following Purchase Agreement ("Agreement"). <br />THE CONDITIONS AND TERMS OF THIS PURCHASE AGREEMENT INCLUDE <br />THE FOLLOWING: <br />1. SUBJECT PROPERTY: The Sellers are the owner of certain real estate (the "Property") <br />located at 8271 Long Lake Road, Mounds View, Ramsey County, Minnesota, which is legally <br />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 Sellers agree to sell and convey the Property, pursuant <br />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 Sellers and Buyer by the 281h day of February, 2022. <br />4. PURCHASE PRICE AND TERMS: <br />A. PURCHASE PRICE. The purchase price (the "Purchase Price") for the Property <br />shall be One Hundred and Nineteen Thousand Dollars ($119,000.00) payable as <br />follows: One Hundred and Nineteen Thousand Dollars ($119,000.00) at Closing by <br />certified check or other immediately available funds. <br />B. DOCUMENTS TO BE DELIVERED BY SELLER AT CLOSING. At Closing, <br />Sellers agree to execute and shall deliver to Buyer: <br />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 />DOCSOPEN\MU205\57\776768. v5-1 /28/22 <br />