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Draft 11.3.2023 <br /> <br />1 <br />DOCSOPEN\MU205\62\913096.v4-11/5/23 <br /> PURCHASE AGREEMENT <br /> <br /> <br /> Mounds View, Minnesota <br /> <br />November ____, 2023 <br /> <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 Irene L. <br />Lind, Timothy J. Reardon, as Trustee of the Irene L. Lind Trust <br />______________________________, and Neal R. Reardon, as Trustee of the Irene L. Lind Trust <br />______________________________, (collectively, the “Seller”), agrees to the following Purchase <br />Agreement (“Agreement”). <br /> <br /> THE CONDITIONS AND TERMS OF THIS PURCHASE AGREEMENT INCLUDE <br />THE FOLLOWING: <br /> <br />1. SUBJECT PROPERTY: The Seller is the owner of certain real estate (the “Property”) <br />located at 2716 Hillview Road, Mounds View, Ramsey County, Minnesota, which is legally <br />described on the attached Exhibit A. <br /> <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, pursuant <br />to the terms of this Agreement. <br /> <br />3. ACCEPTANCE DEADLINE: This Agreement shall be null and void unless it has been <br />executed by both Seller and Buyer by the 30th day of November, 2023. <br /> <br />4. PURCHASE PRICE AND TERMS: <br /> <br />A. PURCHASE PRICE. The purchase price (the “Purchase Price”) for the Property <br />shall be Two Hundred Fifty Thousand Dollars ($250,000.00) payable as follows: Two <br />Hundred Fifty Dollars ($250,000.00) at Closing by certified check or other <br />immediately available funds. <br /> <br />B. DOCUMENTS TO BE DELIVERED BY SELLER AT CLOSING. At Closing, <br />Seller agrees to execute and shall deliver to Buyer: <br /> <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 /> <br />a) Building and zoning laws, ordinances, state and federal statutes or <br />other governmental regulations;