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PURCHASE AGREEMENT <br />r THIS AGREEMENT, made and entered into this __ day of <br />1986, by and between LOOSCO, INC., a Minnesota <br />corporation, hereinafter referred to as "Seller", and STEVEN M. <br />HAUCK and DAVID E. ARONE (or a corporation to be formed by them!, <br />hereinafter referred to as "Buyer". <br />WITNESSESTH, that in consideration of the mutual promises <br />and covenants hereinafter set forth, IT IS .AGREED AS FOLLOWS: <br />1. The Seller agrees to ePII to Rnyer, and Buyer agrees <br />to purchase from Seller, the business known as LOOSE -ENDS ON 10, <br />including furniture, fixtures, equipment, trade name, good will, <br />and covenant not to compete, all of which is located at 2375 <br />Highway 10, City of Mounds View, County of Ramsey, State of <br />Minnesota. A current furniture, fixture and equipment list is <br />attached hereto and labeled "Exhibit A". <br />2. The total purchase price to be paid by the Buyer to <br />the Seller is � 4@NVl0 <br />(0) Dollars, payable in the following marner: <br />a. � � Dollars earnest money <br />paid herewith, the receipt of which is hereby acknowledged. <br />b. Dollars in cash <br />at closing. <br />C. The balance of <br />4110010100) Dollars shall be payable in monthly <br />installments of ) <br />Dollars or more at Buyer's option, including interest at <br />the rate of ten (10%) percent per annum on the unpaid balance. <br />Payments shall apply first to interest and the balance to <br />principal. The first payment shall be due and payable thirty <br />f30) days from the date of closing and then be adjusted <br />to be due and payable on the first day of each calendar <br />month thereafter. Payments shall continue in t'e <br />aforementioned manner until all principal and interest has <br />been paid in full. There shall be no prepayment penalty, <br />provided, however, the prepayments shall not be made in <br />