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1226g <br />PURCHASE AGREEMENT <br />This Agreement is made and entered into as of <br />, 1988 by and between OSBORNE PROPERTIES, a <br />Minnesota limited partnership ("Owner"), and the HOUSING AND <br />REDEVELOPMENT AUTHORITY OF ST. ANTHONY, MINNESOTA, a body <br />corporate and politic under the laws of the State of Minnesota <br />("HRA"). <br />A. Owner is the owner of certain real property in the <br />County of Hennepin and State of Minnesota, legally described in <br />Exhibit A attached hereto and made a Part hereof, together with <br />all improvements, hereditaments and appurtenances thereunto <br />belonging or in any way appertaining ("Property"). <br />B. The HRA desires to purchase the Property and Owner <br />is willing to sell the Property to the HRA on the terms and <br />conditions hereinafter contained. <br />In consideration of the foregoing, and in further <br />consideration of the mutual covenants herein contained, it is <br />hereby agreed as follows: <br />1. Sale. Owner hereby agrees to sell the Property to <br />the HRA, and the HRA agrees to purchase the Property from <br />Owner, for the price and subject to the terms and conditions of <br />this Agreement. <br />2. Purchase Price. The purchase price to be paid by <br />the HRA to Owner for the Property shall be Sixty Thousand and <br />No/100 Dollars ($60,000.00) which amount shall be paid in cash <br />on the Date of Closing. <br />3. Marketabilitv of Title. Owner shall, within 20 <br />days following the date hereof, cause to be delivered to the <br />HRA such Abstracts of Title or Registered Property Abstracts <br />covering title to the Property as Owner may have in its <br />possession, but Owner shall have no obligation to extend or <br />bring current any such abstracts, nor shall Owner be required <br />to deliver any abstracts which also happen to cover any part of <br />Owner's Remaining Real Estate (as defined below). The HRA has <br />obtained a Commitment for an ALTA Form B 1970 Owner's Policy of <br />Title Insurance with respect to the Property ("Commitment"), <br />issued by a title insurance company authorized to do business <br />in the State of Minnesota as selected by the HRA ("Title"). <br />The Commitment shall at the time of closing show fee title in <br />