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07/11/2000 16:20 2225341 VK ARRIGONI PAC COMMERCIAL-INDUSTRIAL PURCHASE AGREEMENT • Date: may 30 2000 RECEIVED OF Frontline Church and Outreach Center the sum of one thousand oll Kenzie Terra e DOLLARS as earnest money and in part payment for the purchase of property at 2654 situated in the County of Hennepin, State of Minnesota, and legally described as follows: Lot 002 Block 002 St. Anthony Vills A ("MRl CTR Addn No. 1 Pro ID: 0702923240020 and 0702923240021 together with the following personal property: NIA all of which property the undersigned has this day sold to the Buyer for the sum of: Six hundred and vent -five thousand dollars ($625.000.00)DOLLARS, which the Buyer agrees to pay in the following manner: earnest money herein paid as 100000 upon lease signature and 9�„,000.000 , upon removal of contingency#3 (See Addendum#1) as addit6bnal earnest money and 57.000.QO, cash on or bcfuie Scvtcmbcr 1, X001, the date of closing and the balance of$558.000.00 by financing as shown on the attached addendum. 1. DEEDlMARKETABLE TITLE-. Subject to performance by the Buyer, the Seller agrees to execute and deliver a general/marketable Warranty Deed conveying marketable title to said premises subject only to the following exceptions: (a) Building and zoning laws, ordinances, State and Federal regulations. (b) Restrictions relating to use or improvement of the premises without effective forfeiture provision. (c) Reservation of any minerals or mineral rights to the State of Minnesota. (d) Utility and drainage easements which do not interfere with present improvements. (e) Rights of tenants as follows: **See Attached Addendum • 2. REAL ESTATE TAXES. Real estate taxes due and payable in the year of closing shall be prorated between Seller and Buyer on a calendar year basis to the actual date of closing unless otherwise provided in this Agreement. Real estate taxes payable in the years prior to closing shall be paid by Seller. Real estate taxes payable in the years subsequent to closing shall be paid by Buyer. 3. SPECIAL A Q n rr . r • '1e-eut n THE P A ^Ii' GLOSING S�,lEl� LL PA rSk4keeot��r =04 A RL+/r SE T LSD C i 1 PAY GN DD t -13— Y'tYY'�I71C139'LTG'�r7Ct�',7 cox. z :CV:,:1a.rL BASIS 0 special assessme by the Givt4Geuneil ef-ether-gevemmeHtd assessing aethefi es. (Seller's pr-&Yisien fef payment shaH be A and before the date ef elesia& for-payrapent -M Seller-shall pay en date of eleAng any defeffe(keal estate • 4. PRORATIONS. All items customarily prorated and adjusted in connection with the closing of the sale of the property herein including but not limited to rents, operating expenses, interest on any debt