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07/28/97 MON 13:53 FAX 612 340 7800 DORSEY & WHITNEY Q002 . PURCHASE AGREEMENT 7.25.97 1. PARTIES. This Purchase Agreement is made on 7- 29 1997, by and between JACKIE HELM, a single person ("Seller") and HOUSING AND REDEVELOPMENT AUTHORITY OF ST. ANTHONY, MINNESOTA, a public body corporate and politic ('Buyer"). 2. OFFER/ACCEPTANCE. Buyer offers to purchase, and Seller agrees to sell the real property legally described on the attached Exhibit A attached hereto and made a part hereof, located at 2546 Kenzie Terrace in the City of St. Anthony, Minnesota ("Property"). 3. PRICE AND TERMS. The price for the Property included in this sale is Sixty-two Thousand Dollars ($62,000.00) ("Purchase Price") which Buyers shall pay as follows: (A) Earnest money of $500.00, receipt of which is hereby acknowledged; (B) $61,500.00 by certified check or wire transfer on or before August 31, 1997, the "Date of Closing"; 4.DEED/NIARKETABLE TITLE. Upon performance by Buyer, Seller shall execute and deliver to Buyer (i) a Warranty Deed, joined in by spouse, if any, conveying marketable title to Buyer, subject only to: (A) building and zoning laws, ordinances, state and federal regulations; (B) restrictions relating to use or improvement of the property without . effective forfeiture provisions; and (C) reservation of any mineral rights by the State of Minnesota; (ii) Internal Revenue Form 1099; (iii) A Certificate signed by Seller warranting that there are no Wells, on the Property within the meaning of Minn. Stat. § 1031 or if there are "Wells", a Well Certificate in the form required by law; (iv) an affidavit stating that there are no bankruptcies, divorces, federal or state tax liens or judgments affecting the property; that there are no unrecorded interests affecting or parties in possession of the Property, and stating that no work has been performed or materials provided to the Property within the last 120 days for which payment has not been made; and (v) all other documents reasonably determined by Buyer to be necessary to transfer the Property to Buyer free and clear of all encumbrances. 5. REAL ESTATE TAXES AND SPECIAL ASSESSMENTS. Real estate taxes due and payable in and for the year of closing shall be prorated to the Date of Closing. SELLER SHALL PAY on Date of Closing all installments of special assessments certified for payment with the real estate taxes due and payable in the year of closing. SELLER SHALL PAY ON DATE OF CLOSING all other special assessments levied as of the date of this agreement. SELLER SHALL PAY special assessments pending as of the date of this agreement for improvements that have been ordered by the City Council or other governmental assessing authorities. SELLER SHALL PAY on the Date of Closing any deferred real estate taxes or special assessments payment of which is required as a result of the closing of this sale. Buyer shall pay real estate taxes due and payable in the year following closing and . thereafter and any unpaid special assessments payable therewith and thereafter, the payment of which is not otherwise provided herein. Seller makes no representation concerning the amount of future real estate taxes or of future special assessments.