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10 <br /> PURCHASE AGREEMENT <br /> THIS PURCHASE AGREEMENT (the "Agreement") is made and entered into this day <br /> of , 2003, by and between Autumn Woods II L.P., a Minnesota limited partnership <br /> ("Buyer"), and Housing and Redevelopment Authority of St. Anthony, Minnesota, a public body <br /> corporate and politic (the "Seller"). <br /> WITNESSETH: <br /> 1. Property. In consideration of the delivery of Buyer to Seller of the amount of <br /> One Dollar($1.00) (the "Earnest Money"), the receipt of which is hereby acknowledged, and in <br /> further consideration of the covenants, hereinafter set forth and other valuable consideration, the <br /> sufficiency of which is hereby acknowledged, Buyer agrees to purchase from Seller that certain <br /> real property located at 2534, 2538, 2542, 2546 and 2548 Kenzie Terrace in St. Anthony, <br /> Hennepin County, Minnesota, and legally described in Exhibit"A"which is attached hereto and <br /> by this reference made a part hereof(the "Property"). The Buyer intends to construct a 38-unit <br /> adult residential rental development on the Property (the "Project"). <br /> 2. Purchase Price. The purchase price to be paid by Buyer to Seller for the Property <br /> shall be the sum of Two Hundred Eighty-five Thousand and no/100 Dollars ($285,000.00) (the <br /> "Purchase Price") and shall be paid to Seller on the Closing Date as follows: <br /> 2.1 Earnest Money payment of$1.00, the receipt of which is hereby <br /> acknowledged; and <br /> 2.2 The balance of$284,999.00 on the Closing Date. <br /> 3. Closing Date. The date of closing (the "Closing Date") of the transaction <br /> contemplated hereby (the "Closing") shall not be later than September 1, 2003, or at such other <br /> mutually agreeable time has been agreed to in writing by Buyer and Seller. At the Closing, Seller <br /> shall execute and deliver to Buyer a quit claim deed (the "Deed")to the Property. <br /> 4. Buyer's Contingencies. It is specifically understood and agreed by and between <br /> the parties hereto that Buyer's obligations hereunder are contingent upon the conditions <br /> precedent set forth in this Section 4. Buyer shall have the right to determine, in its sole <br /> discretion, whether the conditions precedent have been satisfied. Upon the failing of any of such <br /> conditions precedent, the Earnest Money shall, upon written notice by Buyer to Seller, be <br /> returned by Seller to Buyer and this Agreement shall thereupon terminate and be of no further <br /> force or effect. The conditions precedent are: <br /> 4.1 The ability of Seller to convey marketable fee title to the Property, as <br /> herein set forth, free and clear of any and all liens or encumbrances whatsoever, subject to <br /> the following exceptions to title: <br /> (a) Building and zoning laws, ordinances and regulations; and <br />