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06/18/02 TOTE 14:36 FAX 16123402644 DORSEY WHITNEY LLP <br /> JL1N-182002 14:10 DORSEY & WHITNEY LLP 6123402866 <br /> 06/18/2002 13:14 FAX 612 789 2109 F w H B L&W OFFICE 29 <br /> PURCHASE AGREEMENT <br /> TFaS PURCRASE AGREIC' )LEIST(the"Agreement") is made and entered into this <br /> day of rune, 2002, by.aad between rube M. Chien or ber assigns ("Buyer"), and Housing, <br /> Redevelopment Authority of St. Anthony, Minnesota, a Minnesota public body corporate, (the <br /> "5eller'�. <br /> 'VPUNESSETH: <br /> X. Offer. In consideration of the delivery of Buyer to Seller the amount of One <br /> Thousand and no/100 Dollars ($1,000.00) (the "Earnest Money"),the receipt of which is'hereby <br /> aelmowledged, and in further consideration of the covenants, hereinafter set forth and other valuable <br /> consideration,the sufficiency of which is$ereby aclaiowledged,Buyer offers to purchase from Seller <br /> that certain real property located in St,Anthony,Hennepin County,Minnesota and legally described <br /> in Exhibit"A"which is attached hereto and by this reference made a part hereof(the"'Property"). <br /> Seller agrees that Buyer can assign this Purchase Agreement to a limited liability company formed <br /> by Brayer for purposes of owning the Property. Buyer agrees that it is accepting the Property in its <br /> current "AS IS" condition subject only to the warranties and representations contained in this <br /> Agreement <br /> 2. Purelispse Price. The purchase price to be paid by Buyer to Seller for the Property <br /> shall be the sum of Three Hundred Nineteen Thousand and no/100 Dollars ($319,000.00) (the <br /> 'T rrchase Price Lind shall be paid on the Closing Date as follows: <br /> 2.1 Earnest Money payment of$1,000.00,the receipt of which is hereby <br /> acknowledged; and <br /> 2.2 The balance of$318,000.00 by the Closing Date. <br /> 3, Qosing Date, The date of closing of the transactions eontbinplated hereby (the <br /> "Closing Date')shall not be later than Augnst 15,2002 or at such other mutually agreeable time bas <br /> been agreed to in writing by$uyer and Seller. At the closing, Seller shall execute and deliver to <br /> Buyer a special warranty deed(the"Deed's to the Property. <br /> 4. BMEer°s Contingencies. It is specifically understood and agreed by&rid between the <br /> parties hereto that Buyer's obligation hereunder shall in all respects be subject to and conditional <br /> 1 <br />