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07/05/2006 07:50 FAX 6516381994 LAND TITLE NEW BRIGHTON li�002/011 <br /> 06/28/2000 THU 16:03 FA% 0002/011 <br /> J <br /> PURCHASE AG. R EMENT <br /> THIS PURCHASE AGREEMENT ("Agroement'� is made as of this day <br /> of , 2006, betweW LOIS MAHL13ERG AND PAUL SCHOELLER, a, Personal <br /> Representatives of the Estate of Jean C. Sehoeller (collectively, "Sellcel, and THE Crry of <br /> Hurn,a Minnesota municipal corporation("Buyer'). <br /> In consideration,of this Agreement, Seller and Buyer agree as follows: <br /> 1. Sale of Property. Seller agrees to sell to Buycr, and Buyer agrees to buy <br /> from Seller,the following property(collectively,"Property"): <br /> 1.1 Real ProjzMy. The real property located is Washington County, Minnesota <br /> described on the attached Exhibit A ("Land'), together with (1) all buildings and <br /> improvements constructed or located on the Land (collectively, the "Buildings") <br /> and (2) all casements and rights benefiting or appurtenant to the Land <br /> (collectively the"Real Property'). <br /> 2. Purchase Price and Manner of Payment. The total purchase prim <br /> ("Purchase Prioe")to be paid for the Property shall be$150,000.00. The Purchase Price shall be <br /> payable as follows: <br /> 2.1 S 5,000.00 as earnczst money ("Earnest Money"), which Earnest Moncy shall be <br /> held in trust by Eekberg Lammers, Briggs, Wolff&Vierling, P.L.L_P. ("Buyer's <br /> Agcne). <br /> 2.2 S 145,000 in cash or by wire transfer of irrunediately available funds on the <br /> Closing Date less demolition costs incurred under Section 3.2 of this agrcement. <br /> 3. Contingencies. The obligations of Buyer under this Agreement are <br /> contingent upon each of the following: <br /> 3,1 Al2Qroval by the Hugo _City Council. All representations Made by Buyer <br /> contained in this Agrecmcal are subject to approval and/or modification by the <br /> Hugo City Council. The Hugo City Council will consider approval of the <br /> ugmement on July 5,2006. <br /> 3.2 Demolition. Seller shall be responsible for the cost of demolition of all of the <br /> existing buildings on the property. Buyer will contract for the demolition and will <br /> obtain bids prior to tho closing date. Scller may review the bids prior to closing <br /> and may terminate this contract if the lowest bid for demolition exceeds S44ssAer <br /> Demolition costs will include the cost to hire an Environmental Specialist to <br /> determine whether asbestos is present on the site- <br /> " <br /> ?A, <br /> 3.3 Rcprwentations and Warranties. The represcmtations and warranties of Seller <br /> conWncd in this Agreement must be true now and on the Closing Date (as <br /> hereinafter defined) ag if made on the Closing Date (as hereinafter defined) and <br /> A-1 <br />