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PURCHASE AGREEMENT <br /> THIS PURCHASE AGREEMENT ("Agreement") is made as of this day <br /> of , 2005, between CATHERINE E.ANDERSON, a single person, and SWANY OF <br /> Hugo, INC., a Minnesota corporation (collectively, "Seller"), and THE CITY OF Hugo, a <br /> 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 Buyer, and Buyer agrees to buy <br /> from Seller,the following property(collectively, "Property"): <br /> 1.1 Real Property. The real property located in 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 easements and rights benefiting or appurtenant to the Land <br /> (collectively the"Real Property"). <br /> 2. Purchase Price and Manner of Payment. The total purchase price <br /> ("Purchase Price") to be paid for the Property shall be $695,000.00. The Purchase Price shall be <br /> payable as follows: <br /> 2.1 $ 5,000.00 as earnest money ("Earnest Money"), which Earnest Money shall be <br /> held in trust by Eckberg Lammers, Briggs, Wolff& Vierling, P.L.L.P. ("Buyer's <br /> Agent"). <br /> 2.2 $ 690,000.00 in cash or by wire transfer of immediately available funds on the <br /> Closing Date. <br /> 3. Contingencies. The obligations of Buyer under this Agreement are <br /> contingent upon each of the following: <br /> 3.1 Representations and Warranties. The representations and warranties of Seller <br /> contained in this Agreement must be true now and on the Closing Date (as <br /> hereinafter defined) as if made on the Closing Date (as hereinafter defined) and <br /> Seller shall have delivered to Buyer on the Closing Date a certificate dated the <br /> Closing Date, signed by an authorized representative of Seller, certifying that <br /> such representations and warranties are true as of the Closing Date. <br /> 3.2 Title. Title shall have been found acceptable, or been made acceptable, in <br /> accordance with the requirements and terms of Section 6 below. <br /> 3.3 Access and Inspection. Seller shall have allowed Buyer, and Buyer's agents, <br /> access to the Real Property without charge and at all reasonable times for the <br /> purpose of Buyer's investigation and testing the same. Buyer shall pay all costs <br /> and expenses of such investigation and testing, shall restore the Real Property, <br /> and shall hold Seller and the Real Property harmless from all costs and liabilities <br />