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REAL ESTATE PURCHASE AGREEMENT <br /> <br /> THIS AGREEMENT, made and entered into as of July __., 2003 by and between the <br />CITY OF RAMSEY, a Minnesota Municipal Corporation, ("SELLER") and THOMAS R. <br />KNOLL ("BUYER"). <br /> <br />WITNESSETH: <br /> <br />WHEREAS, SELLER is owner of the property legally described as follows: <br /> <br />Outlot A, AEC ENERGY PARK FOURTH ADDITION, Anoka County, <br />Minnesota, <br /> <br />also known as Anoka County Property Identification Number 27-32-25-31-0015 (the <br />"Property"); and <br /> <br /> WHEREAS, SELLER desires to sell and BUYER desires to buy the Property in <br />accordance with the terms and conditions set forth herein; and <br /> <br /> NOW, THEREFORE, in consideration of the premises, the mutual covenants contained <br />herein and other good and valuable consideration, the receipt and sufficiency of which are <br />hereby acknowledged, the parties agree as follows: <br /> <br /> 1. SALE OF PROPERTY. SELLER agrees to sell to BUYER and BUYER <br />agrees to buy from SELLER the Property in accordance with and subject to the terms and <br />conditions contained in this Agreement. <br /> <br /> 2. PURCHASE PRICE. The purchase price for the Property shall be Four <br />Hundred Six Thousand four hundred fourteen and No/Dollars ($406,414.00) payable by BUYER <br />to SELLER as follows: <br /> <br />(a) <br /> <br />Twenty Thousand and 00/100 Dollars ($20,000.00) as earnest money ("Earnest <br />Money"),. receipt of which Earnest Money is hereby acknowledged. The Earnest <br />Money shall be NONREFUNDABLE to Buyer, unless the sale contemplated <br />herein does not close as a result of a default in the terms of this Agreement by <br />Seller, <br /> <br />(b) <br /> <br />Three Hundred Eighty Six Thousand and 00/100 Dollars ($386,414.00) on the <br />Closing Date. <br /> <br />3. CONDITIONS PRECEDENT. <br /> <br />(a) SELLER'S obligations under this Agreement are conditioned upon the following: <br /> <br /> <br />