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PURCHASE AGREEMENT <br />THIS AGREEMENT is made as of December , 2008 ("Effective Date"), between <br />OAKWOOD LAND DEVELOPMENT, INC., a Minnesota corporation ("SELLER"), and the <br />CITY OF RAMSEY, 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 BUYER, and BUYER agrees to buy <br />from SELLER, the following described property: <br />(a) The -Real Property. The real property is located in the City of Ramsey, Anoka <br />County, State of Minnesota, and is legally described as follows: <br />See attached Exhibit A' <br />(the "Property"). <br />2. Purchase -Price and Manner of Payment. The total purchase price ("Purchase <br />Price") to be paid by BUYER to SELLER. for the Property shall be Six Hundred Thousand and <br />no/100 Dollars ($600,000.00) and shall be payable as follows: <br />(a) $5,000.00 as earnest money ("Earnest Money") which Earnest Money shall be <br />held by Twin City Title .Company LLC ("Escrow Agent") in accordance with an <br />escrow agreement among SELLER, BUYER and Escrow Agent. <br />(b) $595,000.00 in cash or by wire transfer of U.S. Federal Funds on or before 5:00 <br />p.m. on the Closing Date. <br />3. Contingencies. The obligations of BUYER under this Agreement are contingent <br />upon each of the following: <br />(a) Title. Title shall have been found acceptable, or been made acceptable, in <br />accordance with the requirements and terms of Section 6 below. <br />(b) Survey. BUYER, at its cost for its benefit, shall have obtained, reviewed and <br />.determined that it is satisfied. with the matters disclosed by a Survey of the <br />Property. <br />(c) Environmental. BUYER shall have determined that it is satisfied with the results <br />of and matters disclosed by soil tests, engineering inspections, and hazardous <br />waste and environmental reviews of the Property. <br />The "Contingency Date" shall be the earlier of five (5) business days prior to the Closing <br />Date or the time period. for termination under Section 6 below. If any such contingency has not <br />been satisfied on or before .the stated date, then this Agreement may be terminated, at BUYER's <br />option, by written notice from BUYER to SELLER. Such notice of termination may be given at <br />1 <br />-24- <br />