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PURCHASE AGREEMENT <br />1. PARTIES. This .Agreement is made on this day of May, 2009 by and <br />between, Clinton A. Wilson, whose address is 7665 Highway 10 NW, Ramsey, MN 55303, <br />`("SELLER").and the CITY OF RAMSEY, a Minnesota municipal corporation, ("BUYER"), <br />which address is 7550 Sunwood Drive NW, Ramsey, MN 55303. <br />2. OFFER/ACCEPTANCE. BUYER offers to purchase and SELLER agrees to <br />sell real property located at 7665 Highway 10 NW, Ramsey, MN 55303, Legally described on the <br />attached Exhibit A (the "Property"). The term "Property" as used in this Agreement shall include <br />all improvements, hereditaments and appurtenances to the Property, including. building structures <br />located on the land, all fixtures presently located within the building structures on the land and <br />the following personal property: none. <br />3. ACCEPTANCE. The acceptance date of this Agreement is the date. it is <br />delivered by the last parry signing to the other party. <br />4. PRICE. The Purchase Price for the Property is Eight Hundred Sixty-two <br />Thousand and 001100ths Dollars ($862,000.00) plus Thirty-eight Thousand and 00/100ths <br />- - Dollars ($38000.00) -in-the form of an Administrative Settlement for aTotal -Purchase-Price of - - - <br />Nine Hundred Thousand and 00/100ths Dollars ($900,000.00), ("Purchase Price"), payable at <br />Closing less earnest money. <br />5. EARNEST MONEY. Concurrently with the execution hereof BUYER shall <br />deposit with SELLER'S attorney for deposit in said attorney's trust account the amount of Five <br />Thousand and 00/100ths Dollars ($5,000.0.0) as Earnest Money hereunder ("Earnest Money"). <br />6. DEED/MARKETABLE .TITLE. Conveyance Terms. Upon BUYER'S full <br />performance of BUYER'S obligations under this Agreement, SELLER shall execute and deliver <br />to BUYER, on the Closing Date, a Warranty Deed conveying fee title to the Property to` <br />BUYER, subject only to: <br />a. Building, zoning and subdivision statutes, laws, ordinances and <br />regulations. <br />b. Reservations of minerals or of mineral rights in favor of .the State of <br />Minnesota, if any. <br />c. The lien of real estate taxes and special assessments not ''yet due and <br />payable. <br />d. Covenants, conditions, restrictions and easements of record. <br />7. REAL ESTATE TAXES AND SPECIAL ASSESSMENTS. Real estate taxes <br />and assessments shall be payable as follows: <br />1 -15- <br />