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PURCHASE AGREEMENT <br />1. PARTIES. This Agreement is made on this day of , 2010 . <br />by and between Inter City Oil Co., Inc., a Minnesota corporation ("SELLER"), whose address is <br />1923 South Street, Duluth, Minnesota 55812, and the CITY OF RAMSEY, a Minnesota municipal <br />corporation ("BUYER"), with address 7550 Sunwood Drive Northwest, Ramsey, Minnesota 55303. <br />2. OFFER/ACCEPTANCE. BUYER agrees to purchase and SELLER agrees to sell <br />real property .located. at 6021 Highway 10 NW, Ramsey, Minnesota, 5 X303, Anoka County, <br />Minnesota, legally described on the attached Exhibit A (the "Property") on the terms of this <br />Agreement. The term "Property" as used in this Agreement shall include all improvements and <br />fixtures located thereon on the Closing Date, together with all. hereditaments and appurtenances to <br />the Property including but not limited to all mechanical, electrical, heating, air conditioning, <br />drainage, sewer, water, plumbing and roofing systems, if any. The parties do a~ot contemplate the <br />conveyance of any personal property pursuant to this A<~reement. <br />3. ACCEPTANCE. The acceptance date of this Agreement is the date it is signed by <br />the last party signing. <br />4. PRICE. The Purchase Price for the Property is Eight Hundred Seventy Nine <br />Thousand and 00/100 Dollars ($879,000.00) ("Purchase Price"), payable at Closing, less the Earnest <br />Money previously paid. <br />5. EARNEST MONEY. Concurrently with the .execution hereof BUYER shall <br />deposit with SELLER the amount of Five Thousand Dollars ($5,000.00) as Earnest Money <br />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 to <br />BUYER, on the date. of closing, a Warranty Deed conveying fee title to the Property to BUYER, <br />subject only to: <br />a. Building, zoning and subdivision statutes, laws, ordinances and 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 payable. <br />d. Covenants, conditions, restrictions and easements of record. <br />7. REVIEW PERIOD. <br />a. Within five (5) days following the execution of this Agreement, SELLER <br />shall provide to BUYER copies of any Environmental Site Assessment <br />reports and/or any reports, notifications, or correspondence of any kind from <br />any governmental entities relating to environmental conditions of the <br />1 <br />