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PURCHASE AGREEMENT
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<br /> 1. PARTIES. This Agreement is made on this day of ,2003
<br />by and between MORRELL'S TRUCKING, INC, a Minnesota corporation, ("SELLER"), with
<br />address 29324 Dahlia St. N. W. Isanti, Minnesota 55040 and the CITY OF RAMSEY, a Minnesota
<br />municipal corporation, ("BUYER"), with address 15153 Nowthen Boulevard, Ramsey, Minnesota
<br />55303.
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<br /> 2. OFFER/ACCEPTANCE. BUYER offers to purchase and SELLER agrees to sell
<br />real property located at 14080 Azu.rite Street N.W., Ramsey, Minnesota, 55303, Anoka County,
<br />Mim~esota, legally described as Lot 1, Block 2, GATEWAY NORTH INDUSTRIAL PARK
<br />PLAT 2, Anoka County, Minnesota (the "Property"). The term "Property" as used in this
<br />Agreement shall include all improvements, fixtures, including any trade fixtures and, now existing
<br />on the date of closing, together with all hereditaments and appurtenances to the Property including
<br />but not limited to all mechanical, electrical, heating, air conditioning, drainage, sewer, water,
<br />plumbing and roofing systems, if any. The parties do not contemplate the conveyance of any
<br />personal property pursuant to this Agreement.
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<br /> 3. ACCEPTANCE. The acdeptance date of this Agreement is the date it is delivered
<br />by the last party signing to the other party.
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<br /> 4. PRICE. The Purchase Price for the Property is Two Hundred Sixty Five Thousand
<br />Dollars ($265,000.00), ("Purchase Price"), payable in full at Closing.
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<br /> 5. EARNEST MONEY. Concurrently with the execution hereof BUYER shall
<br />deposit with SELLER the amount of Two Thousand Dollars ($2,000.00) as Earnest Money
<br />hereunder ("Earnest Money").
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<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:
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<br />a. Building, zoning and subdivision statutes, laws, ordinances and regulations.
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<br />Reservations of minerals or of mineral rights in favor of the State of
<br />Minnesota, if any.
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<br />c. The lien of real estate taxes and special assessments not yet due and payable.
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<br />d. Covenants, conditions, restrictions and easements of record.
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<br /> 7. REVIEW PERIOD. within five (5) days following the execution of this
<br />Agreement, SELLER shall provide to BUYER copies of any Environmental Site Assessment
<br />reports in its possession relating to the Property and/or any reports, notifications, or correspondence
<br />of any kind from any governmental entities relating to environmental conditions of the Property.
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