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<br />COMMERCIAL PURCHASE AGREEMENT
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<br /> 1. PARTIES. This Agreement is made on dates set forth below, by and between
<br />ALLOY RECOVERY COMPANY, a Minnesota corporation, ("SELLER"), with address 2905
<br />North Ferry Street, Anoka, Minnesota, 55303 and the CITY OF RAMSEY, a Minnesota
<br />municipal corporation, ("BUYER"), with address 15153 Nowthen Boulevard, Ramsey,
<br />Minnesota 55303.
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<br /> 2. OFFER/ACCEPTANCE. BUYER offers to purchase and SELLER agrees to
<br />sell real property located at 7060 142nd Avenue N.W., Ramsey, Minnesota, 55303, Anoka
<br />County, Minnesota, legally described as Lot 2, Block 1, Gateway North Industrial Park, Anoka
<br />County, Minnesota ("Property"). The term "Property" as used in this Agreement shall include
<br />all improvements, fixtures, including any trade fixtures and, now existing on the date of closing,
<br />together with all hereditaments and appurtenances to the Property including but not limited to all
<br />mechanical, electrical, heating, air conditioning, drainage, sewer, water, plumbing and roofing
<br />systems, if any. The parties do not contemplate the conveyance of any personal property
<br />pursuant to this Agreement.
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<br /> 3. ACCEPTANCE. The acceptance date of this Agreement is the date it is
<br />delivered 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 Thousand Dollars
<br />($200,000.00), ("Purchase Price"), payable in full at Closing.
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<br /> 5. EARNEST MONEY. No Earnest Money is being paid by the BUYER in
<br />advance of Closing.
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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
<br />to BUYER, on the date of closing, a Warranty Deed conveying fee title to the Property to
<br />BUYER, subject only to:
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<br />Building, zoning and subdivision statutes, laws, ordinances and
<br />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 />The lien of real estate taxes and special assessments not yet due and
<br />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
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