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I <br /> <br />I <br />I <br />I <br /> <br />I <br />I <br /> <br />I <br />I <br />I <br /> <br />REAL ESTATE SALES AGREEMENT <br /> <br /> THIS REAL ESTATE SALES AGREEMENT ("Agreement") is dated this ~ day of <br /> , 2001, and is made by and between WASTE MANAGEMENT OF <br />MINNESOTA, INC., a Minnesota Corporation ("Seller"), and CITY OF RAMSEY, <br />MINNESOTA, a Municipal Corporation organized under the laws of the State of Minnesota <br />("Purchaser"). <br /> <br />1. PROPERTY <br /> <br /> Seller hereby agrees to sell and convey to Purchaser, and Purchaser hereby agrees to <br />purchase from Seller, upon the terms and conditions set forth herein, the vacant land identified as <br />Parcels ! 2 and 13, and L, K and 8, Ramsey, Anoka County, Minnesota and legally described in <br />EXHIBIT A, attached hereto and made part of this Agreement, the ("Property"). <br /> <br />2. PURCHASE PRICE <br /> <br /> The purchase price ("Purchase Price") shall be ONE MILLION SIX HUNDRED FIFTY <br />SEVEN THOUSAND NINE HUNDRED TWENTY-FIVE and NO/100 Dollars ($1,657,925.00) <br />and shall be paid by Purchaser to Seller as follows: <br /> <br />(a) <br /> <br />Concurrently with the execution hereof, Purchaser shall deposit with <br />GOLDSTINE SKRODZKI RUSSIAN NEMEC AND HOFF, LTD, AS <br />ESCROWEE ("Escrow Agent") the amount of TEN THOUSAND AND NO/100 <br />($10,000.00) DOLLARS as earnest money hereunder ("Earnest Money Deposit"). <br />The Earnest Money Deposit shall, at the option of Purchaser, be in the form of <br />cash or other immediately available funds, and shall be placed in an interest- <br />bearing account for the benefit of the Purchaser. The Earnest Money Deposit <br />shall be nonrefundable to Purchaser after Purchaser's completion of the Review <br />Period pursuant to Article 5 hereof, subject to Purchaser's remedies under Articles <br />4, 17 and 18 hereof. <br /> <br />(b) <br /> <br />The balance of the Purchase Price less any adjustments or credits to the Purchase <br />Price, payable at Closing, in cash or immediately available funds. <br /> <br />3. SURVEY <br /> <br /> Purchaser, at Purchaser's option and expense and within thirty (30) days following the <br />execution of this Agreement, may obtain a current survey of the Property ("Survey"). If the <br />Purchaser does not obtain a survey of the Property, Purchaser shall accept title subject to its <br />exceptions related to matters of survey. <br /> <br />4. TITLE INSURANCE COMMITMENT <br /> <br /> Within ten (10) days following the execution of this Agreement, Seller shall furnish to <br />Purchaser, all abstracts of title for the Property certified to date. Purchaser agrees to accept an <br /> <br />-131- <br /> <br /> <br />