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PURCHASE AGREEMENT FOR PORTION OF OUTLOT M, RAMSEY TOWN CENTER ADDITION 1. Parties. The parties to this Purchase Agreement (the "Agreement ") are: a. The Housing and Redevelopment Authority in and for the City of Ramsey, Minnesota, a public body politic and corporate under the laws of the state of Minnesota ( "Seller "); and b. TOTI Holdings, LLC, a Minnesota limited liability company ( "Buyer "). This Agreement sometimes refers to Seller and Buyer individually as a "Party" and collectively as the "Parties ". 2. Effective Date. This Agreement is dated, for reference purposes, and is effective as of September 15, 2010 (the "Effective Date "). 3. Property and Platting. 4. Purchase and Sale. Seller agrees to sell the Property to Buyer pursuant to the terms of this Agreement, and Buyer agrees to purchase the Property from Seller pursuant to the terms of this Agreement. 2650680v4 09/13/10 a. Description of Property. The property that is the subject of this Agreement (the "Property ") is the portions of Outlot M, RAMSEY TOWN CENTER ADDITION, and Outlot A, RAMSEY TOWN CENTER FIFTH ADDITION, Anoka County, Minnesota that are depicted as Lot 5, Block 1, COR ONE, Anoka County, Minnesota on the preliminary plat attached hereto as Exhibit A (the "Draft Preliminary Plat "). As used in this Agreement the term "Property" also includes all hereditaments and appurtenances to the Property. There are no improvements located on the Property. The Parties do not contemplate the conveyance of any personal property pursuant to this Agreement. b. Platting. Seller must submit the Draft Preliminary Plat to the Ramsey City Council (the "City Council ") for approval on or before October 25, 2010. If the City Council approves the Draft Preliminary Plat, Seller must provide Buyer with a copy of the approved Preliminary Plat (the "Approved Preliminary Plat ") within seven (7) days of the City Council's approval. Seller must submit a final plat that is based on the Approved Preliminary Plat (the "Final Plat ") to the City Council for approval on or before the Date of Closing. If the City Council approves the Final Plat the term "Property," as used herein, shall mean Lot 5, Block 1, COR ONE, Anoka County, Minnesota as depicted on the Final Plat. If the City Council does not approve the Final Plat, Buyer may terminate this Agreement pursuant to Section 15 or Seller may terminate this Agreement pursuant to Section 16.