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! <br />i <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />JAN- <br /> <br />?-9? TUE 4'17 PM HARSTAD COMPANIES <br /> <br />FAXN0. 612 635 159l <br /> <br />PURCHASE AGREEMENT <br /> <br /> THIS AGREEMENT is made and entered into as of this ~ day of <br />199. by and between the City of Ramsey, a munioipal corporation under the laws of <br />Minnesota ("Seller") and K.C. Land Co., a Minnesota partnership ("Buyer"). <br /> <br />RECITALS <br /> <br />A. Seller is the owner of certain real property in the City of P,.amsey, County of Anoka, State <br />of Minnesota, legally described as follows: <br /> <br />Outlot A and B, Alpine Addition <br /> <br />B. The real property is unimproved as of the date of this Agreement. The real property is <br />referred to in this Agreement as the "Property". <br /> <br />C. Seller desires to sell, and Buyer desires to purchase, the Property, subject to the terms and <br />conditions of this Agreement. <br /> <br />AGREEMENT <br /> <br />In consideration of the mutual covenants made below and other good and valuable <br />considerations, the parties agree as follows: <br /> <br />1. Offer and Acceptance. Seller agrees to sell and Buyer agrees to purchase the Property, <br />subject to the terms and conditions of this Agreement. There is no personal property included in <br />this sale. <br /> <br />2. Purchase Price. The purchase price for the property ("Purchase Price") shall be <br />$399,000.00 and shall be payable as follows: <br /> <br /> 2.1 Ten thousand dollars ($10,000.00) as earnest money (the "Earnest Money") paid <br />by check by Buyer, the receipt of which is hereby acknowledged by Seller. <br /> <br /> 2.2 The balance of the Purchase Price is payable by check on the Closing Date (as <br />hereafter defined). <br /> <br /> 2.3 The Purchase Price is based on the City of Ramsey's approval of a plat containing <br />not more than 38 single-family lots and shall be adjusted downward on a pro rata basis ifa plat <br />containing fewer than 3 g single-family lots is approved and adjusted upward on a pro rata basis if <br />a plat containing more than 38 single-family lots is approved. <br /> <br />3. Title Matters. Upon execution of this Agreement, Buyer shall, at its sole expense, obtain <br />title insurance for the Property. Buyer shall be allowed twenty (20) business days after receipt of <br />the title insurance policy for making any objections which shall be made in writing or deemed <br /> <br /> <br />