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OPTION TO PURCItASE REAL PROPERTY DESCRIBED
<br />LO~T 1, BLOCK l, GATEWAY NORTH INDUSTRIAL PARK PLAT 4
<br />
<br /> In consideration of Five Hundred Dollars ($500.00) paid to ANOKA INDUSTRIAL
<br />PARK, 1NC. at 2641 Lake George Drive, Cedar, MN 55011 ("Seller"), receipt of which is
<br />hereby acknowledged, Seller hereby gives and grants to ']['tie (.2ITY OF RAMSEY, a municipal
<br />corporation, under the laws of the State of Minnesota, 15153 Nowthen Boulevard NV,', Ramsey,
<br />Minnesota 55303 ("Purchaser"), and/ts assigns, the exclusive option to purchase the real property
<br />of Seller situated in the Cit.,,, of Ramsey, County of Anoka, State of Minnesota, and legally
<br />described as L~t 1, Block 1, Gateway North Industrial Park Plat 4, together with the buildings and
<br />all other improvements thereon, 'all easements, rights of way, and appurtenances thereto, and all of
<br />Seller's right, title, and interest in ali public ways adjoining the property. The real property
<br />described above is hereinafter referred to as the ("Subject Proper~y").
<br />
<br /> This option is given on the following terms and conditions.
<br />
<br /> SECTION ONE
<br /> PRICE AND TERMS OF PAYMENT
<br />
<br /> The purchase pr/ce for the Subject Property shall be Twenty Thousand
<br />($20,000.00) which shall be paid, on exercise of this option by Purchaser, as follows:
<br />the Closing Date.
<br />
<br />Dollars
<br />Cash on
<br />
<br /> SECTION TWO.'
<br /> PERIOD OF OPTION AND EXTENSION
<br /> This option may be exercised by giving notice thereof to Seller at 2641 Lake George Drive,
<br />Cedar, MN 55011, at any time during the primary per/od from the date of this instrument until
<br />12:00 o'clock A.M., September 1, 1994; or during the extension period, if the option is
<br />
<br />extended as herein provided, until 12:00 o'clock A.M., N/A , 1994. The option may be
<br />so extended by Purchaser giving Seller written notice of extension prior to the termination of the
<br />prima.D' period., and paying to Seller at the time of the notice, the add/tional consideration of
<br /> N/.A Dollars ($ N/A ).
<br />
<br /> SECTION THREE
<br /> TITLE
<br /> If the opt/on is exercised, Seller shall, within 60 days after the deliveD, to Seller of the
<br />notice of exercise, secure and submit to Purchaser, for examination by its attorneys, evidence of
<br />marketable title in the Subject Property by Abstract of Title or a Commitment for Title Insurance
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<br />Page I of 4
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