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~PTION TO PURCHASE REAL PROPERTY DESCRIBED AS <br /> LOT 2,~BLOCK 1, RAMSEY 67 INDUSTRIAL PARK SECOND ADDITION <br /> <br /> In consideration of Five Hundred Dollars ($500.00) paid to A NOKA 67 <br />INDUSTRIAL P~RTNERSHIP at 15708 Judicial Road, Burnsville, MN 55337 ("Seller"), receipt <br />of which is hereby acknowledged, Seller hereby gives and grants to THE CITY OF RAMSEY, a <br />mu.ioipa oorpo, ion, aw _o,f o in=so , ow hen <br /> <br />Ramsey, MinnesOta 55303 ( Purchaser ), and its assigns, the exclusive option to purchase the real <br />property of Sellgr situated in the City of Ramsey, County of Anoka, State of Minnesota, and <br />legally described, as Lot 2, Block 1, Ramsey 67 Industrial Park Second Addition, together with the <br />buildings and all- other improvements thereon, all easements, rights of way, and appurtenances <br />thereto, and all of Seller s right, title, and interest in all public ways adjoining the property. The <br />real property described above is hereinafter referred to as the ("Subject Property"). <br /> This option is given on the following terms and conditions. <br /> <br /> SECTION ONE <br /> PRICE AND TERMS OF PAYMENT <br /> Tile purchase price for the Subject Property shall be Seventeen Thousand Five <br />Hundred Dollar's ($17,500.00) which shall be paid, on exercise of this <br /> option <br /> by <br /> Purchaser, <br />as follows: Cash[on the Closing Date. <br /> <br /> SECTION TWO <br /> PERIOD OF OPTION AND EXTENSION <br /> This option may be exercised by giving notice thereof to Seller at 15708 Judicial Road, <br />Burnsville, MN 55337, at any time during the primary period from the date of this instrument until <br />12:00 o'clock A.M., November 1, 1994; or during the extension period, if the option is extended <br />as herein provide{l, until 12:00 o'clock A.M., , 1994. The option may be <br />so extended by P~rchaser giving Seller written notice of extension prior to the termination of the <br />primary period, aC.d paying to Seller at the time of the notice, the additional consideration of <br /> Dollars ($. ). <br /> <br /> SECTION THREE <br /> <br /> TITLE <br /> If the option is exercised, Seller shall, within 60 days after the delivery to Seller of the <br />notice of exercis~ secure and submit to Purchaser, for examination by its attorneys, evidence of <br />marketable title itl the Subject Property by Abstract of Title or a Commitment for Title Insurance <br /> <br />Page 1 of 4 <br /> <br /> <br />