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DRAFT <br />PURCHASE AGREEMENT <br />FOR PORTION OF OUTLOT H, RAMSEY TOWN CENTER ADDITION <br />RAMSEY, 1VIINNESOTA <br />Dated: October , 2012 (the "Effective Date") <br />1. PARTIES. The parties to this Purchase Agreement (this "Agreement") are: <br />a. The Housing and Redevelopment Authority in and for the City of Ramsey, <br />Minnesota, Ramsey Municipal Center, 7550 Sunwood Drive, Ramsey, Minnesota, 55303, <br />Attention: Mr. Kurt Ulrich, Executive Director (the "SELLER"); and <br />b. M & W HOLDING COMPANY, LLC, a Minnesota limited liability <br />company, 14590 Armstrong Boulevard NW, Ramsey, Minnesota 55303 (the "BUYER"). <br />This Agreement sometimes refers to SELLER and BUYER individually as a "Party" and <br />collectively as the "Parties". <br />2. OFFER/ACCEPTANCE. BUYER agrees to purchase and SELLER agrees to <br />sell on the terms of this Agreement a one acre unimproved tract of land located at the Northeast <br />corner of the intersection of Armstrong Boulevard NW and Sunwood Drive, Ramsey, Minnesota, <br />55303, Anoka County, Minnesota, which tract of land is legally described on the attached <br />Exhibit A. (the "Property"). Upon platting the Property will be known as Lot 3, Block 1 COR <br />TWO, Anoka County, Minnesota. <br />3. ACCEPTANCE DATE. The acceptance date of this Agreement is the date it is <br />signed by the last party signing. <br />4. PURCHASE PRICE. The purchase price for the Property is Five Hundred <br />Thousand Nine Hundred Forty and 00/100 Dollars ($500,940.00) (the "Purchase Price"). <br />a. Pursuant to paragraph 16.i. below this Agreement is contingent upon the <br />parties hereto negotiating and entering into a Lease Agreement having an 18 month term <br />from the Date of Closing for the property located at 14590 Armstrong Boulevard NW, <br />Ramsey, Minnesota, (the "Lease"). <br />b. In the event BUYER, acting as the Lease tenant elects to terminate the <br />Lease earlier than its stated 18 month term, SELLER will rebate a maximum of <br />$45,000.00 to BUYER as consideration for BUYER' S construction and occupancy of its <br />development project on the Property. The specific rebate amount shall be at the rate of <br />$5,000.00/month for each month or part thereof by which BUYER reduces the Lease <br />term for a maximum of nine (9) months or a $45,000.00 purchase price rebate. SELLER <br />offers this rebate as an incentive for BUYER to close on the Property, construct and <br />occupy its improvements as reasonably soon as possible <br />