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PURCHASE AGREEMENT <br />Armstrong <br />THIS PURCHASE AGREEMENT ("Agreement") is made as of August <br />2012, between THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF <br />RAMSEY, MINNESOTA, a public body politic and corporate under the laws of the state of Minnesota <br />("Seller") and KONA PROPERTIES, LLC, a Minnesota limited liability company ("Buyer"). <br />RECITALS <br />A. Seller is the owner of certain real property located in the City of Ramsey (the "City"), <br />Anoka County, Minnesota legally described on Exhibit A (the "Property"). As used in this Agreement <br />the term "Property" also includes all hereditaments and appurtenances to the Property. There are no <br />improvements located on the Property. The Parties do not contemplate the conveyance of any personal <br />property pursuant to this Agreement. <br />B. Seller desires to sell and Buyer desires to buy the Property for use as a convenience <br />store/gas station subject to the terms and conditions of this Agreement. <br />NOW THEREFORE, in consideration of the premises and for good and valuable consideration, <br />the receipt and sufficiency of which are hereby acknowledged, the parties agree as set forth below. <br />AGREEMENT <br />In consideration hereof, the parties agree as follows: <br />ARTICLE 1 <br />RECITALS. <br />The foregoing recitals are incorporated herein by this reference. <br />ARTICLE 2 <br />CONVEYANCE. <br />2.1 Conveyance. Subject to the terms and conditions of this Agreement, Seller shall convey <br />the Property to Buyer at the Closing (as defined below). <br />ARTICLE 3 <br />PURCHASE PRICE. <br />3.I Price. The purchase price ("Purchase Price") for the Property shall be $11.00 per gross <br />square foot, based on the Survey defined in Section 4.2 hereof, rounded to the nearest whole square foot. <br />3.2 Earnest Money. Within two (2) business days after Seller's execution of this <br />Agreement (the "Effective Date"), Buyer shall deposit earnest money in the amount of $25,000 (the <br />"Earnest Money") with Commercial Partners Title, LLC ("Title"). Title shall hold the Earnest Money <br />in escrow pursuant to the provisions of the Earnest Money Escrow Agreement in the form attached hereto <br />as Exhibit B. Buyer and Seller shall each pay one half of Title's fee, if any, for holding and disbursing <br />the Earnest Money. Notwithstanding anything else in this Agreement to the contrary, unless Buyer <br />84959-004\ 1571749.doc 1 <br />