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PURCHASE AGREEMENT <br />1. PARTIES. This Agreement (this "Agreement ") is made on this day of <br />May, 2013 by and between Arnold T. Holmberg, a single person ( "SELLER "), whose address is <br />4720 Pillsbury Avenue South, Minneapolis, Minnesota 55409, and The Housing and <br />Redevelopment Authority in and for the City of Ramsey, Minnesota, a public body politic and <br />corporate under the laws of the state of Minnesota ( "BUYER "), with address at Ramsey <br />Municipal Center, 7550 Sunwood Drive Northwest, Ramsey, Minnesota 55303, Attention: Mr. <br />Kurt Ulrich, Executive Director. <br />2. OFFER/ACCEPTANCE. BUYER agrees to purchase and SELLER agrees to <br />sell real property located at 6710 Highway 10 NW, Ramsey, Minnesota, 55303, Anoka County, <br />Minnesota, legally described on the attached Exhibit A (the "Property ") on the terms of this <br />Agreement. The term "Property" as used in this Agreement shall include all improvements, <br />together with all hereditaments and appurtenances to the Property. The parties do not <br />contemplate the conveyance of any personal property pursuant to this Agreement. <br />3. ACCEPTANCE. The acceptance date of this Agreement is the date it is signed <br />by the last party signing. However, in the event both parties have not signed this Agreement on <br />or before May 15, 2013, this Agreement shall be null void and all earnest monies paid herein <br />shall be refunded to Buyer. <br />4. PRICE. The Purchase Price for the Property is $361,100.00 ( "Purchase Price "), <br />payable at Closing, less the Earnest Money previously paid. <br />5. EARNEST MONEY. Concurrently with the execution hereof BUYER shall <br />deposit with SELLER the amount of $5,000.00 as Earnest Money hereunder ( "Earnest Money "). <br />6. DEED/MARKETABLE TITLE. Conveyance Terms. Upon BUYER'S full <br />performance of BUYER'S obligations under this Agreement, SELLER shall execute and deliver <br />to BUYER, on the date of closing, a Warranty Deed conveying fee title to the Property to <br />BUYER, subject only to: <br />a. Building, zoning and subdivision statutes, laws, ordinances and <br />regulations. <br />b. Reservations of minerals or of mineral rights in favor of the State of <br />Minnesota, if any. <br />c. The lien of real estate taxes and special assessments not yet due and <br />payable. <br />d. Covenants, conditions, restrictions and easements of record. <br />7. REAL ESTATE TAXES AND SPECIAL ASSESSMENTS. Real estate taxes <br />and assessment shall be payable as follows: <br />1 <br />