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PURCHASE PRICE PAYMENT AGREEMENT <br /> <br /> THIS AGREEMENT, made and entered into this /~' day of <br /> ~.~-~_., 1984, by and between THE CITY OF ANOKA, a Minnesota <br /> municipal corporation ("the City"), and WASTE MANAGEMENT OF <br /> MINNESOTA, INC., a Minnesota corporation ("WMMI"). <br /> <br /> 1. Agreement. In consideration of the transfer by the City <br />to WMMI of certain real property described in Section 2 hereof, <br />the entry into an Option Agreement of e~en date herewith between <br />WMMI and the City, and other good and valuable consideration, the <br />receipt and sufficiency of which both parties hereby acknowledge, <br />WMMI does hereby agree to make payments to the City in accordance <br />with the terms and conditions hereinafter set forth. <br /> <br /> 2. Property Description. The real estate with respect to <br />which the payments are to be calculated hereunder ("the <br />Property") is situated in the City of Ramsey, County Of Anoka, <br />State of Minnesota, 'which Property is legally described on <br />Schedule A attached hereto and by this reference incorporated <br />herein, plus that certain real property described as the Westphal <br />Tract and as more fully described in Paragraph 5 hereof. <br /> <br /> 3. Term. The term of the Agreement shall commence on <br />the ~ day of ~._~.~_,_ , 1984, (the "Commencement Date") <br />and shall terminate on such date as WMMI ceases permanently to <br />deposit solid waste on the Property. <br /> <br /> 4. Use. WMMi agrees to use the property as a solid waste <br />disposal facility ("Sanitary Landfill"), as a facility for the <br />storage and maintenance of waste collection vehicles, and for <br />other legal uses. <br /> <br /> 5. Payment. From and after the Commencement Date, and <br />except as hereinotherwise provided, WMMI agrees to make monthly <br />payments egual to ten percent (10%) of the monthly gross revenues <br />received by WMMI from WMMI's operations of a Sanitary Landfill at <br />the PrQperty. Said payments shall be payable ,~ithi,% fozty (40) <br />d~,,s ~ter "he -nd of each month in whJ.ch ~aid cross revenues are <br /> <br />6121/84 <br /> <br />EXHIBIT A <br /> <br /> <br />