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PURCHASE AND SALE CONTRACT <br />THIS PURCHASE AND SALE CONTRACT OF REAL PROPERTY (the "Agreement") <br />made and entered into this 1" day of May 2014 by and between CITY OF RAMSEY and/or <br />ASSIGNS, (hereinafter "Seller") and IMPERIAL DEVELOPMENT COMPANY, LLC. <br />and/or ASSIGNS, (hereinafter "Buyer"). <br />WITNF;SSETH: <br />WHEREAS, Seller is the owner of a certain tract of real property measuring approx. <br />160' of frontage on Hwy 47 South by 275' of depth for a total 1.01± acres, City of Ramsey, <br />Anoka County, Minnesota, which tract of land is more particularly shown on Exhibit "A" <br />attached hereto and made a part hereof (the "Property"); The Property shall mean net usable acres <br />and shall not include real property burdened by permanent rights -of -way for public roads, <br />drainage or utilities; and <br />WHEREAS, Buyer desires to purchase the Property upon the terms, provisions and <br />conditions hereinafter set forth, together with all right, title and interest, if any, of Seller in and to <br />any land lying in the bed of any street, road, alley or way, whether opened to, in front of or <br />adjacent to the Property, and together with all appurtenances, improvements, easements and/or <br />hereditaments thereunto belonging; and <br />NOW THEREFORE, for and in consideration of the mutual covenants and agreements <br />contained herein, Buyer and Seller hereby covenant and agree as follows: <br />1. PURCHASE PRICE. The total purchase price for the Property shall be ONE <br />HUNDRED AND FIFTY THOUSAND AND NO/100 DOLLARS ($150,000.00). The <br />Purchase Price, less credit for monies heretofore paid to Seller by Buyer for the <br />Inspection Period, shall be paid to Seller at closing as hereinafter defined (the "Closing"). <br />EARNEST MONEY. Buyer shall deposit ONE THOUSAND AND NO/I00 ($1,000,00) <br />into a non -interest bearing escrow account held by Fidelity Title Agency of Springfield, <br />MO. ("Escrow Holder") within five (5) days after execution of the contract. <br />3. SURVEY. Buyer will secure at Buyer's expense a boundary survey of the Property, <br />prepared by an engineer or land surveyor registered in the state of Minnesota, selected by <br />Buyer. This boundary survey shows all easements, rights of way, encroachments and <br />matters of record, together with a certification as to the number of acres. <br />4. TITLE EVIDENCE. Within thirty (30) days after execution of this Contract for Purchase <br />and Sale, Seller shall deliver to Buyer a commitment (the "Commitment") for an owner's <br />policy of title insurance by Fidelity Title Agency, 1368-A E. Kingsley, Springfield, MO <br />65804, Phone: 417-887-8836, Fax 417-887-1361, certified to a current date. The cost of <br />the commitment shall be paid by Seller. <br />-65( <br />Buyer's Initials <br />Seller's Initials „? <br />