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PURCHASE AGREEMENT <br />THIS PURCHASE AGREEMENT ("Agreement") is made and entered into as of this <br />10th day of October, 2014 (the "Effective Date") between, The Housing and <br />Redevelopment Authority. ("Seller"), and MDBNK, LLC, ("Buyer"). <br />In consideration of the covenants and agreements contained herein, the parties agree as <br />follows: <br />1. PREMISES. Subject to compliance with the terms and conditions of this Agreement, <br />Seller shall sell to Buyer and Buyer shall purchase from Seller, the following (collectively, <br />the "Premises"): <br />The real property located 6710 Highway 10 NW, Ramsey, County of Anoka, <br />State of Minnesota, comprising PID # 34-32-25-13-0005, legally described in <br />EXHIBIT A attached hereto and depicted on EXHIBIT A-1 attached hereto, <br />together with all easements, tenements, hereditaments, and appurtenances <br />belonging thereto (the "Land"). <br />2. PURCHASE PRICE. The purchase price shall be $170,000.00. Buyer will pay <br />upon the following terms: <br />A. $3,000.00 Earnest money. The Earnest Money shall be placed and held by <br />Escrow Agent in its commercial interest bearing account in accordance with the <br />terms of this Agreement and shall be credited against the Purchase Price in <br />favor of Buyer at closing. Any and all interest accruing on the Earnest Money <br />pursuant to this Agreement shall be paid to Buyer and shall accrue solely for <br />Buyer's benefit. If Buyer provides Seller with written notice of Buyer's waiver <br />or satisfaction of all the conditions to closing set forth in Section 5 of this <br />Agreement, then the Earnest Money shall be deemed non-refundable to Buyer, <br />except as otherwise provided in Sections 3.D, 5, 6, 9, 16, 18, 19, 28.A or <br />elsewhere in this Agreement. <br />B. $167,000.00 Cash. The balance of the Purchase Price shall be paid (subject to <br />proration's, reductions and credits as provided below) by wire transfer, certified <br />check or cashier's check at the closing. <br />3. TITLE TO BE DELIVERED; COMMITMENT; SURVEY; TITLE <br />OBJECTIONS. <br />A. Title To Be Delivered. At closing, Seller agrees to convey Marketable Fee <br />Simple Title to the Premises. For purposes of this Agreement, the term <br />"Marketable Fee Simple Title" means title to the Premises that, when acquired <br />by Buyer, will be insurable by the Title Company under its current form ALTA <br />Owner's Title Insurance Policy and is also free and clear of all liens, <br />Page 1 of 16 <br />