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PURCHASE AGREEMENT <br />Land Acquisition <br />THIS AGREEMENT is between PSD, LLC, a Minnesota limited liability company <br />("Buyer") and the City of Ramsey, a Minnesota municipal corporation under the laws for the <br />state of Minnesota ("Seller"). <br />In consideration of this Agreement, Seller and Buyer agree as follows: <br />1. Sale of Property. Seller agrees to sell and transfer to Buyer, and Buyer agrees to buy <br />from Seller the Property (hereinafter defined) known as OUTLOT A, RAMSEY TOWN <br />CENTER 11TH ADDITION, Anoka County, Minnesota (consisting of approximately 9.01 <br />acres) and OUTLOT B, RAMSEY TOWN CENTER, 11TH ADDITION, Anoka County, <br />Minnesota (consisting of approximately 4.03 acres), as depicted in the plat attached <br />hereto. <br />AND <br />The northerly portion of Lot 1, Block 1, Ramsey Town Center, 1 lth Addition <br />(consisting of approximately .93 acres), as described in exhibit E. <br />The combined total square footage of the 3 parcels is 608,533.2 sq ft. <br />2. Purchase Price and Manner of Payment. <br />a. Purchase Price. The total purchase price ("Purchase Price" or "Gross Sales <br />Prices") to be paid by Buyer to Seller for the Property shall be $1,897,089.60, <br />which shall be payable in cash on the Closing Date stated in Section 4 of this <br />Agreement. <br />b. Earnest Money. Buyer shall pay Seller Fifty Thousand Dollars ($50,000.00) <br />earnest money upon execution of this Agreement. The earnest money shall be <br />held in an escrow account by Registered Abstractors, 2115 Third Avenue, Anoka <br />MN 55303 ("Title Insurance Company"). The deposit shall be applied to the <br />purchase price described above. <br />c. Term of Agreement. This Agreement shall continue in effect until May 1, 2015, <br />and shall terminate, without notice to Seller, if prior thereto Buyer has not <br />acquired the Property. <br />3. Buyer's Contingencies. The obligations of Buyer under this Agreement are subject to <br />and contingent upon each of the following contingencies: <br />a. Title. Title shall have been found acceptable, or be made acceptable, in <br />accordance with the requirements and terms of Sections 6 (a) and 7 (a) of this <br />