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PURCHASE AGREEMENT <br />THIS PURCHASE AGREEMENT ( "Agreement ") is made and entered into as of this <br />22— d day of January 2015 (the "Effective Date ") between, The Hoy*ine-a*d <br />( "Seller "), and WESTCO Properties, LLC, a Minnesota limited liability company <br />( "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 ( eolATM= °'T <br />the "Premises "): <br />Formatted: Superscript <br />Formatted: Font: Not Bold <br />The real property located 6590 141" Avenue NW, Ramsey County of - Formatted: Indent Left 0.5% No bullets or numbering <br />Anoka State of Minnesota comprising PID # 27- 32 -25 -44 -0003 legally described <br />in EXHIBIT A attached hereto and depicted on EXHIBIT A -1 attached hereto, <br />together with all easements, tenements, hereditaments, and appurtenances belonging <br />thereto (the "Land")-, 1. <br />2. PURCHASE PRICE. The purchase price shall be $955,000.00 Buyer will pay upon <br />the following terms: <br />A. $3,000.00 Earnest money, The Earnest Money shall be placed and held by <br />Ocrow Agent lin its commercial interest bearing account in accordance with the Commented PJbil: Escrow Agent is not defined. <br />terms of this Agreement and shall be credited against the Purchase Price in favor <br />of Buyer at closing. Any and all interest accruing on the Earnest Money pursuant <br />to this Agreement shall be paid to Buyer and shall accrue solely for Buyer's <br />benefit. If Buyer provides Seller with written notice of Buyer's waiver or <br />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 3.1), 5, 6, 9, 16, 18, 19, 28.A or <br />elsewhere in this Agreement. <br />B. $824)04.4)492,000.00 Cash, the balance of the Purchase Price shall be paid <br />(subject to prorations, reductions and credits as provided below) by wire transfer, <br />certified check or cashier's check at the closing. <br />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 lender its current form ALTA commented [JJL2]: Tale company is not defined. <br />Page 1 of 16 <br />