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<br /> <br />PURCHASE AGREEMENT <br /> <br />Land Acquisition <br /> <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 /> <br /> In consideration of this Agreement, Seller and Buyer agree as follows: <br /> <br /> <br />1.Sale of Property <br />. 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 />TH <br />CENTER 11 ADDITION, Anoka County, Minnesota (consisting of approximately 9.01 <br />TH <br />acres) and OUTLOT B, RAMSEY TOWN CENTER, 11 ADDITION, Anoka County, <br />Minnesota (consisting of approximately 4.03 acres), as depicted in the plat attached <br />hereto. <br /> <br />AND <br /> <br />th <br />The northerly portion of Lot 1, Block 1, Ramsey Town Center, 11 Addition <br /> (consisting of approximately .93 acres), as described in exhibit E. <br /> <br />The combined total square footage of the 3 parcels is 608,533.2 sq ft. <br /> <br />2. Purchase Price and Manner of Payment <br />. <br /> <br />a. Purchase Price. <br />The total purchase price ("Purchase Price" <br />) 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 /> <br />b.Earnest Money <br /> . 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 The deposit shall be applied to the <br />purchase price described above. <br /> <br />c. Term of Agreement. <br />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 /> <br />d.Closing Date Extension <br /> If Buyer requests the Seller to extend the Closing Date <br /> <br />to a date specified that is later than May 1, 2015 for reasons that prevent the <br />closing to occur that are not caused by the Seller, the Earnest Money previously <br />deposited into the specified Escrow account shall be paid to the Seller in <br />scheduled monthly installments. Such monthly installments will be paid as <br /> <br /> <br />