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PURCHASE AGREEMENT <br />THIS PURCHASE AGREEMENT ("Agreement") is made and entered into as of this <br />day of June, 2015 (the "Effective Date") between, The City of Ramsey, a <br />Minnesota municipal corporation, ("Seller"), and WESTCO Properties, LLC, a Minnesota <br />limited liability company ("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 (the <br />"Premises"): <br />The real property located 6590141St Avenue NW, Ramsey, County of Anoka, State <br />of Minnesota, comprising PID#27-32-25-44-0003, 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 belonging <br />thereto (the "Land"). <br />2. PURCHASE PRICE. The purchase price shall be $55,000.00 Buyer will pay upon <br />the following terms: <br />A. $5,000.00 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 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.D, 5, 6, 9, 16, 18, 19, 28.A or <br />elsewhere in this Agreement. Except as provided herein paragraph 2A and <br />Paragraph 23 regarding the earnest money, Two Thousand ($2,000.00) of <br />the $5,000.00 earnest money shall be non-refundable, but applicable to the <br />Purchase price in favor of the Buyer, upon full execution of the Purchase <br />Agreement. <br />B. $50,000.00 Cash, the balance of the Purchase Price shall be paid (subject to <br />prorations, reductions and credits as provided below) by wire transfer, certified <br />check or cashier's check at the closing. <br />Page 1 of 16 <br />