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