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PURCHASE AGREEMENT <br />This Agreement is entered into by and between the City of Ramsey, a Minnesota <br />municipal corporation ("Seller"), and Coastal Living and Homes Inc., a Minnesota corporation <br />("Buyer"). <br />In consideration of the Earnest Money, the mutual covenants set forth below, and other <br />good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, <br />Seller and Buyer agree as follows: <br />1. EFFECTIVE DATE. The effective date of this Agreement is May 10, 2016 (the "Effective <br />Date"). <br />2. SALE OF PROPERTY. Seller agrees to sell to Buyer, and Buyer agrees to buy from <br />Seller, the Property, legally described as follows: <br />Outlot A, Ramsey Town Center 8th Addition, City of Ramsey, County of Anoka <br />and further identified by Anoka County by the following property identification number(s): <br />28-32-25-21-0030 <br />3. PURCHASE PRICE. The purchase price for the Property is $170,000 (the "Purchase <br />Price"). <br />4. EARNEST MONEY. Within three (3) business days after the Effective Date, Buyer must <br />deposit the sum of $5,000 (the "Earnest Money") with Title One Inc., 7533 Sunwood Drive <br />NW, Ramsey, MN 55303 ("Escrow Agent"), via wire transfer or delivery of a certified check <br />payable to Escrow Agent. <br />a. If Buyer does not deposit the Earnest Money with Escrow Agent as required <br />above, then Seller may terminate this Agreement by written notice to Buyer; <br />provided, however, if Buyer deposits the Earnest Money with Escrow Agent <br />before Seller exercises Seller's right to terminate, Seller's right to terminate is <br />extinguished. <br />b. Unless Buyer has previously terminated this Agreement pursuant to Section 9, <br />$5,000 of the Earnest Money (the "Initial Disbursement") becomes non- <br />refundable to Buyer (except in accordance with Section 23 as a result of a default <br />by Seller) on August 01, 2016, and on that date Escrow Agent must disburse the <br />Initial Disbursement to Seller. <br />c. Upon Seller's receipt of a Notice to Proceed from Buyer in accordance with <br />Section 9(b), all of the Earnest Money becomes non-refundable (except in <br />accordance with Section 23 as a result of a default by Seller). <br />Purmort PA, v04132016, G>EDA>Accounts>Purmort Page 1 of 10 <br />