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PURCHASE AGREEMENT [DRAFT] <br /> This Agreement is entered into by and between the City of Ramsey,a Minnesota <br /> municipal corporation("Seller"),and Platinum Properties Group,Inc._,a Minnesota <br /> Sub S Corporation and or its assigng4,G ("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 (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 /> [insert legal description or attach as an Exhibit] <br /> and further identified by Anoka County by the following property identification number(s): <br /> [insert PID] <br /> [street address could also be added if one exists] <br /> 3. PURCHASE PRICE. The purchase price for the Property is$_500.0004-.00 (the Formatted:Indent:Left: 0",Numbered+Level:1+ <br /> "Purchase Price"). [optional:The Purchase Price shall be adjusted on the gross square Numbering Style:1,2,3,...+Start at:1+Alignment: <br /> footage of the Property as determined by the Survey. Left+Aligned at: 0.25"+Indent at: 0.5" <br /> Formatted:Indent:Left: 0.25", No bullets or <br /> D ^ng€#y aS dePrT €cI *' €Sj n ^@ She ^*�^ � ' numbering <br /> 4. EARNEST MONEY. Within five ( 5)business days after the Effective Date,Buyer <br /> Buyer must deposit the sum of$ 10 000.00 (the"Earnest Money")with <br /> Title 1,7535 Sunwood Drive,Ramsey,MN 55303("Escrow Agent"),via wire transfer or <br /> delivery of a^o,�foa�a check 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 1091 <br /> $ 1000000 of the Earnest Money(the"Initial Disbursement") <br /> becomes non-refundable to Buyer(except in accordance with Section 23 as a <br /> result of a default by Seller)on the date One Hundred Fifty — 1( 50 ) <br /> days after the Effective Date,and on that date Escrow Agent must disburse the <br /> Initial Disbursement to Seller. <br />