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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 Michael & Kristen Johnson, ("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 March 15, 2017 (the <br /> "Effective Date"). <br /> 2. SALE OF PROPERTY. Seller agrees to sell to Buyer, and Buyer agrees to buy from <br /> Seller,roughly one acre of the Property, legally described as follows: <br /> Outlot B, COR ONE PLAT, City of Ramsey, County of Anoka <br /> and further identified by Anoka County by the following property identification number(s): <br /> 28-32-25-23-0010 <br /> 3. PURCHASE PRICE. The purchase price for the Property is $3.30 per square foot(the <br /> "Purchase Price"). Buyer intends to purchase roughly 1-acre of land. Buyer is responsible <br /> for subdividing property, providing the City of Ramsey with a legal description of the new <br /> parcel, and an official parcel size. <br /> 4. EARNEST MONEY. By March 22, 2017 Buyer must deposit the sum of$7,500 (the <br /> "Earnest Money")with Commercial Partners Title Company, 200 South 6th Street, #1300, <br /> Minneapolis,MN 55402 ("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 /> $7,500 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) 120 business days after the Effective Date, and on that date Escrow <br /> Agent must disburse the 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 /> Page 1 of 11 <br />