Agenda - Economic Development Authority - 03/09/2017

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Original Agreement 1 of 2 PURCHASE AGREEMENT This Agreement is entered into by and between the City of Ramsey, a Minnesota municipal corporation("Seller"), and Lifestyle Properties, Inc., a Minnesota Corporation ("Buyer"). In consideration of the Earnest Money, the mutual covenants set forth below, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Seller and Buyer agree as follows: 1. EFFECTIVE DATE. The effective date of this Agreement is May 10, 2016 (the "Effective Date"). 2. SALE OF PROPERTY. Seller agrees to sell to Buyer, and Buyer agrees to buy from Seller, the Property, legally described as follows: Outlot A,Ramsey Town Center 8th Addition, City of Ramsey, County of Anoka and further identified by Anoka County by the following property identification number(s): 28-32-25-21-0030 3. PURCHASE PRICE. The purchase price for the Property is $170,000 (the "Purchase Price"). 4. EARNEST MONEY. Within three (3) business days after the Effective Date, Buyer must deposit the sum of$5,000 (the "Earnest Money") with Title One Inc., 7533 Sunwood Drive NW, Ramsey, MN 55303 ("Escrow Agent"), via wire transfer or delivery of a certified check payable to Escrow Agent. a. If Buyer does not deposit the Earnest Money with Escrow Agent as required above,then Seller may terminate this Agreement by written notice to Buyer; provided, however, if Buyer deposits the Earnest Money with Escrow Agent before Seller exercises Seller's right to terminate, Seller's right to terminate is extinguished. b. Unless Buyer has previously terminated this Agreement pursuant to Section 8, $5,000 of the Earnest Money (the "Initial Disbursement") becomes non- refundable to Buyer(except in accordance with Section 23 as a result of a default by Seller) on September 16, 2016, and on that date Escrow Agent must disburse the Initial Disbursement to Seller.