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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 Maple Investments, LLC, a Minnesota limited liability <br />company ("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 June 21, 2017 (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 />3. <br />The roughly northern 9.33 acres of Lot 1, Block 1, Bury & Carlson Addition, <br />Anoka County, Minnesota (part of County PID 27-32-25-34-009). The property <br />size and legal description to be agreed upon by the Buyer and Seller through the <br />City of Ramsey's official platting process. <br />PURCHASE PRICE. The purchase price for the Property is $609,622.20 (the "Purchase <br />Price"). The Purchase Price shall be adjusted on the gross square footage of the Property. <br />Such price adjustment will be determined by multiplying the gross square footage of the <br />Property by $1.50 per square foot. <br />4. EARNEST MONEY. Within ten (10) business days after the Effective Date, Buyer must <br />deposit the sum of $10,000.00 (the "Earnest Money") with Commercial Partners Title, LLC, <br />(Attn: Jeffrey Peterson), 200 South 6th Street, Suite 1300, Minneapolis, MN 55402 ("Escrow <br />Agent"), via wire transfer or delivery of a certified 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 9, <br />$10,000.00 of the Earnest Money (the "Initial Disbursement") becomes non- <br />refundable to Buyer (except in accordance with Section 24 as a result of a default <br />Page 1 of 13 <br />