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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 CAP Acquisitions, LLC, a Washington 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 September 26, 2017 (the <br />"Effective Date"). <br />2. SALE OF PROPERTY. Seller agrees to sell to Buyer, and Buyer agrees to buy from <br />Seller, a rectangular parcel of approximately 4.2 (+/-) acres vacant land at the southwest <br />corner of West Ramsey Parkway and East Town Center Drive in Ramsey, Minnesota, which <br />as shown on the survey and concept plan attached hereto as Exhibit A, is anticipated to <br />consist of portions of: (i) Outlot Q, Ramsey Town Center Addition; (ii) Tracts A, D and E of <br />Registered Land Survey No. 241, and (iii) West Town Center Drive (to be vacated and/or <br />relocated), all in Anoka County, Minnesota (hereinafter collectively the "Property"). Buyer <br />is responsible for subdividing and re -platting Property, providing the City of Ramsey with a <br />legal description of the new parcel, and an official parcel size; after which, this Agreement <br />shall be amended to reflect the exact legal description of the Property (as well as the exact <br />Purchase Price, defined in Paragraph 3 below). <br />3. PURCHASE PRICE. The purchase price for the Property is $4.00 per square foot (the <br />"Purchase Price"). Buyer intends to purchase approximately 4.2 (+/-) acres of land, to be <br />finalized through subdividing and re -platting the Property (as described in Paragraph 2 <br />above). <br />4. EARNEST MONEY. By October 10, 2017 Buyer must deposit the sum of $25,000 (the <br />"Earnest Money") with Chicago Title Company, 222 South 9th Street, #3060, Minneapolis, <br />MN 55402 ("Escrow Agent"), via wire transfer or delivery of a certified check payable to <br />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 />Page 1 of 16 <br />