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PURCHASE AGREEMENT
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<br /> 1. PARTIES. This Agreement is made on this day of January, 2005 by
<br />and betwcen Lora G. Hamilton and Edward Hamilton, wife and husband (:'SELLER"),
<br />whose address is 6615 Highway: 10 NW, Ramsey, Minnesota 55303 and the CITY OF
<br />RAMSEY, a Minnesota municipal cot'Poration, ("BUYER"), with address 15153 Nowthen
<br />Itoulcvard, Ramsey, Minnesota 55303. ~
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<br /> 2. OFFER/ACCEPTANCE. BUYER offers to purchase and SELLER agrees to
<br />sell real property located at 6615 Highway 10 NW, Ramsey, Mim~esota, 55303, Anoka County,
<br />Mim~csota, legally described on the attached. Exhibit A (the "Property"). The term "Property" as
<br />used in this Agreement shall include all improvements, fixtures, including any trade fixtures and,
<br />now existing on the date of final vacate, [°gether with all hereditaments and appurtenm~ces to the
<br />Property including but not limited to fall mechanical, electrical, heating, air conditioning,
<br />drainage, sewer, water, plumbing and rogfing systems, if any. The parties do not comemplate
<br />thc conveyance of' any personal property )ursuant to this Agreement.
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<br /> 3. ACCEPTANCE. The acceptance date of this Agreement is the date it is
<br />delivered by the last party signing to the other party.
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<br /> 4. PRICE. The Purchase Price for the Property is One Million Forty Thousand
<br />Dollars ($1,040,000.00) plus Sixty Five ThOusand Dollars ($65,000.00) in the form of an
<br />Admi~fistrative Settlement for a Total ~Purchase Price of One Million One Hundred Five
<br />Thousand Dollars ($1,105,000.00), ("purChaSe Price"), payable at Closing less earnest money.
<br />SELIA,;R understands and agrees that the Administrative Settlement is above the certified
<br />appraisal amount of the Property, and that, Said $65,000.00 shall be subtracted from any Housing
<br />Supplement as part of the SELLER'S ReloCation Benefits described in paragraph 23.h. below.
<br />
<br /> Thc Purchase Price is based upbn SELLER'S wmTanty that the Prope~'ty contains
<br />1.43,312 square feet. At the rate of $7.71 per square foot ($7.71 x 143,312 sq. ft.) this equals the
<br />I~urchase Price. In the event the SurVey defined in paragraph 16 below indicates that the square
<br />t'cct ot'thc Property is more or ]ess than 143,312 the Purchase Price shall be adjusted accordingly
<br />al thc rate of $7.71/square foot.
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<br /> 5. EARNEST MONEY. Concurrently with the execution hereof BUYER shall
<br />deposit with SELLER's attorney for dePOsit in said attorney's trust account the amount of Five
<br />Thousand Dollars ($5,000.00) as Earnest MOney hereunder ("Earnest Money").
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<br /> 6. DEED/MARKETABLE TITLE. Conveyance Terms. Upon BUYER'S frill
<br />pcrlbrmance o I'~ BUYER'S obligations m~der this Agreement, SELLER shall execute and deliver
<br />to ilUYER, on the Closing Date, a Warranty Deed conveying fcc title to the Property to
<br />IIIJYEI/. sul2jcct only to:
<br />
<br />Building, zoning and sUbdivision statutes, laws, ordinances and
<br />regulatiOns.
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