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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 PDKP Properties, 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 28, 2018 (the "Effective <br />Date"). <br />2. SALE OF PROPERTY. Seller agrees to sell to Buyer, and Buyer agrees to buy from Seller <br />1.23 acres of vacant land, legally described as follows: <br />Riverside West Lot 4, Block 1 Riverside West (subt to ease as shown on Plat), Anoka <br />County, Minnesota. <br />Address: 6710 Highway 10 Northwest, Ramsey, MN 55303 <br />Anoka County Property Identification: 34-32-25-13-0005 <br />3. PURCHASE PRICE. The purchase price for the Property is $125,000.00 (the "Purchase <br />Price"). <br />4. EARNEST MONEY. Within (5) business days after the Effective Date, Buyer must deposit <br />the sum of $10,000 (the "Earnest Money") with Commercial Partners Title Company, 200 <br />South 6th Street, #1300, Minneapolis, MN 55402 ("Escrow Agent"), via wire transfer or <br />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 />Page 1 of 11 <br />