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3. Purchase Price and Manner of Payment. The total purchase price ("Purchase Price") <br />Buyer will pay to Seller for the Property is Nine Hundred Twenty Nine Thousand and no/100 <br />Dollars ($929,000.00) payable as follows: <br />a. Earnest Money. ( Ten Thousand Dollars ($10,000.00) as earnest money (the <br />"Earnest Money") to be paid into escrow to Title-1, 7535 Sunwood Drive, <br />Ramsey, MN 55303 ("Title Company") by Buyer, upon execution of this <br />Agreement by both parties, to be held by the Title Company and released to Seller <br />at Closing in reduction of the Purchase Price, or as otherwise provided herein. <br />The Earnest Money shall be returned to the Buyer if this Agreement is terminated <br />by the Buyer during the course of the Buyer's due diligence investigations and <br />inspection period, or if the parties do not reach a mutually acceptable developer's <br />agreement timely, or if the Buyer's project does not receive final plat approval <br />timely, or upon Seller's breach. Notwithstanding any other terms in this <br />Agreement, $1,500 of the Earnest Money shall become non-refundable and <br />released to the Seller by the Title Company 61 days after the Effective Date of <br />this Agreement. <br />b. Closine Payments. <br />1. Buyer will purchase Parcel A for $581,000.00. Closing on Parcel A shall <br />occur within 30 days after final plat approval of Parcel A and execution of <br />a mutually acceptable developer's agreement, or by June 30, 2015, <br />whichever is earlier. $3,000 of the Earnest Money remaining as of the <br />date of closing shall be applied in reduction of the purchase price. <br />2. Buyer will purchase Parcel B for $326,250.00. Closing on Parcel B shall <br />occur within 30 days after the Seller provides written notice to Buyer that <br />demolition of Existing Improvements, as described in Section 2 above, is <br />completed. The Earnest Money remaining as of the date of closing shall <br />be applied in reduction of the purchase price. <br />(c) Adiustment to the Purchase Price. The Property is bordered on the west by <br />Krypton Terrace N.W., which currently intersects with, and terminates at, the west <br />driveway entrance to the existing city hall site. Seller intends to eliminate the west <br />driveway entrance during demolition and construct an extension of Krypton Terrace <br />N.W. so as to align it with the Nowthen Blvd. / 151st Lane N.W. intersection ("Street <br />Option 1"). In the event that Street Option 1 cannot be constructed, as determined by <br />Seller, Krypton Terrace will be extended by Buyer east/southeast into the Property and <br />aligned with the right-of-way dedicated to Seller on Buyer's plat(s) ("Street Option 2"). <br />If Street Option 2 is utilized, the Purchase Price shall be adjusted downward to reflect the <br />cost of construction of the road and the loss of approximately one (1) acre of buildable <br />land. Those costs are estimated to be One Hundred Forty Five Thousand Dollars <br />($145,000.00). The parties shall negotiate in good faith, using their best efforts, to reach <br />agreement on the amount of the price adjustment. If the parties cannot reach agreement <br />on this issue, they agree to submit the matter to binding arbitration. <br />2 <br />