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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 Riverstone Development, LLC., a Minnesota limited <br />liability 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 July 25, 2017 (the "Effective <br />Date"). <br />2. SALE OF PROPERTY. Seller agrees to sell to Buyer, and Buyer agrees to buy from <br />Seller, roughly 1.9 acres of the Property, described as follows: <br />39,249 sf of existing right-of-way located on Puma Street, just South of Alpine Drive, and <br />43,592 sf of land located on OUTLOT C, ALPHA DEVELOPMENT PLAT (20-32-25-31- <br />0003). Total estimated site of 1.90 acres or 82,841 square feet. <br />3. PURCHASE PRICE. The purchase price for the Property is $25,000 per acre (the <br />"Purchase Price"). Buyer intends to purchase roughly 1.9 acres of land. Buyer is responsible <br />for subdividing property, providing the City of Ramsey with a legal description of the new <br />parcel, and an official parcel size 14 days before Closing. The final purchase price will be <br />prorated based on a $25,000 per acre index. <br />4. EARNEST MONEY. By August, 11 2017. Buyer must deposit the sum of $5,000 (the <br />"Earnest Money") with Title One Inc., 7533 Sunwood Drive NW, Ramsey, MN 55303 <br />("Escrow 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 8, <br />$5,000 of the Earnest Money (the "Initial Disbursement") becomes non- <br />refundable to Buyer (except in accordance with Section 22 as a result of a default <br />by Seller) on February 1, 2018, and on that date Escrow Agent must disburse the <br />Initial Disbursement to Seller. <br />Page 1 of 14 <br />