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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 RGH RAMSEY 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 January 22, 2018 (the <br />"Effective Date"). <br />2. SALE OF PROPERTY. Seller agrees to sell to Buyer, and Buyer agrees to buy from Seller <br />3.97 acres of vacant land, legally described as follows: <br />Lots 1, 2 and 3, Block 1 COR TWO subject to easements as shown on Plat), Anoka County, <br />Minnesota. (the "Property") <br />Addresses: 7990, 7994 and 7992 Sunwood Drive Northwest, Ramsey, MN 55303 <br />Anoka County Property Identification: 28-32-25-23-0011, 28-32-25-23-0012, 28-32-25-23- <br />0012; <br />3. PURCHASE PRICE. The purchase price for the Property is $1,383,464.00 (the "Purchase <br />Price"). <br />4. EARNEST MONEY AND ADDITIONAL EARNEST MONEY. Within (5) business <br />days after the Effective Date, Buyer must deposit the sum of $10,000 (the "Earnest Money") <br />and $30,000.00 (the "Additional Earnest Money")with Commercial Partners Title Company, <br />200 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 and Additional Earnest Money with <br />Escrow Agent as required above, then Seller may terminate this Agreement by <br />written notice to Buyer; provided, however, if Buyer deposits the Earnest Money <br />with Escrow Agent before Seller exercises Seller's right to terminate, Seller's <br />right to terminate is extinguished. <br />Page 1 of 11 <br />