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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 KNOLL PROPERTIES, 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 April 23, 2019 (the <br />"Effective Date"). <br />2. SALE OF PROPERTY. Seller agrees to sell to Buyer, and Buyer agrees to buy from Seller <br />9.3 acres of vacant land, legally described as follows: <br />The North 9.3 acres of Lot 1, Block 1, Bury and Carlson Addition, Anoka County, <br />Minnesota. (the "Property") <br />Addresses: 7XXX 143rd Avenue Northwest, Ramsey, MN 55303 <br />Anoka County Property Identification: The North 9.3 acres of 27-32-25-34-0009; <br />3. PURCHASE PRICE. The purchase price for the Property is $675,000.00 (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 $67,500.000 (the "Earnest <br />Money") with Commercial Partners Title Company, 200 South 6th Street, #1300, <br />Minneapolis, MN 55402 ("Escrow Agent"), via wire transfer or delivery of a certified check <br />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 10 <br />