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k <br />PURCHASE AGREEMENT <br />This Purchase Agreement (this "Agreement") is entered into by and between the City of <br />Ramsey, a Minnesota municipal corporation ("Seller"), and KNOLL PROPERTIES, LLC, a <br />Minnesota Limited Liability Company ("Buyer"). <br />RECITALS <br />A. WHEREAS, Buyer and Seller previously entered into that certain Purchase Agreement dated <br />effective April 23, 2019 (the "Prior Agreement"), wherein Buyer agreed to purchase the <br />Property (as defined below). <br />B. WHEREAS, prior to the transaction closing, the Prior Agreement automatically terminated <br />pursuant to its terms and is null and void and of no effect. <br />C. WHEREAS, Seller desires to sell the Property to Buyer, and Buyer desires to purchase the <br />Property from Seller, pursuant to the terms and conditions set forth in this Agreement. <br />NOW, THEREFORE, in consideration of the Earnest Money, the mutual covenants set forth <br />below, and other good and valuable consideration, the receipt and sufficiency of which are hereby <br />acknowledged, Seller and Buyer agree as follows: <br />1. EFFECTIVE DATE. The effective date of this Agreement is November 26, 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, Minnesota. <br />To be platted as Lot 1, Block 1, Anderson Dahlen South Addition, Anoka County Minnesota <br />(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 />Page 1 of 11 <br />