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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 COBBLESTONE HOTEL DEVELOPMENT, LLC <br />and/or its assigns, a Wisconsin limited 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 RapowN S4x2()the <br />"Effective Date"). <br />2. SALE OF PROPERTY. Seller agrees to sell to Buyer, and Buyer agrees to buy from Seller <br />approximately 1.5 acres of vacant land, legally described as follows: <br />The East half of Outlot A, COR Stone Brook Academy, to be platted as: T.B.D. <br />Anoka County PID Number: Portion of 28-32-25-23-0018 <br />3. PURCHASE PRICE. The purchase price for the Property is $1.00 including the easement <br />area on +/- 1.5 acres (65,340 square feet) subject to a lot split as outlined in Exhibit A plus or <br />minus the prorations and credits as provided for herein (the "Purchase Price"). The property <br />valuation is $326,700, is proposed to be reimbursed through Tax Increment Financing. <br />4. EARNEST MONEY AND ADDITIONAL EARNEST MONEY. Within five business <br />days after the Effective Date. Buyer must deposit the sum of $1.00 (the "Earnest Money") <br />with Commercial Partners Title Company ("Escrow Agent"), via wire transfer or delivery of <br />a certified check payable to Escrow Agent. <br />a. If Buyer does not deposit the Earnest Money as required above, then Seller may <br />terminate this Agreement by written notice to Buyer; provided, however, if Buyer <br />deposits the Earnest Money with Escrow Agent before Seiler exercises Seller's <br />right to terminate, Seller's right to terminate is extinguished. <br />b. Upon Seller's receipt ofa Notice to Proceed from Buyer in accordance with <br />Section 9(b), all of the Earnest Money becomes non-refundable (except in <br />accordance with Section 22 as a result of a default by Seller). <br />