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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 Java Companies, LLC. & or Assigns, a Minnesota <br />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 <br />(the "Effective Date"). <br />2. SALE OF PROPERTY. Seller agrees to sell to Buyer, and Buyer agrees to buy from Seller <br />approximately .72 acres (31,304 square feet) of vacant land, legally described as follows: <br />Part of Outlot GG, Ramsey Town Center Addition, to be platted as: <br />T.B.D. Anoka County, Minnesota <br />PID Number: Portion of 28-32-25-41-0020 ("Property") <br />3. PURCHASE PRICE. The purchase price for the Property is $250,432 (the "Purchase <br />Price"). <br />4. EARNEST MONEY AND ADDITIONAL EARNEST MONEY. Within five business <br />days after the Effective Date, Buyer must deposit the sum of $5,000.00 (the "Earnest <br />Money") with Commercial Partners Title Company ("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 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 Seller exercises Seller's <br />right to terminate, Seller's right to terminate is extinguished. <br />b. Upon Seller's receipt of a 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 />