Agenda - Economic Development Authority - 01/14/2021

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PURCHASE AGREEMENT This Agreement is entered into by and between the City of Ramsey, a Minnesota municipal corporation ("Seller"), and GIGI'S SALON AND SPA, INC. and/or its assigns, a Minnesota Corporation ("Buyer"). in consideration of the Earnest Money, the mutual covenants set forth below, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Seller and Buyer agree as follows: 1. EFFECTIVE DATE. The effective date of this Agreement is November 26, 2019 (the "Effective Date"). 2. SALE OF PROPERTY. Seller agrees to sell to Buyer, and Buyer agrees to buy from Seller approximately 1.5 acres of vacant land, legally described as follows: The West Half of Outlot A, COR Stone Brook Academy, to be platted as: T.B.D. Anoka County PED Number: Portion of 28-32-25-0018 3. PURCHASE PRICE. The purchase price for the Property is $4.00 per usable square foot including the easement area on +1- 1.5 acres (65,340 square feet) subject to a lot split as outlined in Exhibit B plus or minus the prorations and credits as provided for herein (the -Purchase Price"). 4. EARNEST MONEY AND ADDITIONAL EARNEST MONEY. Within five business days after the Effective Date, Buyer must deposit the sum of $5,000.00 (the "Earnest Money") with Commercial Partners Title Company ("Escrow Agent"), via wire transfer or delivery of a certified check payable to Escrow Agent. a. If Buyer does not deposit the Earnest Money as required above, then Seller may terminate this Agreement by written notice to Buyer; provided, however, if Buyer deposits the Earnest Money with Escrow Agent before Seller exercises Seller's right to terminate, Seller's right to terminate is extinguished. b. Upon Seller's receipt of a Notice to Proceed from Buyer in accordance with Section 9(b), all of the Earnest Money becomes non-refundable (except in accordance with Section 22 as a result of a default by Seiler).