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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 Reliable Holdings, LLC, a Minnesota Limited Liability <br /> 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 92022 <br /> (the "Effective Date"). <br /> 2. SALE OF PROPERTY. Seller agrees to sell to Buyer, and Buyer agrees to buy from Seller <br /> approximately 1.46 acres of vacant land, legally described as follows: <br /> Lot 4, Block 1 Riverside West, Anoka County, Minnesota and a portion of Dolomite Street <br /> NW, <br /> Anoka County PID Number: 34-32-25-13-0005 <br /> to be platted as: <br /> Lot 1, Block 1, Riverside West Rearrangement (Subject to approval of Final Plat) <br /> ("Property") <br /> 3. PURCHASE PRICE. The purchase price for the Property is $3.12 per square foot, <br /> including the easement area on+/- 1.46 acres (63,971 square feet) subject to approval of <br /> Final Plat(the "Purchase Price"). <br /> 4. EARNEST MONEY AND ADDITIONAL EARNEST MONEY. Within five business <br /> days after the Effective Date, Buyer must deposit the sum of$20,000.00 (the "Earnest <br /> Money") with Registered Abstracters, Inc. ("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 />