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PURCHASE AGREEMENT <br /> <br /> i. PARTIES. This Agreement is made this __ day of September, 2005 by and between <br />RAMSE¥ TOWN CENTER LLC, a Minnesota Limited Liability Company ("SELLER"), whose <br />address is 4200 Central Avenue Northeast, Minneapolis, Minnesota 55421 and the CITY OF RAMSEY, <br />a Miuncsota municipal corporation, ("BUYER"), with address 15153 Nowthen Boulevard, Ramsey, <br />Minnesota 55303. <br /> <br /> 2. OFFER/ACCEPTANCE. BUYER offers to purchase and SELLER agrees to sell real <br />properly located itl Ramsey, Anoka County, Minnesota, legally described as Lot 3, Block 1, DEAL <br />INDUSTRIAL PARK, Anoka County, Minnesota (the "Property"). The term "Property" as used in this <br />Agrccmcnt shall include all improvements, hereditaments and appurtenances to the Property, including <br />building slructures located on the land, all fixtures presently located within the building structures on the <br />land and lh¢ following personal property owned by SELLER and currently located on the land: <br /> <br />All personal property currently located at or on the Property. <br /> <br /> 3. ACCEPTANCE. The acceptance date of this Agreement is the date it is delivered by the <br />last party signing to the other party. <br /> <br /> 4. PRICE. The purchase price ("Purchase Price"), to be paid by BUYER for the purchase <br />thc Property is $1,800,000.00, cash at closing. <br /> <br /> 5. EARNEST MONEY. Concurrently with the execution hereof BUYER shall deposit with <br />Registered Abstracters, Inc. 2115 - 3~ Avenue North, Anoka, Minnesota, the amount of Five Thousand <br />I~ollars ($5,000.00) as Earnest Money hereunder ("Earnest Money"). The Earnest Money shall be <br />applied to tile Purchasc Price at Closing. <br /> <br /> 6. DEED/MARKETABLE TITLE. Conveyance Terms. Upon BUYER'S full <br />pcrlbrmancc of BUYER'S obligations under this Agreement, SELLER shall execute and deliver to <br />II[J¥I.;R, on lhc Closing Date, a Warranty Deed conveying fee title to the Property to BUYER, subject <br />only lo: <br /> <br />a. Building, zoning and subdivision statutes, laws, ordinances and regulations. <br /> <br />any. <br /> <br />Reservations of minerals or of mineral rights in favor of the State of Minnesota, <br /> <br /> c. The lien of real estate taxes and special assessments except to the extent payable <br />by SI~;I~LEP, in accordance with the terms of this Agreement. <br /> <br />d. Covenants, conditions, restrictions and easements of record. <br /> <br /> 7. REVIEW PERIOD. Within five (5) days following the execution of this Agreement, <br />S El,l &;R shall provide to BUYER copies of any Environmental Site Assessment reports in its possession <br />relating lo thc Propet~ty and/or any reports, notifications, or correspondence of any kind from any <br />govcmmcntal cntities relating to environmental conditions of the Property. BUYER shall have thirty (30) <br />days fi'om thc date hereof ("Review Period") to inspect the Property. SELLER agrees to permit access to <br />thc Property al reasonable times and with advance notice, to BUYER'S authorized inspectors. In the <br /> <br /> <br />