Agenda - Economic Development Authority - 07/14/2022

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FIRST AMENDMENT TO PURCHASE AGREEMENT This is the First Amendment to the Purchase Agreement by and between the City of Ramsey, a Minnesota municipal corporation ("Seller"), and Java Companies,L.L.C. and/or its assigns, a Minnesota Limited Liability Company ("Buyer"), with an Effective Date of December 15, 2021. Recitals 1. EFFECTIVE DATE. The Effective Date remains December 15, 2021. 2. SALE OF PROPERTY. Seller agrees to sell to Buyer, and Buyer agrees to buy from Seller approximately 6.97 acres (303,613 SF) of vacant land, legally described as follows: Outlot A, Java Auto Parts, to be platted as: T.B.D. Anoka County,Minnesota PID Number: Portion of 28-32-25-41-0020 ("Property") 3. PURCHASE PRICE. The purchase price for the Property is $4.50/ Square foot or $1,366,259 for Phase 1 and Phase 2 as depicted on attached Exhibit and subject to square footage of platted properties (the "Purchase Price"). 4. EARNEST MONEY AND ADDITIONAL EARNEST MONEY. The Buyer has deposited the sum of$10,000.00 (the "Earnest Money")with Servion Title ("Escrow Agent"), via wire transfer or delivery of a certified check payable to Escrow Agent. The Buyer shall deposit the sum of$5,000 (the"Additional Earnest Money")with the Escrow Agent in addition to the $10,000.00 of Earnest Money previously submitted. 5. INSPECTION PERIOD. Buyer desires to extend the Inspection Period from June 15, 2022 to December 15, 2022. Agreement 1. AMENDMENT APPROVAL. Buyer and Seller hereby approve this First Amendment to Purchase Agreement as modified by the above Recitals, which are hereby incorporated herein. 2. REMAINING TERMS. All other provisions of the Purchase Agreement remain unchanged except to the extent inconsistent with the terms of this First Amendment to Purchase Agreement. The terms used in this First Amendment to Purchase Agreement have the same meaning as in the Purchase Agreement. Page 1 of 2