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DocuSign Envelope ID: 1 D7DF6CE-1 FE8-46C2-846A-D23B59B6B176 <br /> PURCHASE AGREEMENT <br /> This Agreement is entered into by and between the City of Ramsey, a Minnesota <br /> municipal corporation (sometimes, "Seller" or"City"), and THE SCHIEBOUT FAMILY <br /> LIMITED PARTNERSHIP,LLLP and/or its assigns, a Minnesota limited partnership <br /> ("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 August 4, 2022 (the"Effective <br /> Date"). <br /> 2. SALE OF PROPERTY. Seller agrees to sell to Buyer, and Buyer agrees to buy from Seller <br /> approximately 1.43 acres of vacant land, legally described as follows: <br /> Outlot A, Gigi Addition, to be platted as: T.B.D. <br /> Anoka County PID Number: 28-32-25-23-0020 <br /> 3. PURCHASE PRICE. The purchase price for the Property is $1.00 on +/- 1.43 acres (62,290 <br /> square feet) as outlined in Exhibit A (the"Purchase Price"). The property valuation is <br /> $311,454. <br /> 4. INITIAL DEPOSIT; EARNEST MONEY AND ADDITIONAL EARNEST MONEY. <br /> Buyer has previously deposited the sum of Five Thousand and No/100 Dollars ($5,000.00) <br /> (the "Initial Deposit")with the City to pay costs of third party tax increment financing <br /> ("TIF") analysis and the preparation of the TIF Agreement. Within five business days after <br /> the Effective Date, Buyer must deposit the sum of$1.00 (the "Earnest Money")with <br /> Guaranty Commercial Title, Inc. ("Escrow Agent"), via wire transfer or delivery of a <br /> 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 /> 2636471.v4 Page 1 of 12 <br />