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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 February 23, 2022 (the <br />"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 />