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DRAFT,
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<br />PURCHASE AGREEMENT
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<br /> 1. PARTIES. This Agreement is made on this day of ,2005
<br />by and between R and D Properties ("SELLER"), whose address is 6101 Highway 10 Northwest,
<br />Ramsey, Minnesota 55303 and the CITY OF RAMSEY, a Minnesota municipal corporation,
<br />("BUYER"), with address 15153 Nowthen Boulevard, Ramsey, Minnesota 55303.
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<br /> 2. OFFER/ACCEPTANCE. BUYER offers to purchase and SELLER agrees to sell
<br />real property located at 6101 Hi,way 10 NW., Ramsey, Mim~esota, 55303, Anoka County,
<br />Mim~esota, legally described on the attached Exhibit A (the "Property"). The term "Property" as
<br />used in this A~eement shall include all improvements, fixtures, including any trade fixtures and,
<br />now existing on the date of closing, together with all hereditaments and appurtenances to the
<br />Property including but not limited to all mechanical, electrical, heating, air conditioning, drainage,
<br />sewer, water, plumbing and roofing systems, if any. The parties do not contemplate the conveyance
<br />of any personal property pursuant to this A~eement.
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<br /> 3. ACCEPTANCE. The acceptance date of this Agreement is the date it is delivered
<br />by the last party signing to the other party.
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<br /> 4. PRICE. The Purchase Price for the Property is Three Hundred Sixty Three
<br />Thousand Dollars ($363,000.00), ("Purchase Price"), payable at Closing less earnest money
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<br /> 5. EARNEST MONEY. Concurrently with the execution hereof BUYER shall
<br />deposit with SELLER the amount of Five Thousand Dollars ($5,000.00) as Earnest Money
<br />hereunder ("Earnest Money").
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<br /> 6. DEED/MARKETABLE TITLE. Conveyance Temas. Upon BUYER'S full
<br />performance of BUYER'S obligations under this Agreement, SELLER shall execute and deliver to
<br />BUYER, on the date of closing, a Warranty Deed conveying fee title to the Property to BUYER,
<br />subject only to:
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<br />a. Building, zoning and subdivision statutes, laws, ordinances and regulations.
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<br />Reservations of minerals or of mineral rights in thvor of the State of
<br />Minnesota, if any.
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<br />c. The lien of real estate taxes and special assessments not yet due and payable.
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<br />d. Covenants, conditions, restrictions and easements of record.
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<br /> 7. REVIEW PERIOD. Within five (5) days following the execution of this
<br />Agreement, SELLER shall provide to BUYER copies of any Envirolunental Site Assessment
<br />reports in its possession relating to the Property and/or any reports, notifications, or correspondence
<br />of any kind from any governmental entities relating to environmental conditions of the Property.
<br />BUYER shall have thirty (30) days from the date hereof ("Review Period") to inspect the Property.
<br />SELLER agrees to permit access to the Property at reasonable times and with advance notice, to
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