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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 CBN Enterprises, 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 , 2023 (the <br />"Effective Date"). <br />2. SALE OF PROPERTY. Seller agrees to sell to Buyer, and Buyer agrees to buy from Seller <br />approximately 4.14 acres (180,338 SF) of vacant land, legally described as follows: <br />All that part of the West 31 rods of the Southwest Quarter of the Southwest Quarter of <br />Section 27, Township 32, Range 25, Anoka County, Minnesota, described as follows: <br />Commencing at a point on the West line thereof, distant 335.51 feet South from the <br />Northwest corner thereof, as measured along said West line; thence South along said West <br />line a distance of 335.51 feet, more or less, to its intersection with the Northerly right of way <br />line of Northern Pacific Railway; thence Southeasterly along said Northerly right of way line <br />to its intersection with the East line of said West 31 rods; thence North along said East line <br />thereof a distance of 448.92 feet, more or less, to a point on said East line thereof distant <br />448.92 feet South from the Northeast corner of said West 31 rods as measured along said <br />East line thereof; thence Northwesterly in a straight line to the point of beginning. Anoka <br />County, Minnesota. Abstract Property; <br />To be platted as: <br />T.B.D. Anoka County, Minnesota <br />PID Number: 27-32-25-33-0006 ("Property") <br />3. PURCHASE PRICE. The purchase price for the Property is $3.32 / square foot or <br />$600,000 subject to square footage of 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 $10,000.00 (the "Earnest <br />Money") with Land Title Company or other title company that is mutually agreed upon <br />