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PURCHASE AGREEMENT <br /> <br /> I. PARTIES. This Agreement is made this day of April, 2006 by and <br />between RAMSEY TOWN CENTER LLC, a Minnesota Limited Liability Company <br />("SELLER'), whose address is 4200 Central Avenue Northeast, Minneapolis, Minnesota <br />55421 and the CITY OF RAMSEY, a Minnesota municipal corporation, ("BUYER"), <br />with address 15153 Nowthen Boulevard, Ramsey, Minnesota 55303. <br /> <br /> 2. OFFER/ACCEPTANCE. BUYER offers to purchase and SELLER agrees <br />to sell real property located in Ramsey, Anoka County, Minnesota, legally described as <br />Lot 2, Block 1, DEAL INDUSTRIAL PARK, Anoka County, Minnesota (the <br />"Property"). The term "Property" as used in this Agreement shall include all <br />improvements, hereditaments and appurtenances to the Property, including building <br />structures located on the land, all fixtures presently located within the building structures <br />on the land and the following personal property owned by SELLER and currently located <br />on the land: <br /> <br />All personal property currently located at or on the Property. <br /> <br /> 3. ACCEPTANCE. The acceptance date oft}tis Agreement is the date it is <br />delivered by the last party signing to the other party. <br /> <br /> 4. PRICE. The purchase price ("Purchase Price"), to be paid by BUYER for <br />the purchase of the Property is One Million Five Hundred Fifty Thousand and 00/100 <br />Dollars ($1,550,0000.00), cash at closing. <br /> <br /> 5. EARNEST MONEY. Concurrently with the execution hereof BUYER <br />shall deposit with Registered Abstracters, Inc. 2115 - 3'd Avenue North, Anoka, <br />Minnesota, the amount of Five Thousand Dollars ($5,000.00) as Earnest Money <br />hereunder ("Earnest Money"). The Earnest Money shall be applied to the Purchase Price <br />at Closing. <br /> <br /> 6. DEED/MARKETABLE TITLE. Conveyance Terms. Upon BUYER'S full <br />performance of BUYER'S obligations under this Agreement, SELLER shall execute and <br />deliver to BUYER, on the Closing Date, a Warranty Deed conveying fee title to the <br />Property to BUYER, subject only to: <br /> <br /> a. Building, zoning and subdivision statutes, laws, ordinances and <br />regulations. <br /> <br />of Minnesota, <br /> <br />Reservations of minerals or of mineral rights in favor of the State <br /> <br />if any, <br /> <br /> c. The lien of real estate taxes and special assessments except to the <br />extent payable by SELLER in accordance with the terms of this Agreement. <br /> <br />121131046V3 820716 4/20/06 <br /> <br /> <br />