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DRAFT Date: May 16, 2006 <br /> Page 1 of 6 <br /> <br /> ADDENDUM TO PURCHASE AGREEMENT <br /> <br /> , May, 2006 <br /> <br /> Propertv address <br /> <br /> PIN No. # 29-32-25-21-0002 <br /> PIN No. # 29-32-25-24-0001 <br /> <br /> This Addendum is made by and between the City of Ramsey, a municipal corporation under the laws of <br />the State of Minnesota and/or its assigns ("Buyer") and Lawrence J. Boike and Micheile A. Garcia-Boike <br />("Seller"). <br /> <br />TERMS AND CONDITIONS. The terms, conditions and provisions of this addendum shall take <br />precedence over and control any contrary terms contained in the purchase agreement wherever <br />possible, the addendum shall be construed consistently with the printed form portion of the purchase <br />agreement. <br /> <br />PURCHASE PRICE. The purchase price shall be Four Million Four Hundred Eight-One Thousand <br />Dollars ($4,481,000.00) which Buyer will pay upon the following terms: <br />A. One million dollars ($1,000,000.00) cash on the date of closing. <br /> <br />B. Three Million Four-Hundred and Eighty-One Thousand Dollars ($3,481,000.00) by a <br /> promissory note and modgage securing the same from the Buyer to Seller with the following <br /> terms: <br /> <br /> The Promissory Note will have interest at 7% per annum with an amortization schedule of 30 <br /> years with one annual payment per year of $280,521.27 due and payable on or before <br /> June 30, 2007, and each year thereafter, with the total balance due and payable on June 30, <br /> 2016. It is specifically understood and agreed that Buyer shall have the right to pre-pay the <br /> balance of the promissory note and modgage at any time without penalty. <br /> <br />REPRESENTATIONS AND WARRANTIES. As an inducement to Buyer to enter into this <br />Agreement, and as part of the consideration therefore, Seller represents and warrants to and <br />covenants with Buyer that: <br /> <br /> <br />