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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 MW Properties 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 , 2024 (the <br />"Effective Date"). <br />2. SALE OF PROPERTY. Seller agrees to sell to Buyer, and Buyer agrees to buy from Seller <br />approximately 1.01 acres of vacant land, legally described as follows and on Exhibit A: <br />Lot 1, Block 1 Rivers Bend Plaza 2nd Addition, Anoka County, Minnesota <br />Anoka County PID Number: 25-32-25-43-0043 <br />(the "Property") <br />3. PURCHASE PRICE. The purchase price for the Property is $100,000 (the "Purchase <br />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 INSERT TITLE COMPANY ("Escrow Agent"), via wire transfer or delivery <br />of 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 />deposits the Earnest Money with Escrow Agent before Seller exercises Seller's <br />right to terminate, Seller's right to terminate is extinguished. <br />b. Upon Seller's receipt of a Notice to Proceed from Buyer in accordance with <br />Section 9(b), all of the Earnest Money becomes non-refundable (except in <br />accordance with Section 22 as a result of a default by Seller). <br />