Agenda - Economic Development Authority - 03/14/2024

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PURCHASE AGREEMENT This Agreement is entered into by and between the City of Ramsey, a Minnesota municipal corporation ("Seller"), and Blanery LLC, a Minnesota Limited Liability Company ("Buyer"). In consideration of the Earnest Money, the mutual covenants set forth below, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Seller and Buyer agree as follows: 1. EFFECTIVE DATE. The effective date of this Agreement is , 2024 (the "Effective Date"). 2. SALE OF PROPERTY. Seller agrees to sell to Buyer, and Buyer agrees to buy from Seller approximately 0.95 acres of vacant land, legally described as follows and on Exhibit A: All that part of the North 200 feet of the South 233 feet of the South Half of the Southeast Quarter of Section 27, Township 32, Range 25, Anoka County, Minnesota, lying West of the East 1146 feet thereof, and lying East of a line parallel with the East line of said South Half of the Southeast Quarter drawn Northerly from a point on the South line of said South Half of the Southeast Quarter, a distance of 266.00 feet East of the Northwest corner of Lot 1, of the duly recorded plat of Auditor's Subdivision No. 30, said Anoka County said 266.00 feet measured at right angles to the West line of said Lot 1. Anoka County PID Number: 27-32-25-44-0003 (the "Property") 3. PURCHASE PRICE. The purchase price for the Property is $105,000 (the "Purchase Price"). 4. EARNEST MONEY AND ADDITIONAL EARNEST MONEY. Within five business days after the Effective Date, Buyer must deposit the sum of $10,000.00 (the "Earnest Money") with Land Title, Inc. or the City of Ramsey ("Escrow Agent"), via wire transfer or delivery of a certified check payable to Escrow Agent. a. If Buyer does not deposit the Earnest Money as required above, then Seller may terminate this Agreement by written notice to Buyer; provided, however, if Buyer deposits the Earnest Money with Escrow Agent before Seller exercises Seller's right to terminate, Seller's right to terminate is extinguished.