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PURCHASE AGREEMENT <br /> This Purchase Agreement(the "Agreement") is entered into by and between the City of <br /> Ramsey, a Minnesota municipal corporation ("Seller"), and Centra Homes LLC, a Minnesota <br /> limited liability company ("Buyer"). Seller and Buyer are referred to individually as a"Party" <br /> and collectively as the "Parties." <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 A Zoo(the <br /> "Effective Date"). <br /> 2. SALE OF PROPERTY. Seller agrees to sell to Buyer, and Buyer agrees to buy from Seller <br /> approximately 16.3 acres (710,028 SF) of vacant land, legally described as follows: <br /> see attached Exhibit A <br /> PID Number: Portion of 28-32-25-22-0058 ("Property"). <br /> 3. PURCHASE PRICE. The purchase price for the Property is $6,2 14.00 per approved <br /> townhome unit(the "Purchase Price"). The Purchase Price is based on Buyer's intended <br /> development of the Property as depicted on the"Site Plan Concept" attached hereto as <br /> Exhibit B. The Purchase Price due at closing is estimated to be $640,042 based on 103 <br /> approved townhome units, as shown on the Site Plan Concept. From the Effective Date until <br /> five (5) days prior to the end of the Inspection Period (the "Purchase Price Adjustment <br /> Period"), if any material changes are requried to the Site Plan Concpet in order to obtain <br /> governmental approval of Buyer's intended use and development of the Property, Buyer <br /> reserves the right to adjust the Purchase Price. If Buyer does adjust the Purchase Price, Buyer <br /> shall provide written notice to Seller during the Purchase Price Adjustment Period. If Buyer <br /> elects to adjust the Purchase Price as contempltated in this Section 3, Seller shall have the <br /> right to terminate this Agreement, prior to the end of the Inspection Period. <br /> 4. EARNEST MONEY AND ADDITIONAL EARNEST MONEY. Within five business <br /> days after the Effective Date, Buyer must deposit the sum of$25,000.00 (the "Initial <br /> Earnest Money") with Land Title, Coon Rapids, MN or other title company that is mutually <br /> agreed upon ("Escrow Agent"), via wire transfer or delivery of a certified check payable to <br /> Escrow Agent. <br /> Page 1 of 18 <br />