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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 Stories Foundation, a Minnesota Nonprofit Corporation <br /> ("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 October 29,2020 (the <br /> "Effective Date"). <br /> 2. SALE OF PROPERTY. Seller agrees to sell to Buyer, and Buyer agrees to buy from Seller <br /> approximately .52 acres (22,651 square feet) of vacant land, legally described as follows: <br /> Outlot B, COR STONE BROOK ACADEMY, Anoka County, Minnesota, to be platted as: <br /> T.B.D. Anoka County, Minnesota <br /> PID Number: 28-32-25-31-0023 ("Property") <br /> 3. PURCHASE PRICE. The purchase price for the Property is $67,953.60 (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$1,000.00 (the "Earnest <br /> Money")with Commercial Partners Title Company ("Escrow Agent"), via wire transfer or <br /> delivery 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 />