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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 Noi-haft Ai-chitectui-e LLC, a <br /> Minnesota limited liability company or its Assigns ("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 /> - <br /> September <br /> -1 y-,,t 6 1. EFFECTIVE DATE. The effective date of this Agreement is .A..b 16S�-p 2023 (the <br /> "Effective Date"). <br /> 2. SALE OF PROPERTY. Seller agrees to sell to Buyer, and Buyer agrees to buy from Seller <br /> approximately 4 acres (174,240 SF) of vacant land, legally described oil Exhibit A attached <br /> hereto the"Property"). <br /> 3. PURCHASE PRICE. The purchase price for the Property is $2.50/ square foot or <br /> $435,600 as described on attached Exhibit A and graphically depicted on attached Exhibit B; <br /> subject to square footage of Final Plat (the"Purchase Price"). <br /> 4. EARNEST MONEY AND ADDITIONAL EARNEST MONEY. Within five business <br /> days after the Effective Date, Buyer must deposit the SLIM of$25,000.00 (the "Earnest <br /> Money") with Stewart Title or other title company that is mutually agreed upon ("Escrow <br /> Agent"),via wire transfer or 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 23 as a result of a default by Seller), <br /> c. If Buyer does not provide a Notice to Proceed to Seller in accordance with <br /> Section 9(b), this Agreement automatically terminates, and Escrow Agent Must <br /> disburse all Earnest Money Escrow Agent holds to Buyer. <br /> d. At Closing, Escrow Agent shall disburse to Seller any Earnest Money not <br /> previously disbursed to Seller, and Buyer shall receive a credit against the <br /> Error!Unknown document property name. <br />