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<br />DRAFT <br /> <br />Earnest Money <br />Draft Date: July 19, 2006 <br />Page 1 of 6 <br /> <br />ADDENDUM TO PURCHASE AGREEMENT <br /> <br />, JULY, 2006 <br /> <br />Property add ress <br /> <br />PIN No. # 29-32-25-21-0002 <br />PIN No. # 29-32-25-24-0001 <br /> <br />This Addendum is made by and between the City of Ramsey, a municipal corporation under the laws of <br />the State of Minnesota and/or its assigns ("Buyer") and Lawrence J. Boike and Michelle A. Garcia-Boike <br />("Seller"). <br /> <br />1. TERMS AND CONDITIONS. The terms, conditions and provisions of this addendum shall take <br />precedence over and control any contrary terms contained in the purchase agreement wherever ,_ <br />possible, the addendum shall be construed consistently with the printed form portion of the purchase <br />agreement. <br /> <br />2. PURCHASE PRICE. The purchase price shall be Four Million Four Hundred Eighty-One Thousand <br />Dollars ($4,481,000.00) which Buyer will pay upon the following terms: <br />a) Forty Five -Thousand Dollars ($45,000.00) earnest money paid upon the execution of this <br />purchase agreement, to the Seller, which shall be applied to the purchase price at closing; <br />b) Four-Hundred, Five- Thousand Dollars ($405,000.00) cash on the date of closing; and <br />c} The balance of Four Million, Thirty-One Thousand Dollars ($ 4,031,OOO.00) by a promissory <br />note and mortgage securing the same from the Buyer to Seller with the following terms: <br />The Promissory Note will have interest at 7% per annum with an amortization schedule of 30 <br />years with two annual payments per year. The amortization schedule shall begin December 31, <br />2006. The first payment of $161,597.23 shall be due and payable on or before July 1, 2007, with <br />payments of $161,597.23 due and payable on or before each succeeding December 31 and July 1 <br />thereafter including December 31, 2016, when the en~ire balance shall be due and payable. The first <br />payment due July 1, 2007 shall also include interest at the rate provided herein on the balanc~ from <br />the date of closing through December 31, 2006. It is specifically understood arrcj agreedJhat Buyer <br />shall have the right to pre-pay the balance of the promissory note and mortgage -at any time without <br />