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DRAFT Earnest Money Draft Date: July 19,2006 Page 1 of 6 PURCHASE AGREEMENT This Agreement is made as of this day of July, 2006, by and between the City of Ramsey, a municipal corporation urider the laws of the State of Minnesota ("Buyer"), Clnd Lawrence J. Boike and Michelle A. Garcia-Boike, husband and wife, ("Seller"). In consideration of the mutual covenants contained herein, Seller and Buyer agree as follows: 1. SALE OF PROPERTY Seller shall sell to Buyer and Buyer shall buy from Seller the following property: The real property_located at XXX Highway 10,Ramsey, Minnesota, consisting of approximately 41.61 acres. The property to be sold is identified by Anoka County for tax purposes as PIN Nos. 29-32-25- 21-0002 and 29-32-25-24-0001. The legal description of the property to be sold is contained in Exhibit A, which is attached hereto and incorporated herein by reference. 2. PURCHASE PRICE The total purchase price of the property shall be Four Million, Four-Hundred and Eighty-One Thousand Dollars ($4,481,000.00), which Buyer agrees to pay in the following manner: Forty-Five-Thousand Dollars ($45,000.00) earnest money paymentto the Seller, which shall be c applied to the purchase price at closing; Four-Hundred, Five-Thousand Dollars ($405;000.00) cash on the date of closing and the balance of Four Million, Thirty-One Thousand Dollars ($4,031,000.00) by financing as shown on the attached Addendum. . 3. DEED/MARKETABLE TITLE Subject to performance by Buyer, Seller agrees to execute and deliver a general Warrant Deed conveying marketable title to the property subject only to the following exceptions: . (a) building and zoning laws, ordinances, State and Federal regulations; (b) restrictions relating to use or improvement of the premises without effective forfeiture provisions; (c) reservation of any minerals or mineral rights to the State of Minnesota; (d) utility and drainage easements which do not interfere with present improvements; (e) rights of tenants as follows: None 4. REAL ESTATE TAXES Real estate taxes due and payable in the year of closing shall be prorated between Seller and Buyer on a calendar year basis to the actual date of closing unless otherwise provided in this Purchase Agreement. R:eal estate taxes payable in the years prior to closing shall be paid by Seller. Real estate taxes payable in the years subsequent to closing shall be paid by Buyer.