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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 5.,r -I I , 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 $6,214.00 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, M-N 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 />