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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 LH Road, LLC, a Delaware Limited Liability Company <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 , 2026 (the <br />"Effective Date"). <br />2. SALE OF PROPERTY. Seller agrees to sell to Buyer, and Buyer agrees to buy from Seller <br />approximately 1.93 acres of vacant land, legally described as follows and on Exhibit A: <br />Tract B, Registered Land Survey No. 251 <br />Anoka County MID Number: 27-32-25-41-0025 <br />(the "Property") <br />3. PURCHASE PRICE. The purchase price for the Property is $1 (the "Purchase 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 (the "Earnest Money") with <br />Land Title, Inc., the City of Ramsey or a mutually agreed upon title company ("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 22 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 />