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PURCHASE AGREEMENT
<br />This Purchase Agreement ("Agreement") is made as of September , 2026
<br />("Effective Date") by and between City of Ramsey, a Minnesota Municipal Corporation
<br />("Seller"), and 6781 Properties, LLC, a Minnesota limited liability company ("Buyer").
<br />RECITALS
<br />WHEREAS, Seller is the owner of that certain real property located in the City of
<br />Ramsey, Anoka County, Minnesota with an unassigned address and PID: 34-32-25-21-0103
<br />legally described on Exhibit A attached hereto and incorporated herein by reference ("Real
<br />Property");
<br />WHEREAS, Seller is desirous of selling the Property and the Buyer is desirous of
<br />purchasing the Property in accordance with the terms and conditions of this Agreement;
<br />NOW, THEREFORE, in consideration of the mutual covenants, agreements,
<br />representations and warranties herein contained, the parties hereto agree as follows:
<br />1. Sale and Purchase of Property. Subject to the terms and conditions set forth in this
<br />Agreement, Seller agrees to sell, transfer and convey to Buyer and Buyer agrees to purchase
<br />from Seller, all of Seller's right, title and interest in and to the following property (collectively,
<br />the "Property"):
<br />a. The Real Property, together with all hereditaments, privileges,
<br />appurtenances, easements, rights of access, mineral, gas, oil and water rights appertaining or
<br />otherwise belonging thereto; and
<br />b. All of Seller's right, title and interest in all maps, reports, plans, and other
<br />such materials having to do with the Property, as well as all land use entitlements, governmental
<br />permits, licenses, authorizations and allocations and other such governmental and agency
<br />approvals as may exist concerning the Property, and to the extent assignable: (i) if still in effect,
<br />guaranties and warranties received by Seller from any contractor, manufacturer or other person
<br />in connection with the construction, operation, ownership or use of the Property, and (ii) all other
<br />intangible property associated with the Property (collectively, the "Intangible Personal
<br />Property").
<br />2. Purchase Price. The purchase price for the Property shall be the sum of Three
<br />Hundred Sixteen Thousand Fifty and No/100 Dollars ($316,050.00) ("Purchase Price"), which
<br />Buyer agrees to pay to Seller, subject to adjustments as set forth herein, as follows:
<br />a. Earnest Money. Within three (3) days after the Effective Date, the Buyer
<br />will deliver to First American Title Insurance Company, Attn: Jim
<br />Erickson ("Title Company"), the sum of Twenty -Five Thousand and
<br />No/100 Dollars ($25,000) ("Earnest Money"). The full amount of the
<br />Earnest Money will be fully applied against the Purchase Price at the
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