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<br /> '. <br /> PURCHASE AND SALE AGREEMENT I <br />THIS AGREEMENT is made as of the day of 1997 by and between .. <br />the City of Arden Hills, a statutory city under the laws of the State of Minnesota, whose principal <br />business address is 1450 West Highway 96, Arden Hills, Minnesota 55112 ("Seller"), and Welsh I <br />Companies, a , whose principal business address IS <br /> ("Purchaser"). <br />For and in consideration of the mutual covenants hereinafter contained, Seller and I <br />Purchaser agree as follows: <br />1. PROPERTY. For the price and upon and subject to the terms and I <br />conditions hereinafter set forth, Seller agrees to sell and convey to Purchaser and Purchaser I <br />agrees to purchase from Seller the following described property (collectively, the "Property"): <br /> (1) The parcel of land in the City of Arden Hills, Ramsey County, Minnesota, I <br />and legally described in Exhibit A attached hereto and made a part hereof, which parcel <br />contains approximately 293,986 square feet (the "Land"); <br /> (2) All buildings, structures and all other improvements, if any, located on the I <br />Land (the Improvements"); <br /> (3) All right, title and interest of Seller in and to all private streets, roads, eI <br />avenues, alleys and passageways, opened or proposed, on the Land; and <br /> (4) All and singular the estates, rights, privileges, easements, and I <br />appurtenances belonging or in any way appertaining to the Land and the Improvements. <br />2. EARNEST MONEY AND PURCHASE PRICE. I <br />The Purchase Price for the Property shall be Three Hundred Twenty Three Thousand . <br />Three Hundred Eighty Five Dollars ($323,385.00) (the "Purchase Price") and shall be payable as <br />follows: I <br /> (I) Upon execution of this Agreement, the Purchaser has deposited with <br /> (the "Title Company"), the sum of I <br />Dollars ($ ) in cash, corporate check or wire transfer of funds (said <br />sum, together with all interest earned thereon, is herein called the "Earnest Money"). The <br />Earnest Money shall be held by the Title Company in escrow in an interest bearing I <br />account for the benefit of the parties hereto. <br /> (2) At "Closing" (as hereinafter defined), the Earnest Money shall be paid to I <br />Seller, and Purchaser shall pay the balance of the Purchase Price in cash or by certified <br />check made payable to Seller or wire transfer of funds. .. <br />Rjdlagreementlarden hills pal I <br /> ----- ------ <br />