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<br /> I' , JUN-13-1997 11:05 BRADLEY & DEIKE. P.A. 612 927 7049 P.02/13
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<br /> I PURCHASE AND SAI.E AGREEMENT
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<br /> THIS AGREEMENT is made as of the _day of 1997 by and between
<br /> the City of Arden Hills, a statutoty city under the laws of the State of Minnesota, whose principal
<br /> I business address is 1450 West Highway 96, Arden Hills, Minnesota 55112 ("Seller''), and Welsh
<br /> Development Company, LLC, a Minnesota limited liability company, whose principal business
<br /> address is 8200 Normandale Boulevard. Suitc 200, Bloomington, Minnesota 55437-1060
<br /> I ("Purchaser").
<br /> For and in consideration of the mutual covenants hereinafter contained, Seller and
<br /> I Purchaser agree as follows:
<br /> 1. PROPERTY. For the price and upon and subject to the terms and
<br /> I conditions hereinafter set forth, Seller agrees to sell and convey to Purchaser and Purchaser
<br /> agrees to purchase from Seller the following described property (collectively, the "Property''):
<br /> I (1) The parcel ofland in the City of Arden Hills, Ramsey County, Minnesota,
<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 /> I (2) All buildings, strnctures and all other improvements, if any, located on the
<br /> Land (the Improvements");
<br /> .. (3) All right, title and interest of Seller in and to all privato streets, roads,
<br /> avenues, alleys and passageways, opened or proposed, on the Land; and
<br /> I (4) All and singular the estates, rights, privileges, easements, and
<br /> appurtenances belonging or in any way apperta;ning to the Land and the Improvements.
<br /> I 2. PURCHASE PRICE.
<br /> I The Purchase Price for the Property shall be Four Hundred and Eight Thousand Six
<br /> Hundred and Forty Dollars ($408,640.00) (the "Purchase Price") and sball be payable as follows:
<br /> I (1) At "Closing" (as hereinafter defined), the Purchaser shall pay to the Seller
<br /> by cash or certified check made payable to the Seller Three Hundred Twenty Three
<br /> Thousand Three Hundred Eighty Five Dollars ($323,385.00).
<br /> I (2) If construction which is consistent with the pending approval in Planning
<br /> Case 97-06 on Phase II, as shown in such planning documents, commences by October 1,
<br /> I 1997 and is completed by April 1, 1998, and on Phase m is commenced by December 31,
<br /> 1997 and is completed by July 1, 1998, and on Phase IV is commenced by April 1, 1998
<br /> and is completed. by October 1, 1998, then the remaining portion (the "Remaining
<br /> I Portion'') of the Purchase Price will be forgiven by the Seller. If the cODStIUction
<br /> described above is not commenced and completed consistent with the pending approval
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