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<br /> DEC-12-199? 10:39 BRADLEY 2. DEWE, P.A. 612 926 5743 P.02 <br /> I' <br /> I December 5, 1997 <br /> f' PIlRr.IIAS~ AND S~l ~ AGREEMENT <br /> THIS AGREEMENT is made as of the _day of December, 1997, by and between the <br /> I City of Arden Hills, a statutory city under the laws of the State of Minnesota, whose principal <br /> business address is 1450 West Hiihway 96, Arden Hills, Minnesota 55112 ("Seller''), and Welsh <br /> Development Company, LLC, a Minnesota limited liahility company, whose principal business <br /> I address is 8200 Normandale Bouleva~d, Suite 200, Bloomington, Minnesota 55437-1060 <br /> (''Purchaser'') . <br /> I For and in consideration of the mutual covenants hereinafter contained, Seller and <br /> Purchaser agree as follows: <br /> I 1. PROPERTY. Fo~ the price and upon and subject to the terms and <br /> conditions hereinafter set forth, Seller agrees to sell and convey to Purchaser and Purchaser <br /> I agrees to purchase from Seller the following described property (collectively, the ''Property''): <br /> (1) The parcels of land in the City of Arden Hills, Ramsey County, <br /> I Minnesota, and legally described in Exhibit A attached hereto and made a part hereof (the <br /> "Land"); <br /> .. (2) All buildings, structures and all other improvements, if any, located on the <br /> Land (the Improvements"); <br /> I (3) All right, title and interest of Seller in and to all private streets, roads, <br /> avenues, alleys and passageways, opened or proposed, on the Land; and <br /> (4) All and singular the estates, rights, privileges, easements, and <br /> I appurtenances belonging or in any way appertaining to the Land and the Improvements. <br /> I 2. PURCHASE PRICE. <br /> The Purchase Price for the Property shall be Four Hundred and Eight Thousand Six <br /> I Hundred and Forty Dollars ($408,640.00) (the "Purchase Price") and shal1 be payable as follows: <br /> (1) At ''Closing'' (as hereinafter defined), the Purchaser shall pay to the Seller <br /> I by cash or certified check made payable to the Seller Three Hundred Twenty Three <br /> Thousand Three Hundred Eighty Five Dollars ($323,385.00), subject to the possible <br /> reductions described in this Section 2. <br /> I (2) If certain construction which is consistent with the pending approval by <br /> the Seller in Planning Case 97-06, as shown in such pl""";,,g documents, takes place as <br /> I <br /> fIj <br /> I <br />