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<br />.' <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />Hig hway 96 and 35W <br />Arden Hills, MN <br /> <br />HelD: Rec: 01118/2005 <br /> <br />HOLIDAY STATIONSTORES, INC. <br />PURCHASE AGREEMENT <br />Arden Hills, Minnesota <br /> <br />THIS AGREEMENT, dated as of January 1~0: 2005, by HOLIDAY <br />STATIONSTORES, INC., a Minnesota corporation, 4567 American West Boulevard, <br />Minneapolis, Minnesota 55437 ("Buyer") and CITY OF ARDEN HILLS, a Minnesota <br />municipal corporation, 1245 West Highway 9El, Arden Hills, MN 55112.5743 ("Seller"). <br /> <br />RECITALS <br /> <br />Seller owns certain real property, of approximately 3.723 acres, situated at the <br />Southeast Corner of the intersection of Highway 96 and Highway 35W In the City of Arden <br />Hills, Ramsey County, Minnesota, which real property is depicted on Exhibit A and legally <br />described on Exhibit B (the "Initial Property"). <br /> <br />As part of the approval process set forth in Section 5.5, Buyer will subdivide the <br />Initial Property into two parcels: (a) a parcel to the west of the west line of the existing <br />overhead electric line easement (the "City Parcel"); and (b) a parcel to the east of the west <br />line of the existing overhead electric line easement ( the parcel to the east of the west line <br />of the existing overhead electric line easement shall be, together with all improvements <br />thereon and all easements and rights benefiting or appurtenant thereto, the "Property"). <br /> <br />Seller desires to sell the Property to Buyer, and Buyer desires to purchase the <br />Property from Seller. . <br /> <br />Now, therefore, the parties agree as follows: <br /> <br />1. Purchase Price and Manner of Payment. The total purchase price <br />("Purchase Price") to be paid by Buyer to Seller for the Property sl1all be Eight Hundred <br />Thousand dollars ($800,000) payable as follows: (a) Five Thousand dollars ($5,000) as <br />earnest money (to be paid to First American Title Insurance Company ("Title"), to be held in <br />escrow by Title), the receipt and sufficiency of which are acknowledged ("Earnest Money"); <br />and (b) the balance in cash on the Closing Date (as such term is defined in Section 6)_ <br /> <br />2. Available Surveys, Tests, and Reports. On or before twenty (20) days from <br />the date of execution of this Agreement by Seller and Buyer ("Execution Date"), Seller shall <br />provide Buyer with copies of all surveys and environmental reports previously conducted of <br />the Property and copies of all previously obtained title information regarding the Property, if <br />any. <br /> <br />3. Buyer's Investiqations. Seller shall allow Buyer and Buyer's agents access <br />to the Property without charge and at all times for the purpose of Buyer's investigation and <br /> <br />Purchase Agreement 3.doc <br /> <br />1 <br />