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<br />. <br /> <br />. <br /> <br />. <br /> <br />Highway 96 and 35W <br />Arden Hills, MN <br /> <br />HeLD: ReC: 01/26/2005 <br /> <br />HOLIDAY STATIONSTORES, INC. <br />PURCHASE AGREEMENT <br />Arden Hills, Minnesota <br /> <br />THIS AGREEMENT, dated as of January , 2005 (the "Execution Date"), by <br />HOLIDAY STATIONSTORES, INC., a Minnesota corporation, 4567 American West <br />Boulevard, Minneapolis, Minnesota 55437 ("Buyer") and CITY OF ARDEN HILLS, a <br />Minnesota municipal corporation, 1245 West Highway 96, Arden Hills, MN 55112-5743 <br />("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 Initial <br />Property into two parcels: (a) a parcel to the west of the west line of the existing overhead <br />electric line easement (the "City Parcel"); and (b) a parcel to the east of the west line of the <br />existing overhead electric line easement (the parcel to the east of the west line of the existing <br />overhead electric line easement shall be, together with all improvements thereon and all <br />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 Property <br />from Seller. <br /> <br />Now, therefore, the parties agree as follows: <br /> <br />1 . Purchase Price and Manner of Payment. The total purchase price ("Purchase <br />Price") to be paid by Buyer to Seller for the Property shall be Eight Hundred Thousand dollars <br />($800,000) payable as follows: (a) Five Thousand dollars ($5,000) as earnest money (to be <br />paid to First American Title Insurance Company ("Title"), to be held in escrow by Title), the <br />receipt and sufficiency of which are acknowledged ("Earnest Money"); and (b) the balance in <br />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 Execution Date, Seller shall provide Buyer with copies of all surveys and environmental <br />reports previously conducted of the Property and copies of all previously obtained title <br />information regarding the Property, if any. <br /> <br />3, Buyer's Investiqations. Seller shall allow Buyer and Buyer's agents access to <br />the Property without charge and at all times for the purpose of Buyer's investigation and <br />testing of the Property, including surveying and testing of soil and groundwater ("Buyer's <br /> <br />Purch:':l~AgreemenI4 <br /> <br />1 <br />