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. . . DRAFT #3 REAL ESTATE PURCHASE AGREEMENT THIS AGREEMENT, made on or as of the 111:h. day of AT;xi \ , 2005, by and between CITY OF ARDEN HillS. a Minnesota statutory city, (the "Seller") and ROYAL OAKS REALTY, INC., a Minnesota corporation (the "Purchaser") . In consideration of the mutual covenants and undertakings contained herein the parties agree as follows: 1. Sale and Purchase of Property. Seller agrees to selL and Purchaser agrees to purchase, certain real property situated in the City of Arden Hills, County of Ramsey, State of Minnesota, consisting of: 1 .1 certain land legally described as follows, to-wit: (See Exhibit A attached hereto and incorporated herein), together with all the appurtenant rights. miner rights, privileges, and easements belonging thereto (collectively the "Land"); 1 .2 all buildings, structures, and other improvements located on the land as well as all fixtures located therein and lhereon (collectively the "Improvements"); The Land and Improvements are hereinafter collectively referred to as the "Real Property". 2. Purchase Price. Purchaser agrees to pay to Seller, as the purchase price for the Real Property (the "Purchase Price"), the sum of One Million Three Hundred Eighty-five Thousand Dollars ($1,385,000.00) payable in the following manner: 2.1 $25,000.00, as earnest money (the "Earnest Money") upon execution of this Real Estate Purchase Agreement by Purchaser; 2.2 $1,360,000.00. in cash or certified funds on the date of Closing. 3. Title. Purchaser, at its sole cost, shall obtain a title insurance commitment and policy. At least fifteen (15) days prior to the date of closing, Purchaser shall provide Seller with a copy of the title commitment If title to the Real Property, as evidenced by the Commitment is not good and marketable of record in Seller and is not made so by the Closing Date, ~ ~ILLS City of Arden Hills CONTRACT NO. 05-03