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PURCHASE AGREEMENT
<br /> This Purchase Agreement (this "Agreement") is made and entered into by and between Jon R.
<br /> Pederson and Sophie Pederson, husband and wife, and/or assigns ("Buyer"), and the City of
<br /> Centerville, Minnesota("Seller"), effective as of the date it is fully executed and delivered to all
<br /> parties(the"Effective Date").
<br /> 1. Sale and Purchase of Property. Subject to the terms and conditions of this Agreement,
<br /> Seller agrees to sell to Buyer, and Buyer agrees to purchase from Seller, title in fee simple to an
<br /> unimproved parcel of land consisting of approximately five acres and legally described as Lot 2,
<br /> Block 1, Clearwater Business Park, Anoka County, Minnesota and having Property ID Number
<br /> 24-31-22-23-0017 together with all appurtenant rights, hereditaments, privileges and easements
<br /> belonging thereto and located thereon,which are owned by Seller(collectively,the"Property").
<br /> 2. Purchase Price, Earnest Money. The purchase price for the Property (the "Purchase
<br /> Price")shall be Nine Hundred Fifty Thousand Dollars($950,000.00),payable as follows:
<br /> a. Ten Thousand Dollars ($10,000.00) earnest money (the "Earnest Money"),
<br /> which shall be paid within five (5) business days after the Effective Date, by depositing
<br /> the same in escrow with Commercial Partners Title Company, LLC, as escrow agent
<br /> ("Escrow Agent"), in an interest-bearing account ("Escrow Account"). Joinder by
<br /> Escrow Agent attached as Exhibit A.
<br /> b. The balance of the Purchase Price,equal to Nine Hundred Forty Thousand Dollars
<br /> ($940,000.00) shall be paid to Seller(i) by wire transfer of immediately available federal
<br /> funds or(ii)by Escrow Agent's check on or before the Closing Date(as defined), subject
<br /> to adjustment and proration as set forth herein.
<br /> 3. Title.
<br /> a. Title Insurance Commitment and Abstract. As soon as reasonably possible,but in
<br /> any event within ten (10) days of the Effective Date hereof, Seller, at Seller's expense,
<br /> shall deliver to Buyer a current commitment for the most current ALTA Owner's Policy
<br /> of Title Insurance, with extended coverage, issued by Commercial Partners Title
<br /> Company, LLC (the "Title Company"), legible copies of all documents referenced
<br /> therein, and endorsements for zoning, contiguity, appurtenant easements, access,
<br /> increased coverage and such other matters as may be reasonably identified by Buyer, in
<br /> the amount of the Purchase Price (the "Commitment"). The Commitment will commit
<br /> the Title Company to insure title to the Real Property subject only to the encumbrances
<br /> permitted by Buyer in accordance with the provisions set forth in this Paragraph 3.
<br /> b. Survey. As soon as is reasonably practical after the Effective Date, Seller, at
<br /> Seller's expense, shall provide Buyer with a current survey of the Real Property (the
<br /> "Survey"); showing all easements, roads, driveways, and identifying the same by
<br /> recording information; showing all applicable setback lines; showing any encroachments
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