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Centerville Schifsky PA version 09092022-2 for Council Packet <br />REAL ESTATE PURCHASE AGREEMENT <br />THIS AGREEMENT is made this day of AugustSeptember 2022 <br /> CITY OF CENTERVILLE, a Minnesota municipality <br />(referred to herein as either the or "Seller") and SCHIFSKY COMPANIES, INC., a <br />corporation formed in the State of Minnesota, or its assigns ("Buyer"). <br />R E C I T A L S <br />WHEREAS, the Seller owns real property located in the City of Centerville, Anoka <br />County, Minnesota, as legally described on Exhibit A <br /> acres (approximately 70,232 <br />square feet) and <br />WHEREAS, Seller agrees to sell to Buyer and Buyer agrees to purchase from Seller <br />the Real Property pursuant to the terms and conditions of this Agreement. <br /> <br />WHEREAS, the Parties desire to create a project similar to that approved through the <br />2021 Request for Proposal process for development of the Real Property. <br />NOW, THEREFORE, in consideration of the covenants contained herein and other <br />good and valuable consideration, the receipt and sufficiency of which are hereby <br />acknowledged, the parties agree, for themselves, their successors and assigns as follows <br />1. SALE OF PROPERTY. Seller agrees to sell to Buyer and Buyer agrees to <br />purchase from Seller, fee title in and to the Real Property, together with all easements and/or <br />rights benefiting or appurtenant to the Real Property, title or interest in any public streets or <br />licenses, or other approvals issued in connection with the Real Property. <br />2. PURCHASE PRICE AND MANNER OF PAYMENT. The total purchase price <br />("Purchase Price") to be paid by Buyer for the Property will be One Dollar and No/100 Dollar <br />($1.00), and payable as follows: <br />A. Earnest Money. <br />(i) One Dollar and No/100 Dollar ($1.00), as earnest money ("Earnest <br />Money"). The Earnest Money is to be deposited into the trust <br />account of Berglund, Baumgartner, Kimball, & Glaser, LLC, or such <br />other entity at the discretion of the Buyer (the "Deposit Account"). <br />The Deposit Account shall be delivered to Seller on the Closing Date <br />as defined in this Agreement or as otherwise provided in this <br />Agreement. The term Earnest Money will also include any accrued <br />interest. <br />(ii) The Earnest Money is refundable and applicable to the Purchase <br />Price, upon deposit, unless the Buyer exercises any right to <br />terminate this Agreement. <br />B. Balance of Purchase Price. Any balance of the Purchase <br /> <br />1 <br /> <br />