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.. LAND SALE AND PURCHASE AGREEMENT This Agreement is made this _ day of , 2004, between the BOARD OF WATER COMMISSIONERS OF THE CITY OF SAINT PAUL, a municipal corporation under the laws of the State of Minnesota ("Seller"), and the CITY OF CENTERVILLE, a political subdivision of the State of Minnesota ("Buyer"). SECTION 1 - SALE AND PURCHASE OF THE PROPERTY Seller agrees to sell and convey, and Buyer agrees to purchase, that certain real property located at 1601 I..aMotte Drive, City ofCenterville County of Anoka, State of Minnesota, consisting of 1.89 acres more or less, which is legally described on Exhibit A (the "Property"), and subject to covenants as more fully described in Section 4. SECTION 2 - PURCHASE PRICE The Purchase Price of the Property shall be the sum of $253,900, payable by bank draft or other draft satisfactory to Seller as follows: $10,000, as earnest money, the receipt and sufficiency of which are hereby acknowledged (earnest money to be placed in an interest bearing account); and $243,900, constituting the balance of the Purchase Price, to be paid at Closing. SECTION 3 - CONDITION OF PROPERTY To the maximum extent permitted by law, the Property is being sold and conveyed "as is," and '''with all faults," with no warranties, guarantees, promises, agreements, or representations, whether express or implied, by Seller or any person acting or purporting to act on its behalf, as to (i) title, (ii) Seller's interest or estate in the Property, (iii) the existence or nonexistence of other interests in the Property, (iv) the condition of the Property or its suitability for any use or purpose, (v) the value, nature, quality or condition of the Property, including without limitation, the water, soil or geology. SECTION 4 - COVENANTS RUNNING WITH THE LAND 4.01 The sale and conveyance of the Property are subject to the following covenants affecting the present and future use of the Property, which covenants are intended and agreed by Seller and Buyer to be binding upon Buyer, and upon any and all successors in interest of whatever kind in the Property: a) Water Ponding, Flowage and Drainage Easement (Exhibit B) b) Public Raw Water Conduit Easement (Exhibit C) c) Property Use Covenants (Exhibit D) 4.02 Buyer agrees that the above covenants shall be recorded with the Property Deed. C:\Documents and Settings\TBender\Local Settings\Temporary Internet Files\OLK3D\Purcbase and Sale of vacant lot_ 07-22-04.doc 1