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<br />REAL ESTATE PURCHASE AGREEMENT <br /> <br />This Agreement is made and entered into this _ day of <br /> <br />.2007, by <br /> <br />and between Dennis C. Shudy ("Seller"), and City of Centerville, a municipal corporation <br /> <br />(''Buyer''). <br /> <br />In consideration of the representations, warranties, covenants and agreements of <br /> <br />the parties set forth in this Agreement, the parties hereby mutually agree as follows: <br /> <br />1. Purchase and Sale of Property. Seller agrees to sell, convey, assign, <br /> <br />transfer and deliver to the Buyer, and Buyer agrees to purchase, acquire and take from <br /> <br />Seller, all right, title and interest in and to the following described property: <br /> <br />(a) All that real property located in the City of Centerville, County of Anoka, <br />State of Minnesota, legally described on Exhibit A attached hereto and <br />made part hereof: and as shown on the drawing attached hereto as Exhibit <br />B and made a part hereof: together with all hereditaments and <br />appurtenances thereunto belonging or appertaining, and all buildings, <br />improvements and fixtures situated thereon (the "Subject Premises"); <br /> <br />(b) All fixtures and equipment now located on the Subject Premises, owned <br />by seller, and used or useful in connection with and for the occupancy, <br />management, maintenance, and/or operation of the Subject Premises, <br />including all improvements to be completed pursuant to Paragraph 9 of <br />this Agreement (the "Personal Property"); and <br /> <br />The Property described in subparagraph (a) and (b) hereof is sometimes <br />hereinafter collectively called the ''Property". <br />2. Price. The purchase price (the "Purchase Price") to be paid by Buyer to <br />Seller for the Property shall be equal to One Million Four Hundred Thousand and No/loo <br /> <br />($1,400,000.00) and shall be paid by Buyer to Seller in the following manner: <br /> <br />(a) $298,000.00 in cash to be paid upon execution and filing of this <br />Agreement. $2,000 has been previously paid to Seller pursuant to an <br />Option Agreement entered into by the Parties on June --J 2007. <br />Concurrent with the execution of this Agreement, Seller shall execute a <br /> <br />/tb <br />