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<br />," <br /> <br />REAL ESTATE. PURCHASE AGREEMENT <br /> <br />This Agreement is made and entered into this _ day of <br /> <br />, 2007, by and <br /> <br />between Dennis C. Shudy ("Seller"), and City of Centerville, a municipal corporation ("Buyer"). <br /> <br />In consideration of the representations, warranties, covenants and agreements of the <br /> <br />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, transfer and <br /> <br />deliver to the Buyer, and Buyer agrees to purchase, acquire and take from Seller, all right, title <br /> <br />and interest in and to the following described property: <br /> <br />(a) All that real property located in the City ofCenterville, County of Anoka, State of <br />Minnesota, legally described on Exhibit A attached hereto and made part hereof, <br />and as shown on the drawing attached hereto as Exhibit B and made a part hereof, <br />together with all hereditaments and appurtenances thereunto belonging or <br />appertaining, and all buildings, improvements and fixtures situated thereon (the <br />"Subject Premises"); <br /> <br />(b) All fixtures and equipment now located on the Subject Premises, owned by seller, <br />and used or useful in connection with and for the occupancy, management, <br />maintenance, and/or operation of the Subject Premises, including all <br />improvements to be completed pursuant to Paragraph 9 of this Agreement (the <br />"Personal Property"); and <br /> <br />The Property described in subparagraph (a) and (b) hereof is sometimes hereinafter <br /> <br />collectively called the "Property". <br /> <br />2. Price. The purchase price (the "Purchase Price") to be paid by Buyer to Seller for <br /> <br />the Property shall be equal to One Million Four Hundred Thousand and No/lOO ($1,400,000.00) <br /> <br />and shall be paid by Buyer to Seller in the following manner: <br /> <br />(a) $2,000 has been previously paid to Seller pursuant to an Option Agreement <br />entered into by the Parties on June -' 2007. <br /> <br />(b) $10,000 to be paid directly to Seller upon the execution and filing of this <br />Agreement to be used by Seller for expenses relating to improvements to the <br />Property. Seller may continue to draw upon. the escrow funds referred to in <br />