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<br />PURCHASE AGREEMENT <br /> <br />THIS AGREEMENT is made as of June , 2007, by and between the CITY OF <br />CENTERVILLE, MINNESOTA., ("Seller") and THE BEARD GROUP, INC. ("Buyer"). <br /> <br />In consideration of this Agreement, Seller and Buyer agree as follows: <br /> <br />1. Sale of Property. Seller agrees to sell to Buyer, and Buyer agrees to buy from Seller, the <br />following property (collectively, the "Property"): the real property located in the City of <br />Centerville (the "City"), and legally described on Exhibit A (the legal description is <br />subject to modification based on the survey of the real property described in Section 6.1 <br />hereof) (the "Land"), together with (1) all buildings and improvements constructed or <br />located on the Land (the "Buildings"), and (2) all easements and rights benefiting or <br />appurtenant to the Land (collectively, the "Real Property" or the "Property"). <br /> <br />2. Purchase Price and Manner of Payment. The total purchase price (the "Purchase Price") <br />to be paid for the Property shall be Four Hundred Twenty Thousand and Noll 00 Dollars <br />($420,000.00). The Purchase Price shall be payable as follows: <br /> <br />2.1. $5,000.00 as earnest money ("Earnest Money"), which Earnest Money shall be <br />held Commercial Partners Title, LLC. ("Escrow Agent") in accordance with an <br />escrow agreement among Seller, Buyer and Escrow Agent. The Earnest Money <br />shall be paid by Buyer within 48 hours after receiving a fully executed original of <br />this Purchase Agreement from Seller. <br /> <br />2.2. $415,000.00 in cash, certified check, cashier's check or by wire transfer of funds <br />on the Closing Date reduced by any Additional Earnest Money deposited by <br />Buyer pursuant to Section 4. <br /> <br />3. Contingencies. The obligations of Buyer under this Agreement are contingent upon each <br />of the following: <br /> <br />3.1. Representations and Warranties. The representations and warranties of Seller <br />contained in this Agreement must be true now and on the Closing Date as if made <br />on the Closing Date. <br /> <br />3.2. Title. Title shall have been found acceptable, or been made acceptable, in <br />accordance with the requirements and terms of Section 6 below. <br /> <br />3.3. Access and InsDection. Seller shall have allowed Buyer, and Buyer's agents, <br />immediate access to the Real Property without charge and at all reasonable times <br />for the purpose of Buyer's investigation and testing the same. Seller shall make <br />available to Buyer and Buyer's Agents without charge all records, inventories, <br />permits and correspondence in Seller's possession relating to Hazardous <br /> <br />- 1 - <br /> <br />:-1 <br />