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REAL ESTATE PURCHASE AGREEMENT This Agreement is made and entered into this 16th day of July, 2007, by and between Dennis C. Shudy ("Seller"), and City of Centerville, a municipal corporation ("Buyer"). In consideration of the representations, warranties, covenants and agreements of the parties set forth in this Agreement, the parties hereby mutually agree as follows: 1. Purchase and Sale of Pronertv. Seller agrees to sell, convey, assign, transfer and deliver to the Buyer, and Buyer agrees to purchase, acquire and take from Seller, all right, title and interest in and to the following described property: (a) All that real property located in the City of CentervilIe, County of Anoka, State of MiImesota, legally described on Exhibit A attached hereto and made part hereof, and as shown on the drawing attached hereto as Exhibit B and made a part hereof, together with all hereditaments and appurtenances thereunto belonging or appertaining, and all buildings, improvements and fixtures situated thereon (the "Subject Premises"); (b) All fixtures and equipment now located on the Subject Premises, owned by seller, and used or useful in connection with and for the occupancy, management, maintenance, and/or operation of the Subject Premises, including all improvements to be completed pursuant to Paragraph 9 of this Agreement (the "Personal Property"); and The Property described in subparagraph (a) and (b) hereof is sometimes hereinafter collectively called the "Property". 2. Price. The purchase price (the "Purchase Price") to be paid by Buyer to Seller for the Property shall be equal to One Million Four Hundred Thousand and No/IOO ($ I ,400,000.00) and shall be paid by Buyer to Seller in the following manner: (a) $2,000 has been previously paid to Seller pursuant to an Option Agreement entered into by the Parties on June 13, 2007. D JUl 2 3 200T CENTERVILLE. MN 40