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w • Richard S. Carlson and Associates, L.L.P. 7671 Central Ave. NE Fridley, MN 55432 Dated: • ARTICLE I: PURCHASE AND SALE For o and in consideration of the premises, undertakings, and mutual covenants of the parties set forth herein, Seller hereby agrees to sell and convey unto Purchaser and Purchaser hereby agrees to buy and pay for that Y y g y p y o the certain real property situated in Anoka County, Minnesota, legally described as: LOT , BLOCK , Hunters Crossing, Anoka County, Minnesota ARTICLE IL: PURCHASE PRICE 2.1 The Purchase Price for the Property shall be and no/100 Dollars ($ ) hereinafter the "Purchase Price ". 2.2 The Purchase Price for the Property shall be payable as follows: (A) Five hundred and no /100 Dollars ($500.00) as Earnest Money, the receipt of which Seller • acknowledges. (B) and no /100 Dollars ($ ) Cash, at Closing. (C) and no /100 Dollars ($ according to the terms and conditions of the Promissory Note secured by Purchase Money Mortgage (copy attached as Exhibit A), interest on the principal balance shall continence on and accrue from the date of closing, at the rate of ten (10 %) percent per annum with payments as follows: All accrued and unpaid interest shall be paid three (3) months front the date of closing. Six (6) months after the date of closing, the then remaining principal balance plus accrued interest shall be due and payable in full. All or any part of the principal balance may be prepaid at any time without penalty. ARTICLE III: CLOSING 3.1 The consummation of the purchase and sale contemplated hereby (herein referred to as the "Closing ") shall be held on or before 3.2 At the Closing, the following shall occur: Purchaser shall deliver to Seller the following: (A) Additional cash pursuant to Section 2.2 (8). (B) Promissory Note and Purchase Money Mortgage fully executed and acknowledged. (C) Special assessment obligations and real estate tax obligations assumed by the purchaser pursuant to Article V. ARTICLE IV: RELEASE OF LOTS 4.1 Purchaser shall be entitled to the release of Lot by Seller's execution and delive ry to Purchaser of a Satisfaction of Mortgage subject to those matters set forth subject rth below and upon the following terms and conditions: Purchaser is not in default under any of the (A ) y terms, covenants or conditions of the Purchase Money Mortgage. (8) Purchaser pays to seller for Lot to be released the sum of $ plus any unpaid and accrued interest. ARTICLE V: TAXES AND ASSESSMENTS 5.1 Real estate taxes due and payable in 20 shall be paid 1I2ths by the Seller and /l2ths by the purchaser, and Purchaser shall pay real estate taxes due and payable in 20_ and subsequent years, including special assessments payable therewith except as herein provided. Pages Page 1 of 6 Pa g !;