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PURCHASE AGREEMENT THIS AGREEMENT. is made on May _,, 2017.between.Hansen.Investrnents, LLC, a M rmesota limited liability company (''Sellee') and City.of Clem Lake, a municipal corporation. in Minnesota ("Buyer"), In consideration of this Agreement, Seller and Buyer agree as follows: 1. Sale of Pro'O. Seller agrees to sell to Buyer, and Buyer agrees to buy from Seller, the vacant real estate located.on the north side of County Road "E" in the city of Gem Lake, .County of Ramsey, state of Minnesota, legally described in Exhibit A: attached. hereto and consisting of approximately 7.24 acres (the "Property"). The Property is a part of the tax identification number (i.e. PIN) 27.30.22.33.0005 which includes additional. acreage also. being purchased by the City under a separate purchase agreement. 2, Purchase. Price and Manner of Payment. The total purchase price ("Purchase Price") to be paid.by Buyer to Seller for the Property shall be Four Hundred Forty Thousand Five Hundred and No/100.($440,500,00) Dollars. The Purchase Price shall be fixed and shall. not be increased or decreased based on the actual number of acres, amount of right. of way or the amount of Wetlands located on the Property. The Purchase Price shall be payable as follows: (a) $1,00 as earnest money ("Earnest Money"), to: tie deposited in escrow with Land Title Company, 2200 County .Road I-CII West; Suite 2205, Roseville, Minnesota 551.13 (the `Title Company"). At closing the Earnest Money shall be applied towards the purchase price of the Property. If this Agreement is terminated by the Buyer or Seller as provided in this Agreement,. the Lamest Money shall be refundable. as hereinafter provided. ` (b) The balance of the Purchase Price in the sum of $440,499.00 shall be paid in Cash. The balance of the purchase price plus any Buyer related closing costs shall be wire transferred to the Title Company. 3. Biwer's Contingencies. The obligations of Buyer to close this Agreement are contingent upon each of the Following: (a) Bonding for Purchase Pn�c_, Buyer's procurement of approval by publication of notice of the issuance of and the sale of general obligation. bonds in an amount sufficient to fund its purchase of the Property by the Contingency Date as defined below, (b) Tit1e. Title shall have been found marketable, or been made marketable, in accordance with the requirements and.terms of Section 7 below. (c) Performance of Seller's Obligations- Seller shall have performed all of the obligations required to be performed by Seller under this Agreement. (d) Access: Seller shall allow Buyer,. and Buyer's. agents, access to the Property without charge at all reasonable times for the purpose of Buyer's surveying, investigating and testing the.Property. Buyer shall pay all costs and expenses of such activities and shall hold Seller and the Property harmless from all. casts and -l-