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PURCHASE AGREEMENT THIS AGREEMENT is made.on May —,.2017 betweenHansen investments, Uc, a Minnesota limited liability company ("Seller").and City of Gem Lake, a municipal corporation in Minnesota ("Buyer"), In consideration of,this Agreement, Seller and Buyer agree as follows; 1. Sale of PropeAL. 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 Pa went. 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 Noll00 ($444,500.00) 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) $f .0 as earnest money ("Earnest Money"), to be deposited in escrow with Land Tine Company, 2200 County Road "C" Nest, Suite. 2205, Roseville, Minnesota 55.113 (the' Title Company"). At closing the Earnest Money shall be -applied towards the purchase price of the Property. If dais Agreement is terminated by the Buyer or Seller as provided in this Agreement, the Earnest 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. Buyer's Contingencies. The obligations of Buyer to close this Agreement are contingent upon each of the.. following: (a) Bondin or ase PriBuyer's. procurement of approval by publication. of notice of the issuance of and the sate of general obligation bonds in an amount Sufficient to fund its purchase of. the Property by. the Contingency Date as defined. below. (b) Title. Title shall have been.found marketable, or been made marketable, in accordance with the rec}uirements 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. Seiler shall allow Breyer, and Buyer's agents, access to the. Property without charge at all Treasonable 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 costs and