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<br />PURCHASE AGREEMENT
<br />
<br />1. Parties. This Purchase Agreement is made this ~"..D q
<br />day of June, 1993, between Richard G. Simpson and Ja~
<br />Simpson, husband and wife, hereinafter Seller (whether one or
<br />more), and Northwestern College, a Minnesota Corporation,
<br />hereinafter Purchaser (whether one or more), for the sale and
<br />purchase of the property described in the following paragraph.
<br />
<br />2. Property. Seller hereby sells, and Purchaser hereby
<br />buys, real property located at 2993 Snelling Ave. North, Roseville,
<br />Ramsey County, MN 55113, legally.described as follows:
<br />
<br />The E. 225 ft. of the N. 183 ft. of the SE 1/4 of the NE
<br />1/4 of Sec. 4, T. 29 N., R 23 W., subject to Lydia Ave.
<br />and to State Highway No. 51, together with a perpetual
<br />easement over and across the following described parcel:
<br />Beginning at a point on the S I ly line, of the above
<br />described parcel of land 30 ft. W. of the W'ly right-of-
<br />way line of said State Trunk Highway No 51, thence E.
<br />along said S' ly line to said W'ly right-of-way line,
<br />thence S'ly along said right of way line 25 ft., thence
<br />NW' ly 39ft., more or less, to the point of beg inning, to
<br />be used in common by Owner, his sublessees, licensees,
<br />invitees, for ingress and egress to and from adjoining
<br />land.
<br />
<br />The property sold hereunder shall include all plants, shrubs and
<br />trees, all storm sash, storm doors, detachable vestibules, screens,
<br />awnings, window shades, blinds, curtain rods, lighting fixtures and
<br />bulbs, plumbing fixtures, hot water tanks and heating plant (with
<br />any burners, tanks, stokers and other equipment used,in connection
<br />therewith), water softener and liquid gas tank and controls (if the
<br />property of seller), if any, used and located on said property.
<br />Also included with the property and sold hereunder are the
<br />following items of personal property:
<br />None
<br />
<br />3. Purchase Price. The property described in the preceding
<br />paragraph is hereby sold to the Purchaser for the sum of Three
<br />Hundred thousand Dollars ($300,000.00) Dollars which the Purchaser
<br />agrees to pay in the following manner:
<br />
<br />$3000.00, earnest money, by check, receipt of which is hereby
<br />acknowledged.
<br />
<br />$27,000.00, in cash, on the date of closing;
<br />
<br />$270,000.00 deferred and payable pursuant to a promissory
<br />note, and secured by purchase money mortgage, which are
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