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50 <br />51 <br />52 <br />53 <br />54 <br />55 <br />56 <br />57 <br />58 <br />59 <br />60 <br />61 <br />62 <br />63 <br />64 <br />65 <br />66 <br />67 <br />68 <br />69 <br />70 <br />71 <br />72 <br />73 <br />74 <br />75 <br />76 <br />77 <br />78 <br />79 <br />80 <br />81 <br />82 <br />83 <br />84 <br />85 <br />86 <br />87 <br />88 <br />89 <br />90 <br />91 <br />92 <br />93 <br />94 <br />95 <br />96 <br />Attachment B <br />2. PURCHASE PRICE. <br />a. The total purchase price to be paid by Purchaser to Seller for the Property (the <br />"Purchase Price") shall be as follows: <br />��) <br />�») <br />The sum of Eight Hundred Seventy-Five Thousand and No/100 Dollars <br />($875,000.00) (the "Cash Price"); and <br />In addition to the Cash Price, at Closing, Purchaser shall convey to Seller <br />by way of limited warranty deed, an approximate .3 acre parcel as legally <br />described on Exhibit C(the "City Parcel"). <br />b. The Cash Price shall be payable and credited to Purchaser as follows: <br />(i) Upon execution of this Agreement, Purchaser shall deposit with First <br />American Title Insurance Company, with an address of McGladrey <br />Plaza, 801 Nicollet Mall, Minneapolis, MN 55402, Attn: Ms. Hjordis L. <br />Trygg (the "Title Company") via cash ar wire transfer, Fifty Thousand <br />and No/l00 Dollars �$50,000.00� (the "Earnest Money"). At the <br />Closing, as defined in Section 9 hereof, the Earnest Money sball be paid <br />to Seller and credited against the Purchase Price. The Title Company <br />shall act as escrow agent with respect to the Earnest Money pursuant to <br />the terms of this Agreement, shall deposit such Earnest Money in an <br />interest-bearing account, and all costs of the Title Company, if any, with <br />respect to such escrow shall be borne equally by Purchaser and Seller. <br />(ii) Three Hundred Fifty Thousand and No/l00 Dollars ($350,000.00) of the <br />Purchase Price shall be credited to Seller (ar to Seller's successors or <br />assigns) in the future by way of a waiver of 100 units of parlc dedication <br />fees ($3,500.00 per unit) imposed by Purchaser as required by <br />Purchaser's ordinances for any development projects of Seller (or <br />Seller's successors or assigns) affecting the approximate 5.74 acre parcel <br />described on attached Exhibit D("Applewood Pointe") subject further <br />to the terms of this subsection. Notwithstanding an increase in <br />Purchaser's per unit park dedication fees, Seller, or its successor or <br />assigns are entitled to a waiver of 100 units of park dedication fees. <br />Seller is allowed to transfer the waiver of park dedication fees of up to <br />100 units on Applewood Pointe to any successor or assign of Seller. At <br />closing Seller and Purchaser shall execute and deliver to Title Company <br />a Memorandum Regarding Waiver of Applewood Pointe Park <br />Dedication Fees (the "Memorandum Relating to Waiver of Park <br />Dedication Fees") in form and content reasonably acceptable to Seller <br />and Purchaser, which at Closing will be recorded against Applewood <br />Pointe and which may be combined with the Memorandum Regarding <br />Waiver of Parlc Dedication Fees of the next section, into one <br />Memorandum covering Applewood Pointe and Cherrywood Pointe. <br />97 (iii) An additional Three Hundred Fifty Thousand and No/100 Dollars <br />98 ($350,000.00) of the Purchase Price shall be credited to Seller (or to <br />99 Seller's successors ar assigns) in the future by way of a waiver of ] 00 <br />100 units of park dedication fees ($3,500.00 per unit) imposed by Purchaser <br />2 <br />