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VACANT LAND PURCHASE AGREEMENT <br /> 1. PARTIES. This Purchase Agreement is made on OCI 2% , 2003, by <br /> and between Grace Assembly of God Church, a Minnesota corporation, SELLER, and <br /> Elk River Municipal Utilities, BUYER. <br /> 2. OFFER/ACCEPTANCE. Buyer offers to purchase and Seller agrees to sell real <br /> property located in Sherburne County, Minnesota, legally described as follows: <br /> See attached Exhibit A. <br /> 3. PRICE AND TERMS. The price for the real property included in this sale is Eleven <br /> Thousand and no/100 Dollars ($11,000.00), which the Buyer shall pay as follows: <br /> a. Earnest money in the amount of One and no/100 Dollars ($1.00), receipt of <br /> which is hereby acknowledged by Seller. (Earnest money to be held in file <br /> by TERPSTRA, BLACK & MOORE, LTD); and <br /> b. Eleven Thousand and no/100 Dollars, ($11,00.00), by Buyer crediting <br /> Seller's monthly electric, water and waste water utility bills until the balance <br /> of the purchase price is paid in full. (Earnest money to be refunded to <br /> Buyer.) <br /> 4. DEED/MARKETABLE TITLE. At closing, Seller shall execute and deliver a <br /> Warranty Deed, conveying marketable title to the Buyer, subject to: <br /> a. Building and zoning laws, ordinances, state and federal regulations; <br /> b. Restrictions relating to use or improvement of the property without effective <br /> forfeiture provisions; <br /> c. Reservation of any mineral rights by the State of Minnesota; <br /> d. Utility and drainage easements which do not interfere with existing <br /> improvements; and <br /> e. The following exceptions to title which constitute encumbrances or <br /> restrictions which have been disclosed to Buyer and accepted by Buyer in <br /> this Purchase Agreement (must be specified in writing): none <br /> 5. TAXES AND SPECIAL ASSESSMENTS. Seller shall pay all general real estate <br /> taxes and installments of special assessments due and payable in the year prior to the <br /> year in which the Closing occurs and in all years prior thereto. Seller and Buyer shall <br /> prorate to the Closing all general real estate taxes due and payable in 2003. Buyer <br /> 1 <br />