5.0. 6.0. 7.0. 8.0. HRSR 04-24-2000

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• PURCHASE AGREEMENT THIS PURCHASE AGREEMENT (the "Purchase Agreement") is made this day of April, 2000, by and between First National Bank of Elk River, National Association ("Buyer"), and the Housing and Redevelopment Authority in and for the City of Elk River, a public body corporate and politic ("Seller"). In consideration of the mutual covenants and undertakings contained herein the parties agree as follows: 1. Sale and Purchase of Property. Seller agrees to sell, and Buyer agrees to purchase, certain real property situated in the County of Sherburne, State of Minnesota, consisting of certain land legally described on Exhibit A attached hereto and made a part hereof, together with all the appurtenant rights, mineral rights, privileges, and easements belonging thereto (the "Property"). 2. Purchase Price. Buyer agrees to pay to Seller, as the purchase price for the Property (the "Purchase Price"), the sum of $175,000.00 which shall be paid in cash at closing. 3. Title. As soon as reasonably possible after Buyer's acceptance of this • Purchase Agreement, Seller shall deliver to Buyer a commitment for an owner's title insurance policy issued by a title company to be determined by Seller, naming Buyer as the proposed owner-insured of the Property in the amount of the Purchase Price (the "Commitment"). Buyer will be allowed 10 days after receipt of the Commitment for examination thereof and for making any objections to the marketability of the title to the Property, said objections to be made by written notice delivered to Seller within said 10 day period or to be deemed waived. If any objections are so made to the marketability of the title to the Property, Seller shall be allowed 90 days after the making of such objections by Buyer to cure such objections and make the title to the Property good and marketable of record in Seller. Pending the correction of the title, the Closing Date and the payments hereunder required shall be postponed, but upon correction of the title and within 15 days after written notice of such correction given by Seller to Buyer, Seller and Buyer shall perform this Purchase Agreement according to its terms. If the title to the Property, as evidenced by the Commitment, is not good and marketable of record in Seller and is not made so within 90 days after the date on which the Buyer delivers written objections thereto to Seller, or is not good and marketable of record in Seller at the Closing Date, Buyer may either: a. Terminate this Purchase Agreement by giving written notice to Seller in which event this Purchase Agreement shall become null and •