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<br />. <br /> <br />. <br /> <br />. <br /> <br />060794 <br /> <br />PURCHASE AGREEMENT <br /> <br />')s T1. THIS PURCHASE AGREEMENT (the" Agreement") is made and entered into as of this <br />- day of June, 1994, by and between EARL H. HOHLEN and LORRAINE HOHLEN, <br />husband and wife, ("Seller") and ASSOCIATED DEVELOPERS OF THE TWIN CITIES, <br />INC., a Minnesota corporation, with its principal address being 6801 West 150th Street, Apple <br />Valley, Minnesota 55124 ("Purchaser"). <br /> <br />RECITALS: <br /> <br />A. Seller is the fee owner of the parcel of land consisting of approximately 68 acres <br />situated in the City of Elk River, Sherburne County, Minnesota, legally described on the <br />attached Exhibit A (the "Land"). <br /> <br />B. Seller wishes to convey, and Purchaser wishes to purchase the Land, together with <br />all rights, privileges, easements, and appurtenances belonging thereto (hereinafter referred to as <br />the "Property"). <br /> <br />AGREEMENT: <br /> <br />In consideration of the mutual covenants and agreements herein contained and other <br />valuable consideration, the sufficiency of which is hereby acknowledged, the parties agree as <br />follows: <br /> <br />1.0 Premises To Be Purchased. Subject to the terms and conditions of this <br />Agreement, Seller shall convey the Property to Purchaser. <br /> <br />2.0 Purchase Price. The purchase price ("Purchase Price") of the Property shall be <br />the sum of Three Million and no/lOO Dollars ($3,000,000.00) payable by Purchaser as follows: <br /> <br />2.1 Twenty-Five Thousand and no/lOO Dollars ($25,000.00) as earnest money (the <br />"Earnest Money"). The Earnest Money shall be paid to Seller upon execution of <br />both parties of this Agreement. Said Earnest Money shall be non-refundable <br />except as otherwise specifically provided herein. <br /> <br />2.2 Two Million Nine Hundred Seventy-Five Thousand and no/100 Dollars <br />($2,975,000.00) in cash orby certified funds or the equivalent on the Date of <br />Closing (as hereafter defined). <br /> <br />1 <br />