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THIS PURCHASE AGREEMENT (the "Agreement") is made as of this day of <br />August _, 2017, by and between Wayne Scott and Teresa Scott, married to each other (the <br />"Sellers") and the City of Elk River, a Minnesota municipal corporation (1he"Buyer"). <br />10"NITAIN <br />The Sellers are the owners of property located at 709 Proctor Avenue NW, Elk River, <br />Minnesota, which is legally described on the attached Exhibit A (the "Property"). <br />AGREEMENT <br />1. Offer/Acceptance for Sale of Property. The Sellers agree to sell to Buyer the <br />Property and Buyer agrees to purchase the same, according to the terms of this Agreement. <br />2. Purchase Price for Property and Terms. <br />A. PURCHASE PRICE: The total purchase price for the Property is Two Hundred <br />and Seventy Five Thousand and 00/100ths Dollars ($275,000) (the "Purchase <br />Price"). <br />B. STORAGE AND MOVING EXPENSES: The Buyer shall pay the Sellers <br />Thirty Seven Thousand and Two Hundred and Forty Dollars ($37,240) for <br />storage and moving expenses ("Storage and Moving Expenses"). <br />(1): EARNEST MONEY. The sum of One Thousand Dollars ($1,000) (the <br />"Earnest Money") shall be paid by the Buyer to the Sellers, receipt of <br />which is hereby acknowledged by the Sellers. <br />(2): BALANCE DUE SELLER. The Buyer agrees to pay by check or electronic <br />transfer of funds on the date of closing on the Property (the "Closing <br />Date") any remaining balance of the Purchase Price due to Seller <br />according to the terms of this Agreement and the Storage and Moving <br />Expenses. <br />(3): DEED/MARKETABLE TITLE. Subject to performance by the Buyer, <br />the Sellers agree to execute and deliver a Warranty Deed conveying <br />marketable title to the Property to the Buyer, subject only to the following <br />exceptions: <br />a. Building and zoning laws, ordinances, state and federal <br />regulations. <br />5033260 JSB ELI 8 5-52 <br />