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PURCHASE AGREEMENT <br />THIS PURCHASE AGREEMENT (the "Agreement") is made as of this day of <br />August_, 2017, by and between Quinn Avenue, LLC, a limited liability company in the state of <br />Minnesota (the "Seller") and the City of Elk River, a public body corporate and politic under the <br />laws of the State of Minnesota (the "Buyer"). <br />119 11FAM <br />The Seller is the owner of property located at 706 Quinn Avenue NW, Elk River, Minnesota, <br />which is legally described on the attached Exhibit A (the "Property"). <br />AGREEMENT <br />I. Offer/Acceptance for Sale of Property. The Seller agrees 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 Eighty Two Thousand, Five Hundred and 00/1 OOtbs Dollars ($282,500) (the <br />"Purchase Price"). <br />I <br />(1): EARNEST MONEY, The sum of One Thousand Dollars ($1,000) (the <br />"Earnest Money") shall be paid by the Buyer to the Seller, receipt of <br />which is hereby acknowledged by the Seller. <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. <br />(3): DEED/MARKETABLE TITLE. Subject to performance by the Buyer, <br />the Seller agrees 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 />b. Reservation of minerals or mineral rights to the State of <br />Minnesota, if any. <br />C. Public utility and drainage casements of record which will not <br />505045v3 SJS ELI 85-13 <br />