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<br />PURCHASE AGREEMENT <br /> <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 /> <br />RECITALS <br /> <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 /> <br />AGREEMENT <br /> Offer/Acceptance for Sale of Property. <br />1.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 /> <br /> Purchase Price for Property and Terms. <br />2. <br /> <br /> PURCHASE PRICE: <br />A.The total purchase price for the Property is Two Hundred <br />and Eighty Two Thousand, Five Hundred and 00/100ths Dollars ($282,500) (the <br />“Purchase Price”). <br /> <br /> TERMS: <br />B. <br /> <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 which <br />is hereby acknowledged by the Seller. <br /> <br /> <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 Date”) <br />any remaining balance of the Purchase Price due to Seller according to the <br />terms of this Agreement. <br /> <br />(3): DEED/MARKETABLE TITLE. Subject to performance by the Buyer, the <br />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 /> <br />a. Building and zoning laws, ordinances, state and federal regulations. <br /> <br />b. Reservation of minerals or mineral rights to the State of Minnesota, <br />if any. <br /> <br />c. Public utility and drainage easements of record which will not <br />interfere with the Buyer’s intended use of the Property. <br />1 <br /> <br />505045v34 SJS EL185-13 <br />