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--7.2 . Hi t <br />PURCHASE AGREEMENT <br />THIS PURCHASE AGREEMENT (the "Agreement') is made as of this —4s' day of <br />June =, 2018, by and between ., <br />(!he "SelleFR nald J. and Lori L. Touchette. married to each other (the "Sellers") and the Housing <br />and Redevelopment Authority of the City of Elk River, a public body corporate and politic under the <br />laws of the State of Minnesota (the "Buyer"). <br />RECITALS <br />The SelleF-isSellers are the whr owners of property located at: 430 Main Street NW, Elk <br />River, Minnesota, which is legally described on the attached Exhibit A (the "Property"). <br />AGREEMENT <br />1. Offer/Acceptance for Sale of Property. The Seller Sellers a ree to sell to <br />Buyer the 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 One Hundred <br />and Sixty&i it Thousand and 00/100ths Dollars ($160,000.001%Q00.00) (the <br />"Purchase Price"). <br />B. TERMS: <br />(1): EARNEST MONEY. The sum of One Thousand Dollars ($1,000.00) (the <br />"Earnest Money") shall be paid by the Buyer to the SeNerSellers, receipt of <br />which is hereby acknowledged by the Se11eFSellers. <br />(2): BALANCE DUE SELLS SELLERS. The Buyer agrees to pay by check or <br />electronic transfer of funds on the date of closing on the Property (the <br />"Closing Date") any remaining balance of the Purchase Price due to the <br />SellerSellers according to the terms of this Agreement. <br />(3): DEED/MARKETABLE TITLE. Subject to performance by the Buyer, the <br />Seller- e?Sellers aeree to execute and deliver a Warranty Deed <br />conveying marketable title to the Property to the Buyer, subject only to the <br />following exceptions: <br />a. Building and zoning laws, ordinances, state and federal regulations. <br />b. Reservation of minerals or mineral rights to the State of Minnesota, <br />if any. <br />Public utility and drainage easements of record which will not <br />525535v2 SJS EL18548 <br />