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PURCHASE AGREEMENT <br /> THIS PURCHASE AGREEMENT (the "Agreement") is made as of this day of <br /> June , 2018, by and between Ronald J. and Lori L. Touchette(the"Seller") and the Housing and <br /> 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 Seller is the owner of property located at: 414 Main Street NW, Elk River, Minnesota, <br /> which is legally described on the attached Exhibit A (the "Property"). <br /> AGREEMENT <br /> 1. 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 One Hundred <br /> and Twenty-Eight Thousand and 00/100ths Dollars ($128,000.00) (the <br /> "Purchase Price"). <br /> B. TERMS: <br /> (1): EARNEST MONEY. The sum of One Thousand Dollars ($1,000.00) <br /> (the "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 the 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 easements of record which will not <br /> 1 <br /> 525527v2 SJS EL185-48 <br />