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PURCHASE AGREEMENT <br />THIS PURCHASE AGREEMENT (this "Agreement") is made as of this CP day of <br />April, 2020 by and between Jaime and David Swenson, married to each other (the "Sellers") and the <br />Housing and Redevelopment Authority of the City of Elk River, a public body corporate and politic <br />under the laws of the State of Minnesota (the "Buyer"). <br />RECITALS <br />The Sellers are the owners of property located at 419 3rd 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 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 />Thousand and 00/100ths Dollars ($200,000.00) (the "Purchase Price"). <br />B. TERMS: <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 which <br />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 Date") <br />any remaining balance of the Purchase Price due to the Sellers according <br />to the terms of this Agreement. <br />(3): DEED/MARKETABLE TITLE. Subject to performance by the Buyer, the <br />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 regulations. <br />b. Reservation of minerals or mineral rights to the State of Minnesota, <br />if any. <br />C. Public utility and drainage easements of record which will not <br />