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PURCHASE AGREEMENT <br />THIS PURCHASE AGREEMENT (this “Agreement”) is made as of this 14day of April, <br />2020by and betweenTim Smith, Trustee of the Cora Smith Trust under trust agreement dated May <br />14, 2001and any amendments thereto (the “Seller”) and the Housing and Redevelopment Authority <br />of the City of Elk River, a public body corporate and politic under the laws of the State of Minnesota <br />(the “Buyer”). <br />RECITALS <br />The Seller is the owner ofproperty located at 406 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 the Buyer the <br />Property and the 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 />Thirty Thousand and 00/100ths Dollars ($230,000.00) (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 Seller, receipt of which <br />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 Date”) <br />any remaining balance of the Purchase Price due to the Seller according to <br />the terms of this Agreement. <br />(3): DEED/MARKETABLE TITLE. Subject to performance by the Buyer, the <br />Seller agrees to execute and deliver a Trustee’s 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 />1 <br />