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Authentisign ID: OF78F799-413A-41A7-A8DC-EC91544EBDEB <br />COMMERCIAL PURCHASE AGREEMENT <br />This form approved by the Minnesota Association of REALTORS® <br />and the Minnesota Commercial Association of REALTORS®, which <br />disclaims any liability arising out of use or misuse of this form. <br />m 2020 Minnesota Association of REALTORS®, Edina, MN <br />1. Page 1 Date Februa y end 2021 <br />2. BUYER(S) is/are: First Step Preschool & Childcare LLC or as assigned , (Check one.) <br />3. ❑ individual(s); OR ❑X a business entity organized under the laws of the State of <br />4. SELLER(S) is/are: city of Elk River , (Check one.) <br />5. ❑ individual(s); OR X a business entity organized under the laws of the State of <br />6. Buyer's earnest money in the amount of <br />7 Ten Thousand _ Dollars <br />8. ($ 10, 000.00 ) shall be delivered no later than two (2) Business Days after <br />9. Final Acceptance Date to be deposited in the trust account of: (Check one.) <br />10. ❑ listing broker; or <br />11. F;C] TBD <br />(Trustee) <br />12. within three (3) Business Days of receipt of the earnest money or Final Acceptance Date whichever is later. <br />13. Said earnest money is part payment for the purchase of property at <br />14. 413 Proctor Avenue NW located in the <br />15. City/Township of Elk River , County of Sherburne <br />16. State of Minnesota, Zip Code 55330 , PID # (s) 75-409-0205 <br />17. <br />18. and legally described as follows Elk River City: SEC 33, TWP 33.0, RG 26; <br />19. <br />20. (collectively the "Property") <br />21. together with the personal property as described in the attached Addendum to Commercial Purchase Agreement: <br />22. Personal Property, if any, all of which property the undersigned has this day sold to Buyer for the sum of: <br />23. Six Hundred Thousand <br />24. <br />25. ($ 600, 000.00 ) Dollars ("Purchase Price"), which Buyer agrees to pay in thefollowing manner: <br />26. 1. CASH of 20 percent (%) of the sale price, or more in Buyer's sole discretion, which includes the earnest <br />27. money; PLUS <br />28. 2. FINANCING of 80 percent (%) of the sale price. Buyer shall, at Buyer's sole expense, apply for any <br />29. financing as required by this Purchase Agreement. <br />30. Such financing shall be: (Check one.) 0 a first mortgage; ❑ a contract for deed; or ❑ a first <br />31. mortgagewith subordinate financing, as described in the attached Addendum to Commercial Purchase Agreement: <br />32. 0 ConventionaUSBA/Other ❑ Contract for Deed. <br />-----------------------------(Check one.)---- - - - -------------- <br />33. DUE DILIGENCE: This Purchase Agreement 0 IS ❑ IS NOT subject to a due diligence contingency. (If answer is IS, <br />------(Check one.)----- <br />34. see attached Addendum to Commercial Purchase Agreement: Due Diligence.) <br />35. CLOSING: The date of closing shall be See Addendum <br />MNC:PA-1 (8/20) <br />Minnesota <br />Realtors® <br />r°j TRANSACTIONS <br />f han"al"Desk Etlltlon <br />