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REAL ESTATE PURCHASE AGREEMENT <br />(Elk River, MN) <br /> <br />THIS REAL ESTATE PURCHASE AGREEMENT (this “Agreement”) is made as of this <br /> day of , 2022 (the “Effective Date”), by and between THE ECONOMIC <br />DEVELOPMENT AUTHORITY FOR THE CITY OF ELK RIVER, MINNESOTA, a Minnesota <br />body corporate and politic (“Seller”) and ONYX STRATEGIC PARTNERS LLC, a Minnesota <br />limited liability company or its assigns (“Purchaser”). <br /> <br />RECITALS <br /> <br />A. Seller is the fee owner of the real property located in Sherburne County, Minnesota, <br />and consisting of the land containing approximately 12.13 acres legally described in Exhibit A <br />attached hereto (the “Real Property”). <br /> <br />B. Seller agrees to sell to the Purchaser and the Purchaser agrees to purchase from the <br />Seller the Real Property according to the terms and conditions herein set forth. <br /> <br />In consideration of the mutual covenants and undertakings contained herein the parties <br />agree as follows: <br /> <br />1. Sale and Purchase of Property. Seller agrees to sell the Real Property to Purchaser <br />and Purchaser agrees to purchase the Real Property from Seller on the terms and conditions <br />contained in this Agreement. <br /> <br />2. Purchase Price. Purchaser agrees to pay to Seller as the purchase price (the <br />“Purchase Price”) for the Real Property Nine Hundred Thousand and No/Hundredths Dollars <br />($900,000.00). The Purchase Price shall be payable as follows: <br /> <br />a. Within five (5) business days after the execution and delivery of this <br />Agreement, Purchaser shall deposit with the Title Company (as herein defined) Ten <br />Thousand and No/100ths Dollars ($10,000.00) (together with any interest earned thereon <br />and additions thereto, the “Earnest Money”). Title Company shall hold the Earnest Money <br />in escrow and shall disburse the Earnest Money according to the terms of this Agreement. <br />The Earnest Money shall be disbursed to Seller at Closing as defined herein or to the party <br />entitled thereto as otherwise provided in this Agreement. <br /> <br />b. The balance of the Purchase Price shall be payable at Closing by wire of <br />immediately available funds through the Title Company to a bank account designated by <br />Seller. <br /> <br />3. Title. Within twenty (20) business days after the execution and delivery of this <br />Agreement, Seller, at Seller’s expense, shall obtain a commitment for an owner’s title insurance <br />policy issued by TitleSmart, Inc. (“Title Company”), naming Purchaser as the proposed owner- <br /> <br />EL185EL185\\71-71\\796863.v7-796863.v3 <br />