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<br />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 , 2023 (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 THUNDERSTRUCK EXTERIORS, INC., a Minnesota <br />business corporation (“Purchaser”). <br /> <br />RECITALS <br /> <br />th <br />A. Seller is the fee owner of the real property located at: 10835 170 Avenue NW in <br />Sherburne County, Minnesota, legally described in Exhibit A attached hereto (the “Real <br />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 for the Real <br />Property: Two Hundred and Ten Thousand and No/Hundredths Dollars ($210,000.00)(the <br />“Purchase Price”). The Purchase Price shall be payable as follows: <br /> <br />a. Within five business days after the execution and delivery of this <br />Agreement, Purchaser shall deposit with the Title Company (as herein defined): Twenty- <br />One Thousand and No/Hundredths Dollars ($21,000.00) (the “Earnest Money”). Title <br />Company shall hold the Earnest Money in escrow and shall disburse the Earnest Money <br />according to the terms of this Agreement. The Earnest Money shall be disbursed to Seller <br />against the Purchase Price at Closing as defined herein, or to the party entitled thereto as <br />otherwise provided in this Agreement. <br /> <br />b. The balance of the Purchase Price shall be payable at Closing by certified <br />check or wire transfer of immediately available funds through the Title Company to a bank <br />account designated by Seller. <br /> <br />3. Title. Within 10 business days after the execution and delivery of this Agreement <br />by both parties, Seller, at Seller’s expense, shall obtain a commitment for an owner’s title insurance <br />policy issued by Home Security Abstract and Title (“Title Company”), naming Purchaser as the <br />proposed owner-insured of the Real Property in the amount of the Purchase Price (the <br />“Commitment”), together with copies of all documents attached to the Commitment. The <br />Commitment shall commit to insure title in Purchaser, free and clear of all mechanics’ lien claims, <br />questions of survey, unrecorded interests, rights of parties in possession and other exceptions; and <br />872867.v1-4/28/23 <br />2 <br />