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<br />PURCHASE AND SALE AGREEMENT <br /> <br />1. PARTIES. This Purchase And Sale Agreement (this “Agreement”) is made this day <br />of June, 2023 (the “Effective Date”), by and between the Elk River Housing and <br />Redevelopment Authority, a Minnesota body corporate and politic (the “HRA”) and Ronald J. <br />Touchette, a single person (the “Buyer”). <br /> <br />2. SALE OF PROPERTY. The HRA agrees to sell to the Buyer and the Buyer agrees to <br />buy from the HRA, the real estate located at the intersection of Main and Gates. in the City of Elk <br />River, Sherburne County, Minnesota, legally described on the attached Exhibit A (the “Property”). <br /> <br />3. PURCHASE PRICE AND MANNER OF PAYMENT. The Buyer shall pay the HRA <br />Four Hundred and Fifty Thousand and 00/100 dollars ($450,000.00) for the Property (the <br />“Purchase Price”). Upon approval and execution of this Agreement by the Buyer and the HRA, the <br />Buyer shall deposit Ten Thousand and 00/100 dollars ($10,000.00) in earnest money to be held by <br />the Title Company in an escrow account (the “Earnest Money”). Said Earnest Money shall be <br />deducted from the Purchase Price at Closing. <br /> <br />4. OBLIGATIONS OF THE HRA. The HRA shall provide the following: <br /> <br />4.1. Representations and Warranties. The representations and warranties of the HRA <br />contained in this Agreement must be true now and on the Closing Date in all <br />material respects as if made on the Closing Date and the HRA shall have delivered <br />to the Buyer on the Closing Date, a certificate dated the Closing Date, signed by an <br />authorized representative of the HRA, certifying that such representations and <br />warranties are true as of the Closing Date in all material respects. <br /> <br />4.2. Title. Title to the Property shall have been found marketable, or been made <br />marketable, in accordance with the requirements and terms of Section 8 below. <br /> <br />4.3. Performance of the HRA’s Obligations. The HRA shall have performed all of the <br />obligations required to be performed by the HRA under this Agreement in all <br />material respects. Included within the obligations of the HRA under this Agreement <br />shall be the following: <br /> <br />4.3.1. The HRA agrees to cooperate with the Buyer as reasonably necessary to <br />permit the Buyer to investigate the Property. <br /> <br />4.3.2. The HRA shall deliver to the Buyer the Title Evidence required in Section 8 <br />within 10 days from the Effective Date of this agreement. <br /> <br />4.3.3. The HRA shall deliver to the Buyer copies of all surveys, plats, civil plans, <br />soils reports, environmental reports (including all investigations performed <br />on the Property in the last five years), and title work relating to the Property <br />which are in the HRA’s possession or control within 10 days from the <br />Effective Date of this Agreement. <br /> <br /> <br />EL185-13-882695.v2 <br />