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PURCHASE AGREEMENT <br />THIS AGREEMENT (Agreement), effective , 2007 ("Effective <br />Date") is made by and between Walter O. Malmstrom, a married individual, Sheila M. Gahr, a <br />married individual and Sharon J. Bastian, a married individual (collectively "Seller") and the <br />City of Elk River, a Minnesota Municipal Corporation, ("Buyer" or "City"). <br />RECITALS <br />(Rl) Seller owns certain real property located in the City of Elk River, Sherburne County, <br />Minnesota, consisting of approximately Fourteen and Seventy-nine one hundredths <br />(14.79) acres of land, legally described on Exhibit "A" attached hereto, herein "Property". <br />(R2) Seller desires to sell and Buyer desires to purchase the Property upon the terms and <br />conditions hereinafter set forth. <br />AGREEMENT <br />NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency <br />of which are hereby expressly acknowledged, the parties hereto hereby agree as follows: <br />ARTICLE I <br />DEFINITIONS <br />Unless the context otherwise specifies or requires, for the purposes of this Agreement the <br />following terms shall have the meanings set forth in this Article: <br />1.1 Closing Date. The term "Closing Date" shall mean October 15, 2007, or any <br />other date approved in writing by Buyer and Seller for the closing with respect to <br />the purchase and sale of the Property. <br />1.2 Title Commitment. The term "Title Commitment" shall mean a title commitment <br />with respect to the Property to be issued by the Title Company. <br />1.3 Title Company. The term "Title Company" shall mean Old Republic National <br />Title Insurance Company, 400 Second Avenue South, Minneapolis, Minnesota <br />55401. <br />Page 1 <br />