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PURCHASE AGREEMENT DRAFT <br />RELATING TO <br />716 & 720 MAIN STREET -ELK RIVER, MINNESOTA <br />Dated: September _, 2006 <br />Parties. The parties to this Purchase Agreement are: <br />a. Houlton Investment Company, a Minnesota corporation, [insert address], <br />Attention: Bill Houlton (the "Seller"); and _ <br />b. The Housing and Redevelopment Authority in and for the City of Elk <br />River, 13065 Orono Parkway, Elk River, Minnesota 55330, Attention: Cathy Mehelich <br />(the "Buyer"). <br />This Agreement sometimes refers to Seller and Buyer individually as a "Party" and collectively <br />as the "Parties". <br />2. Pro er .The real property that is the subject of this Agreement is located at 716 <br />and 720 Main Street, in the City of Elk River, Sherburne County, Minnesota and is legally <br />described on the attached Exhibit A (the "Property"). The primary improvements located on the <br />Property are two buildings. The term "Property", as used in this Agreement includes all <br />improvements and fixtures located on the Property and all hereditaments and appurtenances to <br />the Property. The Parties do not contemplate the conveyance of any personal property pursuant <br />to this Agreement. <br />3. Purchase and Sale. Seller agrees to sell the Property to Buyer pursuant to the <br />terms of this Agreement, and Buyer agrees to purchase the Property from Seller pursuant to the <br />terms of this Agreement. <br />4. Purchase Price. The purchase price for the Property is Seven Hundred Twenty <br />Thousand Dollars ($720,000) (the "Purchase Price"). <br />5. Payment Terms. Upon Seller's full performance of Seller's obligations under <br />this Agreement, Buyer must: <br />a. Tender $216,000.00 to Seller in certified funds or wire transferred funds. <br />b. Execute a contract for deed attached in the form as Exhibit B (the <br />"Contract for Deed") and deliver it to Seller pursuant to Section 8(b)(ii). <br />6. Conveyance Terms. Upon Buyer's full performance of Buyer's obligations under <br />this Agreement, Seller must execute the Contract for Deed and deliver it to Buyer pursuant to <br />Section 8(a)(ii). <br />i9al~z~~s <br />