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VACANT LAND PURCHASE AGREEMENT <br /> <br />1. PARTIES. This Purchase Agreement is made on <br />and between <br />MUNICIPAL UTILITIES, BUYER. <br /> <br /> ,2001, by <br />, SELLER, and ELK RIVER <br /> <br />2. OFFER/ACCEPTANCE. Buyer offers to purchase and Seller agrees to sell real <br />property located in Sherburne County, Minnesota, legally described as follows: <br /> <br /> See attached Exhibit A. <br />The exact legal description to be determined by survey. <br /> <br />3. PRICE AND TERMS. The price for the real property included in this sale is One <br />Hundred Fifty Thous_and and no/100 Dollars ($150,000.00), which the Buyer shall pay <br />as follows: <br /> <br />Earnest money in the amount of Five Hundred and no/lO0 Dollars <br />($500.00), receipt of which is hereby acknowledged by Seller. (Earnest <br />money to be placed in the trust account of TERPSTRA, BLACK, <br />BRANDELL, JENSEN & MOORE; and <br /> <br />One Hundred Forty-Nine Thousand Five Hundred and no/lO0 Dollars, <br />($149,500.00), cash, on the date of closing. <br /> <br />4. DEED/MARKETABLE TITLE. At closing, Seller shall execute and deliver a <br />Warranty Deed, conveying marketable title to the Buyer, subject to: <br /> <br />a. Building and zoning laws, ordinances, state and federal regulations; <br /> <br />Restrictions relating to use or improvement of the property without <br />effective forfeiture provisions; <br /> <br />c. Reservation of any mineral rights by the State of Minnesota; <br /> <br />Utility and drainage easements which do not interfere with existing <br />improvements; and <br /> <br />The following exceptions to title which constitute encumbrances or <br />restrictions which have been disclosed to Buyer and accepted by Buyer <br />in this Purchase Agreement (must be specified in writing): none <br /> <br />I F:~J~DATA~E RJdI.~TWI~A <br /> <br /> <br />