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ARTICLE 11 <br /> PRICE AND PAYMENT <br /> 2.1 Price. The total purchase price for the above-described Properties shall be Two <br /> Million and 00/100 ($2,000,000.00) Dollars. <br /> 2.2 Payment. The purchase price shall be paid as follows: <br /> a. Earnest Money. The sum of Ten Thousand and 00/100 ($10,000.00) Dollars shall <br /> be paid as and for earnest money at such time as Sellers execute this Purchase Agreement and shall <br /> be non-refundable even in the event Buyers cancel this agreement or any portion thereof, or are <br /> unable to perform, Sellers shall be entitled to retain the earnest money paid. <br /> b. Balance. The balance of the purchase price, One Million Nine Hundred Ninety <br /> Thousand Dollars, ($1,990,000.00) shall be paid by Buyers to Sellers in cash or certified funds on <br /> or before January 30, 2008, unless said date is otherwise extended by agreement of all parties, and <br /> contingent upon Buyers securing financing. <br /> ARTICLE III <br /> CLOSING <br /> 3.1 Place of Closing. The place of Closing shall be at a place mutually agreed upon <br /> between the parties within the Twin Cities Metropolitan area or 9304 Lyndale Avenue South, <br /> Bloomington, MN if there is no other agreed upon location. <br /> 3.2 Closing Obligations. At Closing, Buyers shall pay the purchase price as herein <br /> before provided, and Sellers shall deliver to Buyers the following: <br /> a. A Warranty Deed to each parcel of property described in Exhibit"A", duly <br /> executed and acknowledged and in recordable form with deed stamps attached, conveying the <br /> Properties subject only to the following exceptions (hereinafter called "Permitted <br /> Exceptions"): <br /> (i) Building and zoning laws, ordinances, state and federal regulations; <br /> (ii) Utility easements serving only the Properties; <br /> (iii) Such other exceptions or conditions as are approved by Buyers in <br /> accordance with this Agreement; and <br /> (iv) The Leases (as hereinafter defined),if any, and the rights of the <br /> tenants thereunder, as tenants only, together with any additional leases entered into after the <br /> date hereof as permitted by this Purchase Agreement (Sellers agree, however, that this <br /> exception will not be set out on the deed). <br /> b. A Certificate of Real Estate Value in the form required by Minnesota Statutes, <br /> Section 272.115; <br /> 2 <br />