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PURCHASE AGREEMENT <br />RELATING TO <br />VACANT LAND <br />ORONO, MINNESOTA <br />EfTective Date: February___, 2002 <br />1. Parties. The parties to this Purchase Agreement are: <br />(a) The City of Orono 2750 Kelley Parkway, P.O. Box 66, Crystal Bay, <br />MN 55323, Attention: Ronald J. Moorse, City Administrator (the <br />"Seller"); and <br />(b) Professional Properties of Orono, LLP, 13988 Maple Knoll Way, <br />#102, Maple Grove, MN 55369; Attention:__________(the <br />"Buyer"). <br />This Agreement sometimes refers to Seller and Buyer individually as a "Party" <br />and collectively as the "Parties". <br />2. Property . The real property that is the subject of this Agreement is <br />located at in the City of Orono, Hennepin County, Minnesota, legally described as <br />Lot 1, Block 1, Willow Properties Addition is the subject of this Purchase <br />Agreement (the "Property"). The term "Property", as used in this Agreement <br />shall include all hereditaments and appurtenances to the Property. <br />3. Purchase and Sale. Seller agrees to sell the Property to Buyer <br />pursuant to the terms of this Agreement, and Buyer agrees to purchase the <br />Property from Seller pursuant to the terms of this Agreement. <br />4. Purchase Price. The total purchase price to be paid by Buyer for the <br />purchase of the Property is Four Hundred Thirty Seventy Five Thousand and <br />No/100 Dollars ($43 5.000.00V$475.000.00) (the "Purchase Price"). Buyer shall <br />pay the purchase price as follows: <br />HC26DS2/4715/2672211 vl(RED) 2/4/2002