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PC Exhibit F <br /> VACANT LAND PURCHASE AGREEME�TT <br /> THIS REAL ESTATE PURCHASE AGREEMENT {"Agreement"), dated for <br /> reference purposes only the day of , 2015 (the "Effective Date"}, between <br /> CLIFFORD L. OTTEN AND LOIJISE W. UTTEN, husband and wife ("Sellers"), and the <br /> CITY OF ORONQ, a Minnesota municipal corporation("Purchaser"). <br /> RECITALS <br /> A. Sellers are the fee owners of certain real properiy located in the City of Orono, <br /> Hennepin County, Minnesota legally described i.n Ex}ubit A attached hereta{"Seller Property"); <br /> B. Purchaser proposes to acquire a portion of the Seller Property as legally described <br /> in Ezhibit B attached hereto ("Property") and Sellers will retain the remainder legally described <br /> in Earhibit C {"Remainder Property"); <br /> C. Sellers also own two commercial parcels to the south of the Se11er Property, <br /> legally described in Exhibit D("Seller Cammercial Property"); <br /> NOW, THEREFORE, THE PARTIES AGREE AS FOLLOWS: <br /> 1. PROPERTY. In consideration of the mutual promises, covenants, and agreements <br /> hereinafter contained, Sellers agree to sell and convey to Purchaser, and Peu�chaser agrees to <br /> purchase from Sellers, upon the terms and conditions hereinafter set forth, Sellers' right, title, <br /> interest in that real property located within the City of Orono, Hennepin County, Minnesota as <br /> legally described in Exhibit A attached hereto and incorporateti by reference herein, together <br /> with a11 attached improvements and fixtures, easements, and other real property interests <br /> appurtenant thereto, if any(hereinafter referred to as the"Property"). <br /> 2. PURCHASE PRICE, The purchase price for the Property shall be approximately One <br /> Dollar and 00/100 Dollars {$1.00} {"Purchase Price"), paid by Purchaser to Sellers, subject to <br /> closing adjustments and pro-rations, by wire transfer of immediately available funds at the <br /> Closing to an account designated by Sellers. <br /> 3. CLOSING. Unless terminated earlier, the date for closing the sale and purchase of the <br /> Property {the "Closing") sha11 be on or before December 15, 2015. Closing shalt be held at the <br /> office of the Tit1e Company, or at such other time, date or place as the parties may mutually <br /> agree. The Closing shall occur through an escrow with the Tit1e Company, whereby the Sellers, <br /> Purchaser and their attorneys need not be physically present at the Closing and may deliver <br /> documents by overnight air courier or other means. <br /> 4. CONVEYANCE OF PROPERTY. Upon performance by Purchaser, Sellers sha11 <br /> execute and deliver a Wazranty Deed conveying marketable title of record, subject to all of the <br /> following: <br /> isis�s�2 <br />