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• PURCHASE AGREEMENT <br /> 1. PARTIES. This Purchase Agreement is made this day of , 1997 <br /> by and between HYPRO CORPORATION, a Delaware corporation ("Seller") and the CITY OF <br /> NEW BRIGHTON, a Minnesota municipal corporation ("Buyer"). <br /> 2. SUBJECT PROPERTY. Seller is the owner of that certain real estate (the "Property") <br /> located at 375 Fifth Avenue N.W. in New Brighton, Ramsey County, Minnesota and legally <br /> described on the attached Exhibit A. <br /> 3. OFFER/ACCEPTANCE. In consideration of the mutual agreements herein contained, <br /> Buyer offers and agrees to purchase and Seller agrees to sell and hereby grants to Buyer the <br /> exclusive right to purchase the Easements described on the attached Exhibit B. <br /> 4. CONTINGENCY/ACCEPTANCE DEADLINE. This Purchase Agreement shall be <br /> presented to the Buyer's city council within 30 days of the date it is submitted to Buyer, fully <br /> executed by Seller herein. If the Buyer's city council does not approve this Purchase Agreement, <br /> this Agreement shall be null and void and all Earnest Money shall be refunded to the Buyer. <br /> 5. PURCHASE PRICE AND TERMS: <br /> A. PURCHASE PRICE: The total Purchase Price for the Easements included in this <br /> sale is One Hundred Thirty-one Thousand Seven Hundred Seventy and No/100ths <br /> Dollars($131,770.00). The Purchase Price shall be adjusted at closing as provided <br /> in paragraph 6 of this Purchase Agreement. <br /> B. TERMS: <br /> (1) EARNEST MONEY. The sum of One Dollar ($1.00) Earnest Money paid <br /> by the Buyer to the Seller, the receipt of which is hereby acknowledged. <br /> (2) BALANCE DUE SELLER. Buyer agrees to pay by check on the Closing <br /> Date the sum of One Hundred Six Thousand Dollars ($106,000.00). The <br /> Seller and Buyer agree to escrow the amount of Twenty-five Thousand <br /> Seven Hundred Seventy Dollars ($25,770.00) pursuant to paragraph 6 of <br /> this Purchase Agreement. <br /> (3) DEED/MARKETABLE TITLE. Subject to performance by Buyer, Seller <br /> agrees to execute and deliver an Easement Agreement to the Buyer, in a <br /> form substantially similar to the attached Exhibit C. In addition, Seller <br /> shall obtain a consent and subordination to the Easement Agreement from <br /> each mortgagee that holds a mortgage on the Property. <br /> • 6. ADJUSTMENT TO PURCHASE PRICE / ESCROW. Seller has preliminary plans <br /> to expand its existing facility located on the Property. The planned expansion would <br /> necessitate the construction of a storm water drainage pond, at Seller's expense. The <br /> CAN131330 <br /> NE136-142 1 <br />