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�' VACANT LAND PURCHASE AGREEMENT TffiS AGREEMENT is made as of 0�f�6�r I ,2019,between the City of Pequot Lakes, a Minnesota municipal corporation,4638 Main Street, Pequot Lakes, Minnesota 56472 (herein the "Seller"), and The Dotty Holdings Limited Liability Partnership, an Arizona limited liability partnership, its successors and assigns, 4517 East Main Street, Mesa, Arizona 85205 (herein the"Buyer"); (collectively the"Parties"). In consideration of the covenants and agreements of the parties hereto, Seller and Buyer agree as follows: 1. SALE OF PROPERTY. Upon and subject to the terms and conditions of this Agreement, Seller agrees to sell to Buyer, and Buyer agrees to purchase from Seller,the following legally described property: a. Real Property. The real property located in Crow Wing County, Minnesota, depicted on Exhibit A,which is attached hereto and incorporated herein by reference, and legally described as follows: Lot 1,Block 2, Pequot Lakes Industrial Park, City of Pequot Lakes,Crow Wing County,Minnesota, excepting any easements and rights benefiting or appurtenant to the Real Property �— and improvements including any right, title or interest in the bed of any street, road, highway or alley adjoining the Real Property(herein the"Real Property"). b. Personal Property: none. 2. PURCHASE PRICE AND MANNER OF PAYMENT. The total purchase price ("Purchase Price")to be paid by Buyer to Seller for the Real Property is Fifty-Five Thousand Five Hundred and No/100ths Dollars($55,500.00), which amount shall be paid on the Closing Date in immediately payable current U.S. funds. 3. CLOSING. The closing of the purchase and sale contemplated by this Agreement(the "Closing") shall occur on or before October 31, 2019 (the"Closing Date"), at Pequot Lakes City Hall, 4638 Main Street, Pequot Lakes, Minnesota 56472, or at such other time and place as may be agreed to mutually by the Parties subject to the contingencies and other terms and conditions contained herein being satisfied. Seller agrees to deliver possession of the Real Property to Buyer on the Closing Date. a. Seller's Closing Documents. On the Closing Date, Seller shall execute andlor deliver to Buyer the following(collectively, "Seller's Closing Documents"): i. Quit Claim Deed. Attached hereto and made a part hereof as E�ibit B is the required Quit Claim Deed containing the terms, covenants, and conditions upon which the sale of the Real Property is based. The Quit � 1