10.01 Purchase Agreement for Proposed Lot 2, Block 1, Heart of the Good Life

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VACANT LAND PURCHASE AGREEMENT THIS AGREEMENT is made as of , 2020,between the City of Pequot Lakes, a Minnesota municipal corporation, 4638 Main Street, Pequot Lakes, Minnesota 56472 (herein the "Seller"), and Northern States Power Company, a Minnesota corporation, its successors and assigns, 414 Nicollet Mall, Minneapolis, Minnesota 55401 (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: Proposed Lot 2, Block 1, Heart of the Good Life, 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 Forty-Five Thousand and No/100ths Dollars ($45,000.00) per acre, 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 (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 and/or deliver to Buyer the following(collectively, "Seller's Closing Documents"): i. Limited Warrantv Deed. Attached hereto and made a part hereof as Exhibit B is the required Limited Warranty Deed containing the terms, covenants, and conditions upon which the sale of the Real Property is 1