A RESOLUTION APPROVING PURCHASE OF LOT 9 PRAIRIE PARK FIRST ADDITION TO WAVERLY, IOWA RESOLUTION NO

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1 A RESOLUTION APPROVING PURCHASE OF LOT 9 PRAIRIE PARK FIRST ADDITION TO WAVERLY, IOWA RESOLUTION NO WHEREAS the Board of Trustees of Waverly Light and Power has approved the Purchase Agreement for Lot 9 Prairie Park First Addition to Waverly, Iowa, subject to approval by the Waverly City Council; and WHEREAS the purchase of Lot 9 Prairie Park First Addition to Waverly, Iowa should be approved; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Waverly, Iowa, that: 1. The Purchase Agreement and the purchase by the City of Waverly of Lot 9 Prairie Park First Addition to Waverly, Iowa is approved. 2. The Mayor and City Administrator are hereby directed to sign the Purchase Agreement and to take all actions necessary to complete the purchase of Lot 9 Prairie Park First Addition to Waverly, Iowa. Passed and approved this day of December, ATTEST:

2 CERTIFICATE OF APPROVAL The undersigned, Ivan J. Ackerman as Mayor and Richard J. Crayne as City Administrator, of the City of Waverly, Iowa, do hereby certify that the attached Resolution 05- was on the day of December, 2005 presented to the City Council of the City of Waverly, Iowa and was duly passed and adopted. ATTEST: STATE OF IOWA, BREMER COUNTY, ss: On this day of December, 2005, before me, the undersigned, a Notary Public in and for Bremer County, Iowa, personally appeared Ivan J. Ackerman and Richard J. Crayne, to me personally known, who being by me duly sworn did say that they are respectively the Mayor and City Administrator of the City of Waverly, Iowa; and that said instrument was signed and sealed on behalf of said corporation by authority of the City Council of the City of Waverly, Iowa; and the said Ivan J. Ackerman and Richard J. Crayne acknowledged the said instrument to be the voluntary act and deed of said corporation. NOTARY PUBLIC - STATE OF IOWA I, of the City of Waverly, Iowa, do hereby certify that the above and foregoing is a true and correct copy of a Resolution adopted by the City Council of said City at a meeting of said Council held on day of December, Witness my hand this day of December, (City Seal) Richard J. Crayne City Administrator Subscribed and sworn to by the said Richard J. Crayne, to me personally known, this day of December, NOTARY PUBLIC - STATE OF IOWA

3 Waverly Light and Power Board of Trustees Resolution Be it resolved by the Board of Trustees of Waverly Light and Power of the City of Waverly, Iowa that the attached Purchase Agreement for Lot 9 of Prairie Park First Addition to Waverly, Iowa is hereby approved. The Chairman is directed to take all actions necessary to complete the purchase. Passed and Approved this Z, day of December, Chris Schmidt Chairman of the Board of Trustees Attest: Secretary of the Board of Trustees

4 Dale E. Goeke ISBA # BR1855 PURCHASE AGREEMENT TO: BNKD, Inc., Sellers: 1. The undersigned Buyers hereby offer to buy and the undersigned Sellers, by their acceptance, agree to sell the real estate in Bremer County, Iowa, described as follows: Lot 9 Prairie Park First Addition to Waverly, Iowa, with any easements and appurtenant servient estates, but subject to the following: a. any zoning and other ordinances; b. any covenants of record; c. any easements of record for public utilities, roads and highways; and d. (consider: liens, mineral rights; other easements; interests of others.) designated the Real Estate. 2. PRICE. The purchase price shall be $32,000.00, payable at Waverly, Bremer County, Iowa, as follows: cash at closing. 3. REAL ESTATE TAXES. Sellers shall pay one-half of the real estate taxes delinquent if not paid by October 1, 2006, and any unpaid real estate taxes payable in prior years. Buyers shall pay all subsequent real estate taxes. Any proration of real estate taxes on the Real Estate shall be based upon such taxes for the year currently payable unless the parties state otherwise. 4. SPECIAL ASSESSMENTS. a. Sellers shall pay all special assessments which are a lien on the Real Estate as of the date of possession. b. All other special assessments shall be paid by Buyers. 5. RISK OF LOSS AND INSURANCE. Risk of loss prior to Seller's delivery of possession of the Real Estate to Buyers shall be as follows: a. All risk of loss shall remain with Sellers until possession of the Real Estate shall be delivered to Buyers. 6. CARE AND MAINTENANCE. The Real Estate shall be preserved in its present condition and delivered intact at the time possession is delivered to Buyers. 7. POSSESSION. If Buyers timely perform all obligations, possession of the Real Estate shall be delivered to Buyers on or before December 30,

5 8. FIXTURES. All property that integrally belongs to or is part of the Real Estate, including landscaping, shall be considered a part of Real Estate and included in the sale. 9. USE OF PURCHASE PRICE. At time of settlement, funds of the purchase price may be used to pay taxes and other liens and to acquire outstanding interests, if any, of others. 10. ABSTRACT AND TITLE. Sellers, at their expense, shall promptly obtain and continue an abstract of title to the Real Estate and deliver it to Buyers for examination. It shall show merchantable title in Sellers in conformity with this agreement, Iowa law and Title Standards of the Iowa State Bar Association. The abstract shall become the property of the Buyers when the purchase price is paid in full. Sellers shall pay the costs of any additional abstracting and title work due to any act or omission of Sellers, including transfers by or the death of Sellers or their assignees. 11. DEED. Upon payment of the purchase price, Sellers shall convey the Real Estate to Buyers or their assignees, by warranty deed, free and clear of all liens, restrictions, and encumbrances except as provided in 1 a. through 1.d. Any general warranties of title shall extend only to the time of acceptance of this offer, with special warranties as to acts of Sellers continuing up to time of delivery of the deed. 12. TIME IS OF THE ESSENCE. Time is of the essence in this contract. 13. CONTRACT BINDING ON SUCCESSORS IN INTEREST. This contract shall apply to and bind the successors in interest of the parties. 14. CONSTRUCTION. Words and phrases shall be construed as in the singular or plural number, and as masculine, feminine or neuter gender, according to the context. 15. OTHER PROVISIONS. This Purchase Agreement is subject to approval by the Waverly Light and Power Board of Trustees and the Waverly City Council. Dated this day of, Buyer: City of Waverly THIS OFFER IS ACCEPTED subject to Paragraph 21 - Dated December /, Seller: BN.1), Inc. - D is H. Happel, President L am/ Sel BNKD, Inc. - Ron. Happel, cretary 2

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