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PURCHASE AGREEMENT <br />This AGREEMENT is made and entered into this day of , <br />2007, between Rachel Kann, Trustee of the Rachel Kann Trust dated October 4, 1994, <br />25016 Wimbledon Road, Beachwood, Ohio 44122 (hereinafter called "Seller") and the <br />VILLAGE OF MAYFIELD, 6622 Wilson Mills Road, Mayfield Village, Ohio 44143 <br />(hereinafter called "Buyer") <br />WHEREAS, the Buyer is the Village of <br />Cuyahoga, State of Ohio, and is fully autho <br />WHEREAS, Seller agrees to sell to <br />following described real estate, with any ap <br />eld, which is located in the County of <br />to enter into this Agreement; and <br />r and Buyer agrees to purchase the <br />ances, located in the County of <br />Cuyahoga, Village of Mayfield, and State of Ohio: <br />Permanent Parcel No. 831-24-001. <br />The terms of the Agreement are as follows: <br />1. PURCHASE PRICE. The Seller agrees to sell and the Buyer agrees to <br />purchase the real estate set forth above for the sum of Ninety Thousand Dollars <br />($90,000.00). Such price shall be contingent upon Village Council's approval at their <br />December 17th, 2007 Regular Council Meeting. Upon Village Council approval the <br />purchase price shall be paid in three equal installments of $30,000.00, the first payment <br />before January 4, 2008, the second payment before January 31, 2009 and the third and <br />last payment before January 31,2010. The second and third payments shall be <br />secured by a mortgage deed duly recorded and promissory note in the form set forth in <br />Exhibit "A" and Exhibit "B" attached hereto arid incorporated herein by reference. <br />In the event that the Seller receives an offer to purchase the aforesaid real estate <br />between the date this agreement is executed by Seller and 12 noon on December 17, <br />2007, that exceeds the Village's purchase price as set forth herein, the Village shall be <br />