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PURCHASE AGREEMENT <br />Z PROPERTIES, L.L.C., an Ohio limited liability company (hereinafter, "Seller"), whose <br />business address is 16900 Bagley Road, Middleburg Heights, Ohio 44130, and who is the owner <br />of real property located at 27375 Lorain Road, North Olmsted, Ohio (hereinafter, the "Property"), <br />agrees to sell to THE CITY OF NORTH OLMSTED, an Ohio municipal corporation (hereinafter, <br />"Buyer"), whose address is 5200 Dover Center Road, North Olmsted, Ohio 44070. Buyer agrees <br />to purchase from Seller the Property, which consists of an improved parcel of approximately 2.5225 <br />acres of land, together with the buildings, tenements, hereditaments, and appurtenances belonging <br />or appertaining to it, located at 27375 Lorain Road, North Olmsted, Ohio, 44070, known as <br />Permanent Parcel Numbers 232-11-021 and 232-11-022, and is more fully described in the legal <br />description which is attached hereto, made a part hereof, and marked as Exhibit "A", upon the <br />following terms and conditions: <br />ARTICLE 1 - PURCHASE PRICE <br />Amount <br />1.01 The purchase price for the Property is One MilGon Four Hundred Thousand Dollars <br />($1,400,000.00), and it shall be placed in escrow as herein provided, payable to Seller upon Closing <br />(as defined in Paragraph 2.04 herein). <br />ARTICLE 2 - ESCROW <br />Opening of Escrow <br />2.01 An escrow shall be opened, pursuant to this Agreement, at CHICAGO TITLE <br />INSURANCE COMPANY within five (5) days from the date herein. <br />7/31/01 (#1) -1-