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Summary of the Purchase Agreement for the HRA In the Purchase Agreement the HRA agrees to sell Lot 3, Block 1, COR ONE, Anoka County, Minnesota to F & C Ramsey, LLC ("F & C") for $750,000.00. The HRA assumes the obligation to record the final plat of COR ONE, to pay any fees Section 117 of the City's Ordinances imposes in connection with the recording of the final plat, and to pay any special assessments levied against the property as of the Date of Closing. The HRA represents that they have the legal authority to sell the property, that to the best of its knowledge, there are no tenants or other third parties in possession of any portion of the property, that the HRA has not entered into any other contracts, purchase agreements, options or rights of first refusal relating to the property and that, to the best of the HRA's knowledge, there are no hazardous substances located on the property except as may be disclosed in the Phase I report the HRA received from its seller. F & C is obligated to purchase the property for $750,000.00. The HRA's conveyance of the property to F & C will be subject to a right of reverter in favor of the HRA which the HRA may exercise if F & C fails to substantially complete construction on project on or before the date two years from the Commencement Date (subject to force majeure). F & C's obligation to purchase is contingent upon the City, the Met Council and the Anoka County Transportation Authority letting contracts for the construction of the Rail Stop on or before June 27, 2012. If contracts for the Rail Stop are not let and F & C terminates the Purchase Agreement, the HRA must reimburse F & C for its out-of-pocket costs up to a cap of $500,000.00. If F & C defaults on the performance of its obligations under the Purchase Agreement, the HRA may terminate the Purchase Agreement and retain the earnest money of $200,000.00; and may sue for a specific performance. If the HRA defaults on the performance of its obligations under the Purchase Agreement, F & C may commence an action in a court of competent jurisdiction seeking a judgment terminating the agreement and seeking damages that are limited to the lesser of F & C's actual damages or $500,000.00. In the alternative, F & C may sue the HRA for the specific performance of the HRA's obligations under the Purchase Agreement. 3027624v4 09/22/11