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5. Platting. On or before the date thirty (30) days after the Effective Date, Seller shall apply to the City of Ramsey (the "City") for approval of a plat that depicts the Land as a separate lot. The plat may also include other property Seller owns. Seller must use commercially reasonably efforts to cause the City Council of the City to grant preliminary and final approvals for the plat on or before the date seventy five (75) days after the Effective Date. The plat, as finally approved by the City Council of the City, is referred to herein as the "Final Plat". 6. Purchase Price. The purchase price of the Property is Six Dollars and Fifty Cents ($6.50) per square foot (the "Purchase Price"). Seller and Buyer estimate, but neither Seller nor Buyer represents or warrants, that the area of the Land is 142,789 square feet. Based on this area estimate, the estimated purchase price of the Property is Nine Hundred Twenty Eight Thousand One Hundred Twenty Eight and 50/100 Dollars ($928,128.50). The Parties will determine the actual square footage of the Land based on the boundaries of the Land as set forth on the Final Plat. If the area is not a whole number, any fractional square footage shall be included in the calculation of the Purchase Price. 7. Earnest Money. As a condition of Buyer's exercise of the option granted to Buyer in the Option Agreement, Buyer has deposited the sum of Ten Thousand Dollars ($10,000.00) (the "Earnest Money") with Commercial Partners Title, LLC ("Title"). Title shall hold and disburse the Earnest Money pursuant to the terms of an Escrow Agreement in the form attached as Exhibit A which Seller and Buyer have executed contemporaneous with this Agreement (the "Escrow Agreement"). The Escrow Agreement directs Title to hold the Earnest Money in a non -interest bearing account. Buyer may, prior to Buyer's exercise of the Option, unilaterally modify the Escrow Agreement to direct Title to hold the earnest money in an interest bearing account, but if Buyer modifies the Escrow Agreement to direct Title to hold the Earnest Money in an interest bearing account, Buyer must pay all fees and costs imposed by Title for Title's services as Escrow Agent. If Title holds the Earnest Money in a non -interest bearing account, Seller and Buyer must each pay one-half of Title's fee, if any, for acting as the Escrow Agent. Any interest which the Earnest Money earns will inure to the Party that is entitled to the Earnest Money under the terms of this Agreement. 8. Closing. Seller and Buyer must meet at Ramsey Municipal Center, 7550 Sunwood Drive, Ramsey, Minnesota or at another location initially agreed by Seller and Buyer at 9:30 a.m. on or before the date ninety (90) days after the Effective Date (the "Date of Closing") at which time the Parties will perform the obligations set forth in this Section 8 (the "Closing"). In the alternative, the Parties may, by mutual agreement, elect to close in escrow by delivering all necessary documents and funds to Title on or before the Date of Closing. Notwithstanding the provisions of the preceding sentences, if the date ninety (90) days after the Effective Date is a Saturday, Sunday or a legal holiday upon which the offices of the City of Ramsey are closed, the Date of Closing shall be the first business day following the date ninety (90) days after the Effective Date. At Closing: a. Seller must: i Deliver a recorded copy or a recordable original of the Final Plat to Title. If Seller provides Title with a recordable original of the C-2 4937063v3