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[Reserved for Recording Data] <br />RIGHT OF FIRST REFUSAL TO PURCHASE REAL ESTATE <br />This Right of First Refusal is made on this day of June, 2016, by and <br />between Pearson Properties of Ramsey, LLC, a Minnesota limited liability company, <br />and the City of Ramsey, a Minnesota municipal corporation. <br />Recitals <br />A. Pearson owns vacant land currently zoned residential and retail but designated by <br />the City as a future business park. The Parcels are legally described as follows: <br />PROPERTY ID: 20-32-25-33-0001 <br />ACRES (APPROX.): 39.63 <br />THE SW 1/4 SW 1/4 SEC 20 TWP 32 R 25 LYG W OF E 40 FT TEREOF, EX RD <br />SUBJ TO EASE OF REC <br />PROPERTY ID: 29-32-25-22-0004 <br />ACRES (APPROX.): 9.22 <br />THAT PRT OF NW1/4 OF NW1/4 SEC 29 TWP 32 RGE 25 LYG NELY OF NELY <br />R/W LINE OF BURLINGTON NORTHERN R/R AND LYG WLY AND SLY OF THE <br />N 60 FT OF E 40 FT OF SD 1/4 1/4, EX RD SUBJ TO EASE OF REC <br />B. The City desires to obtain a right of first refusal or first option to purchase the <br />Parcels in order to further the development of the business park. <br />C. Pearson desires to sell the Parcels for development and is willing to grant the City <br />a right of first refusal or first option to purchase the Parcels pursuant to the terms <br />of this agreement. <br />