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TERM SHEET FOR GIGI'S SALON AND SPA —11.14.19 <br />Real Estate Tax ID Number: Portion of 28-32-25-23-0018. Part of Outlot A, COR Stone Brook <br />Academy <br />Acreage Approximately 1.5 acres or 65,340 SF (T.B.D.) <br />Asking Price $392,040 ($6.00 / SF) (Subject to change based on approved site plan) <br />Offer Price $261,360 ($4.00 / SF) (Subject to change based on approved site plan) <br />Earnest Money $5,000.00 Non-refundable upon Notice to Proceed being executed. <br />Inspection Period 180 days from Effective Date (Date City Council approves) (city requires plat/ <br />site plan. approval before sale) <br />Closing Within 30 days of Notice to Proceed. <br />Extensions Developer will deposit $1,000 in escrow for each 60 day extension (2 extensions <br />allowed) Once extensions are made the money becomes non-refundable. <br />City take care of Provide existing ALTA Survey and updated Title Work. The Developer will <br />contract to plat the property and the City will reimburse costs of platting. <br />Performance City to require construction of a minimum 5,000 SF building and obtain a <br />Certificate of Occupancy one year after Closing. If this is not done, the City may <br />exercise the Right of Re -Entry. <br />Assignment Requires city approval if not same owners / company. <br />Review <br />EDA (Sean): Land Transaction/ Purchase Agreement/ Right of Re -Entry <br />Planning Commission (Tim): Land Use, Development Agreement, Site Plan, Plat <br />City Council: Final Approval on both items <br />