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Real Estate <br />Acreage <br />Asking Price <br />Offer Price <br />Earnest Money <br />Inspection Period <br />Closing <br />Commission <br />Extensions to Close <br />City take care of <br />Performance <br />Assignment <br />Contingencies <br />Review <br />TERM SHEET FOR U.S. Home Corporation (Lennar)—10.1.20 <br />Tax ID Number: 20-32-25-31-0004. Outlot B, Alpha Development 2nd Addition <br />(Parcel 13b) <br />Approximately 2.91 acres or 126,691 SF <br />$115,000 ($0.91 / SF) <br />$100,000 ($0.79 / SF) <br />$10,000 Non-refundable upon Notice to Proceed being executed. <br />Ends April 7, 2021 (city requires plat/ site plan approval before sale) <br />Within 30 days of Notice to Proceed. <br />0%. This was a City generated lead on a City listed property. <br />Developer will deposit $5,000 in escrow for each 60 day extension (2 extensions <br />allowed) Once extensions are made the money becomes non-refundable. <br />Provide updated Title Work. The Developer will plat the property as part of the <br />site plan process and get their own ALTA. <br />Plat and Site plan approval and compliance with development standards. In this <br />instance a Right of Re -Entry Agreement is NOT being proposed due to the small <br />size of the parcel in relation to the project size. In addition, a Right of Re -Entry <br />was not required for the Riverstone project parcel west of the new Puma Street. <br />Requires city approval if not same owners / company. <br />Buyer must have closed on (INSERT LEGAL DESCRIPTION) (the "Paxmar <br />Property") prior to closing on the Property. <br />EDA (Sean): Land Transaction/ Purchase Agreement/ Right of Re -Entry <br />Planning Commission (Tim/Chloe): Land Use, Development Agreement, Site <br />Plan, Plat <br />City Council: Final Approval on both items <br />