Agenda - Economic Development Authority - 06/10/2021

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Page 2 PSA: EARNEST MONEY: DOCUMENTS: FEASIBILITY PERIOD: Within ten (10) business days after Seller's execution of this LOI, Seller shall provide Purchaser with a draft of the PSA as required by the City of Ramsey. Ten Thousand Dollars ($10,000) as refundable earnest money (the "Earnest Money") to be applied to the purchase price to be deposited with Stewart title company, as escrow agent (the "Title Company"), within ten (10) business days after the execution by Purchaser and Seller of the PSA (the "Effective Date"). No later than five (5) days after the Effective Date, Seller will make available to Purchaser all documents in Seller's possession related to the Property (collectively, the "Documents"). Such documents shall include, but not be limited to, all written information in Seller's possession relating to the environmental condition, geological condition, topographic condition, demolition, engineering or other feasibility studies, valuation, tax status, all land/use, maintenance, service or utility agreements affecting the ownership or use of the Property, any and all lease agreements/modifications, development agreement(s) and other city, county or other governmental correspondence/documents, and any other documentation that Seller may possess (including any surveys of the Property) which would be helpful to Purchaser in ascertaining the value, developability of the site and / or ultimate best use of the Property. Purchaser shall have ninety (90) days from the Effective Date to conduct an analysis of the Documents, and of the Property, and to make all inspections of the Property that Purchaser deems necessary or desirable (the "Feasibility Period"). All inspections shall be accomplished at Purchaser's expense, provided that Seller shall cooperate with Purchaser as reasonably necessary. Typical studies include: o Updated Title and ALTA Survey o Environmental Assessment o Identification of Jurisdictional Streams and Wetlands