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TERM SHEET FOR JAVA PROPERTIES - Parcel 50A —11/9/21 <br />Real Estate Tax ID Number: Portion of 28-32-25-41-0020. Part of Outlot A, Java Auto Parts <br />(Part of Parcel 50a) <br />Purchase Structure: Phase I with an Option on Phase II (see Exhibit A) <br />Acreage Approximately + / - 6.97 acres or (303,613 SF) Subject to Final Plat <br />Asking Price $1,518,065 ($5.00 / SF) (SF Subject to change based on approved Plat) <br />Offer Price $4.50 per SF ($1,366,258) (SF Subject to change based on approved Plat) for <br />both Phase I and Phase II <br />Earnest Money $10,000 Non-refundable upon Notice to Proceed being executed. Additional <br />Earnest Money will need to be provided for Phase 2. <br />Inspection Period <br />180 days from the later of Effective Date (Date City Council approves) or a fully <br />executed PA is delivered to buyer (city requires plat/ site plan approval before <br />sale) <br />***Inspection period will be increase 180 days per Lot closing (see Exhibit A for <br />Lots) <br />Closing Within 30 days of Notice to Proceed. <br />Commission This was a City generated lead for a CBRE Listed property. Per the terms of the <br />listing agreement, the City will pay 3% of gross sales price to CBRE. <br />Extensions to Close <br />City take care of <br />Performance <br />Developer will deposit $10,000.00 in escrow for each 90-day extension (2 <br />extensions allowed) Once extensions are made the money becomes non- <br />refundable. <br />***The Developer will be granted 2 additional 90-day extensions per Lot <br />purchase closing with the terms stated above. (the extra 30 days (60 to 90) is <br />required due to the platting process and the time it is taking Anoka County to <br />review incoming plats) <br />Provide existing ALTA Survey and updated Title Work. The Developer will <br />contract to plat the property as part of the site plan process. City will work with <br />Anoka County to secure a Right in, Right out access for Veterans Drive on to <br />Ramsey Blvd as part of the platting process. <br />City to require construction of commercial/retail buildings compliant with COR <br />Zoning requirements and obtain a Certificate of Occupancy one year after <br />Closing of each lot. The inspection period will be increase by 180 days per <br />Lot/phase closing. The Developer will enter into a Right of Re -Entry Agreement <br />with minimum building square footage requirements for Lots 1, 2, 3 and 5, <br />which will establish the time period to close and construct the minimum <br />