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TERM SHEET FOR JAVA COMPANIES L.L.C.- Parcel 50A—12/8/21 <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 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 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 /> City take care of 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 /> Performance 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 />