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DocuSign Envelope ID: D8C3E040-OCFO-4CAF-869B-67503FF031 F6 <br /> March 30, 2022 <br /> To the City of Ramsey: <br /> The Schiebout Family Limited Partnership, LLLP (the "Buyer"), on behalf of its partners, is pleased <br /> to present this binding letter of intent to purchase the property described as Outlot A, Gigi Addition <br /> (the "Property") from the City of Ramsey (the "Seller"), pursuant to the terms substantially contained <br /> in the Term Sheet attached hereto,which will be reduced to a written purchase agreement within ninety <br /> (90) days of the date of the City's acceptance of this letter of intent. <br /> It is agreed that the ninety (90) day period is to allow the Buyer to perform certain feasibility studies <br /> related to the proposed hotel use of the Property, and that within said ninety (90) day period, Buyer <br /> and the City shall enter into a purchase agreement for the purchase and sale of the Property, or this <br /> letter of intent shall be void and the $5,000 Earnest Money shall be returned to the Buyer. <br /> The Buyer will provide a copy of the Market Demand Study for the Proposed Hotel, Ramsey, <br /> Minnesota prepared by HVS to Seller upon execution of the purchase agreement. <br /> Sincerely, <br /> THE SCHIEBOUT FAMILY LIMITED PARTNERSHIP, LLLP <br /> Emily Allegra, Partner <br /> Phone: 763-516-1078 <br /> Email: Emily@schieboutfa.com <br /> AGREED AND ACCEPTED BY: <br /> THE CITY OF RAMSEY <br /> Name: Mark E. Kuzma Name: Kurtis G. Ulrich <br /> Title: Mayor Title: City Administrator <br /> Phone:763-433-4367 Phone:763-433-9845 <br /> Email: mkuzma@cityoframsey.com Email: kulrich@cityoframse, <br /> Date: 12022 <br />