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DocuSign Envelope ID: 1 C8AFA42-FCFA-4A1 B-AB3E-7AA5DFF62F2E <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 Seller is entitled to a copy of the hotel feasibility study/demand market analysis obtained by the <br /> Buyer. <br /> Sincerely, <br /> THE SCHIEBOUT FAMILY LIMITED PARTNERSHIP, LLLP <br /> -,,tit a(4a, <br /> Emily Allegra, Partner <br /> Phone: 763-516-1078 <br /> Email: Emily(cr�,schieboutfa.com <br /> AGREED AND ACCEPTED BY: <br /> THE CITY OF RAMSEY <br /> Name: Mark E. Kuzma Name: Kurtis G. Ulrich <br /> Title: Maw Title: City Administrator <br /> Phone:763-433-4367 Phone:763-433-9845 <br /> Email: mkuzma(cr�,cityoframsey.com Email: kulrich(cr�,cityoframsey.com <br /> Date: 12022 <br />