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DocuSign Envelope ID: 1C8AFA42-FCFA-4A1B-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 />641 Kul% <br />Emily Allegra, Partner <br />Phone: 763-516-1078 <br />Email: Emilvaschieboutfa.com <br />AGREED AND ACCEPTED BY: <br />THE CITY OF RAMSEY <br />Name: Mark E. Ku <br />Title: Mayor <br />Phone:763-433-4367 <br />Email: mkuzma@citvoframsev.com <br />Date: <br />, 2022 <br />ame: Kurtis G. Ulrich <br />Title: City Administrator <br />Phone:763-433-9845 <br />Email: kulrich@,cityoframsey.com <br />