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TERM SHEET FOR CBN ENTERPRISES, LLC (Jam Hops) — 5/1/23 <br />Real Estate Tax ID Number: 27-32-25-33-0006. Legally described as: All that part of the West 31 <br />rods of the Southwest Quarter of the Southwest Quarter of Section 27, Township 32, Range 25, Anoka <br />County, Minnesota, described as follows: Commencing at a point on the West line thereof, distant <br />335.51 feet South from the Northwest corner thereof, as measured along said West line; thence South <br />along said West line a distance of 335.51 feet, more or less, to its intersection with the Northerly right of <br />way line of Northern Pacific Railway; thence Southeasterly along said Northerly right of way line to its <br />intersection with the East line of said West 31 rods; thence North along said East line thereof a distance <br />of 448.92 feet, more or less, to a point on said East line thereof distant 448.92 feet South from the <br />Northeast corner of said West 31 rods as measured along said East line thereof; thence Northwesterly in <br />a straight line to the point of beginning. Anoka County, Minnesota. Abstract Property <br />Acreage Approximately + / - 4.14 acres or (180,338 SF) Subject to Final Plat <br />Asking Price $631,183 ($3.50 / SF) (SF Subject to change based on approved Plat) <br />Offer Price $600,000 ($3.32 / SF) (SF Subject to change based on approved Plat) <br />Earnest Money $10,000. Non-refundable upon Notice to Proceed being executed. <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 />Closing Within 30 days of Notice to Proceed. <br />Commission This was a City generated lead for an unlisted city property. The City will Pay 3% <br />of gross sales price to Buyer's Broker (Premier Commercial Properties) at Closing <br />Extensions to Close <br />City take care of <br />Performance <br />Developer will deposit $10,000.00 in escrow for each 60-day extension (2 <br />extensions allowed) Once extensions are made the money becomes non- <br />refundable. <br />Provide existing ALTA Survey and updated Title Work. City to bring City Sewer <br />and Water to Site (potential cost share/connection charges to be determined in <br />Development Agreement) and provide Retroactive No -association <br />determination for past actions letter and Environmental reports on file at the <br />City. The Developer will contract to plat the property as part of the site plan <br />process. <br />City to require construction commercial/industrial building compliant with city <br />Zoning requirements and obtain a Certificate of Occupancy 16 months after <br />Closing. The Developer will enter into a Right of Re -Entry Agreement with initial <br />minimum building square footage requirement of 22,000 square feet with a <br />