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TERM SHEET FOR Midland Atlantic Development Company, LLC(Valvoline)—2.6.24 <br /> Real Estate Tax ID Number: 28-32-25-23-0023. Lot 2, Block 1, COR FOUR, (Parcel 42a) <br /> Acreage Approximately 1.16 acres or 50,529 SF <br /> Asking Price $404,236 ($8.00/SF) <br /> Offer Price $404,236.80 ($8.00/SF)—Net$294,236.80 ($5.82/SF) (Subject to change based <br /> on $110,000 credit provided for construction of 20 space parking lot on <br /> Northstar Marketplace site and connection to Valvoline development <br /> Earnest Money $15,000 Non-refundable upon Notice to Proceed being executed. <br /> Inspection Period 180 days from Effective Date (Date City Council approves) (city requires plat(If <br /> needed)/site plan approval before sale) <br /> Closing Within 30 days of Notice to Proceed. <br /> Commission 3.5%commission for Mid-America Real Estate and 3.5%to CBRE. <br /> Extensions to Close Developer will deposit$5,000 in escrow for each 30-day extension (2 extensions <br /> allowed) Once extensions are made the money becomes non-refundable. <br /> City take care of Provide existing plat information and updated Title Commitment. <br /> Performance City to require construction of a minimum 1,674 SF commercial/retail building <br /> (Valvoline Oil Change) compliant with COR Zoning requirements and obtain <br /> permits and approvals within 24 months after Closing. Developer agrees to <br /> execute Right of Re-Entry Agreement that requires City Buyback from Seller at <br /> purchase price, less commission if Project is not built. In addition,the <br /> Developer will be responsible for construction of 20 space parking lot on <br /> Northstar Marketplace site and connection to Valvoline development and future <br /> plat (if needed) for Remnant building site. <br /> Assignment Requires city approval if not same owners/company. <br /> Contingencies Will need release from Aldi for Site Plan for Oil Change and Remnant <br /> Development <br /> Review EDA(Sean): Land Transaction/Purchase Agreement/Right of Re-Entry <br /> Planning Commission (Todd/Staff): Land Use, Development Agreement, Site <br /> Plan, Plat <br /> City Council: Final Approval on both items <br />