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CAPITAL REAL ESTATE, INC. <br />7650 EDINBOROUGH WAY, SUITE 200, EDINA, MN 55435 <br />(612) 313-2500 <br />September 20, 2024 <br />Brian Panlcratz <br />CBRE <br />4400 W 78th Street, Suite 200 <br />Bloomington, MN 55435 <br />952-924-4665 <br />RE: Letter of Intent to Purchase: <br />Approximately 3.17 acres situated along Armstrong Boulevard between Sunwood Drive <br />and Bunker Lake Road, City of Ramsey, State of Minnesota <br />Dear Brian: <br />Please accept this letter as an indication of our interest in negotiating the acquisition of the above <br />referenced property, pursuant to the following terms: <br />Seller: Current Owner of Record <br />Buyer: Capital Real Estate, Inc., or its assigns. <br />Property: The parcel of land totaling approximately 3.17 acres as described <br />above and approximately shown on attached Exhibit A. The <br />Property shall consist of reasonably developable land excluding any <br />wetlands and wetland setbacks (the "Property"). <br />Plat: The Seller shall plat the Parcel such that all wetlands remain as an <br />outlot owned by others and the Property will be further platted pursuant <br />to individual lots and uses generally shown on Exhibit A. <br />Purchase Price: Purchase Price shall be $7.00 per square foot of the to be further <br />defined Property. <br />Deposit: $25,000 to be deposited into escrow at Commercial Partners Title <br />LLC, agent for Chicago Title, ("Title Company"), upon execution of <br />a mutually acceptable Purchase Agreement. Deposit to become non- <br />refundable in escrow upon the expiration of all contingencies agreed <br />to in the formal Purchase Agreement. <br />Purchase Buyer and Seller will negotiate a mutually agreeable Purchase <br />Agreement: Agreement within sixty (60) days of mutual execution of this Letter of <br />Intent. <br />Contingencies: <br />The Buyer shall have a period of one hundred twenty (120) days <br />from the Effective Date of the Purchase Agreement (the "Due <br />Diligence Period") to approve and obtain such adequate <br />assurances as Buyer deems necessary in Buyer's judgment that the <br />Property is suitable for Buyer's intended use, including but not <br />limited to the following: <br />• Property Inspection; <br />• Environmental; <br />• Geotechnical Report; <br />• Title and Survey Review; <br />