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TERM SHEET FOR HARLOW BECKETT ENTERPRISES LLC (Scooter's Coffee) — Part of Parcel 50c — 5-26-26 <br />Real Estate <br />Buyer <br />Acreage <br />Asking Price <br />Offer Price <br />Earnest Money <br />Inspection Period <br />Closing <br />Commission <br />Extensions to Close <br />City take care of <br />Performance <br />Assignment <br />Contingencies <br />Review <br />Tax ID Number: Portion of 28-32-25-41-0024. Part of Outlot A, Java Auto Parts (Part of <br />Parcel 50C) <br />Harlow Becket Enterprises LLC, a Minnesota limited liability company <br />Approximately + / - 0.76 acres Subject to Final Plat <br />$265,000 ($8.00 / SF) (SF Subject to change based on approved Plat) <br />$265,000 ($8.00 / SF) (SF Subject to change based on approved Plat) <br />$10,000. Non-refundable upon Notice to Proceed being executed. <br />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 sale) <br />Within 30 clays of Notice to Proceed. <br />Per the terms of the City listing agreement with CBRE, the City will pay 4% of gross <br />sales price to CBRE and 3% to Turpin Realty, INC. <br />Buyer will deposit $5,000.00 in escrow for each 60-day extension (2 extensions <br />allowed) Once extensions are made the money becomes non-refundable. <br />Provide existing ALTA Survey for parent site and updated Title Work. The Buyer will <br />contract to plat the property as part of the Land Use application process. <br />City to require construction of commercial/retail buildings compliant with COR Zoning <br />requirements and obtain a Certificate of Occupancy 12 months after Closing. The <br />Buyer will enter into a Right of Re -Entry Agreement with minimum building square <br />footage requirements of a 664 SF Scooter's Coffee Shop. The Buyer will also construct <br />all internal roadways onsite for access to Sunwood Drive NW at the cost of the Buyer. <br />The City may exercise the Right of Re -Entry if performance requirement is not met. <br />Requires city approval if not same owners / company. <br />None. Site sold "as -is" <br />EDA (Sean): Land Transaction/ Purchase Agreement/ Right of Re -Entry approvals. <br />Planning Commission (Staff To Be Determined): Land Use, Development Agreement, <br />Site Plan, Plat approvals. <br />City Council: Final Approval on all items. <br />