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REUTER WALTON DEVELOPMENT LLC <br />4450 Excelsior Blvd; Suite 400 <br />St. Louis Park, MN 55416 <br /> <br />October 25, 2021 <br />Corrin Wendell <br />Community Development Director <br />515 Little Canada Road E. <br />Little Canada, MN 55117 <br /> <br /> <br />Re: Letter of Intent for the purchase and sale of the approximate 4.63-acre property located at 0 <br />NORTH OWASSO BLVD; LITTLE CANADA MN 55126. <br />This Letter of Intent constitutes an offer by the undersigned, Reuter Walton Development LLC, or assigns <br />(the “Purchaser”) to enter into a purchase agreement to purchase the Property (defined below). <br />1. Seller: City of Little Canada <br /> <br />2. Purchaser: Reuter Walton Development LLC <br />Attention: Nicholas Walton <br />4450 Excelsior Blvd; Suite 400 <br />St. Louis Park, MN 55416 <br /> <br />3. Property: <br />The real property located at 0 NORTH OWASSO BLVD; <br />LITTLE CANADA MN 55126. (the “Property”). <br /> <br />4. Purchase Price: $480,000.00 <br />5. Earnest Money: Purchaser shall deposit $50,000 of Earnest Money with First <br />American Title Insurance Company (“Title Company”) within 2 <br />days after the date the Purchase Agreement is fully executed. <br />6. Due Diligence: Purchaser will have until 12/31/2022 days after the date of <br />execution of the Purchase Agreement to conduct its inspections <br />and investigations with regard to the Property (“Due Diligence <br />Period”). Such inspections shall include but not be limited to, <br />title/survey review and environmental inspections. If Purchaser is <br />not satisfied with its inspections at the end of the Due Diligence <br />Period or if Purchaser has not obtained its necessary financing or <br />the governmental approvals for the project it intends to develop <br />on the Property (the “Project”), it may terminate the Purchase <br />Agreement and the Earnest Money shall be returned to Purchaser. <br />Purchaser shall be entitled to extend the Due Diligence Period by <br />an additional 90 days at its discretion provided Purchaser deposits <br />an additional sum of non-refundable Earnest Money in the <br />Amount of $25,000 on or before the exercise of such extension. If