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REO # CIOOHF4 REAL ESTATE PURCHASE ADDENDUM This Real Estate Purchase Addendum ( "Addendum ") is to be made part of, and incorporated into, the Real Estate Purchase Contract (the "Contract ") between FANNIE MAE ( "Seller ") and City of Little Canada, a Minnesota Municipal Corp ( "Purchaser ") for the property and improvements located at the following address: 3046 LABORE RD LITTLE CANADA, MN 55109 ( "Property"). As used in this Addendum, the Contract, Addendum and any riders thereto shall be collectively referred to as the "Agreement ". The Seller and the Purchaser agree as follows: I. Offer: (a) Acknowledgement of Sufficient Offer: The Purchaser has offered to purchase the property for a purchase price in the amount of $ 65,000.00 in accordance with the terms set forth in the Agreement ( "Offer "). The Seller has reviewed the Offer and deemed it materially sufficient on September 09 , 2011 ( "Acknowledgement Date "). (b) Acceptance of Offer: Notwithstanding Seller's acknowledgement that the Offer is sufficient for acceptance, the Purchaser agrees that the Agreement remains subject to acceptance by the Seller and must be signed by all parties in order to be binding. The Agreement shall be effective as of the date of execution by Seller ( "Effective Date "). The Purchaser's earnest money deposit of $ ZERO is to be placed in a trust account acceptable to the Seller within two (2) calendar days following the Effective Date. The Agreement, signed by the Purchaser and reflecting the terms as acknowledged by the Seller, must be received by the Seller within five (5) calendar days of the Acknowledgement Date. If the Seller does not receive the signed Agreement by such date, the Purchaser's offer shall be deemed null and void. As used in this paragraph, the term "received by the Seller" means actual receipt of the Agreement by the Seller's listing agent. The Purchaser shall present proof, satisfactory to the Seller, of the Purchaser's funds or prequalification for a mortgage loan in an amount and under terms sufficient for the Purchaser to perform its obligations under this Agreement. The prequalification shall include but is not limited to, a certification of prequalification or a mortgage loan commitment from a mortgage lender, a satisfactory credit report and /or proof of funds sufficient to meet the Purchaser's obligations under the Agreement. The Purchaser's submission of proof of prequalification is a condition precedent to the Seller's acceptance. The Seller may require the Purchaser to obtain, at no cost to the Purchaser, loan prequalification from a Seller approved third party lender. Notwithstanding any Seller required prequalification, the Purchaser acknowledges that Purchaser is free to obtain financing from any source. 2. Time is of the Essence: Settlement Date: (a) It is agreed that time is of the essence with respect to all dates specified in the Agreement. This means that all deadlines are intended to be strict and absolute. (b) The closing shall take place on a date ( "Settlement Date ") on or before October 18 2011 ( "Expiration Date "), unless extended in writing signed by the Seller and the Purchaser or extended by the Seller under the terns of the Agreement The closing shall be held at a place so designated and approved by the Purchaser. The Purchaser has the right to make an independent selection of their own attorney, settlement company, escrow company, title company and /or title insurance company in connection with the closing. The date the closing takes place shall be referred to as the Settlement Date for purposes of the Agreement. If the closing does not occur by the Expiration Date, or in any extension, the Agreement is automatically terminated and the Seller may retain any earnest money deposit as liquidated damages. PURCHASER (Initials) SELLER (Initials) NPDC FORM 001 11 -30 -2009 REO It CI00HF4