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<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />PURCHASE AND DEVELOPMENT AGREEMENT <br /> <br /> THIS PURCHASE AND DEVELOPMENT AGREEMENT (“Agreement”) is made this ___ <br />day of _______, 2022 (“Effective Date”) by and between the LINO LAKES ECONOMIC <br />DEVELOPMENT AUTHORITY, a Minnesota legal entity (the “Seller”) and SILVER CREEK EQUITY, <br />LLC, a Delaware limited liability company, or an affiliate or its assigns (the “Buyer”). <br /> <br />1. SUBJECT PROPERTY. Pursuant to the terms of this Agreement, the Seller intends to sell to the <br />Buyer fee title to the property legally described and depicted in Exhibit A attached hereto in which is attached <br />hereto and incorporated herein (the “Property”). <br /> <br />2. OFFER/ACCEPTANCE. In consideration of the mutual agreements herein contained, the Buyer <br />offers and agrees to purchase and the Seller agrees to sell the Property. <br /> <br />3. CONTINGENCIES. This Agreement is contingent upon the following: <br /> <br />A. The Buyer’s inspection of the Property and environmental testing (if deemed necessary by the <br />Buyer) and the Buyer receiving reports related to all appropriate due diligence, including <br />without limitation conducting soil borings and other site engineering investigations, studies, <br />and tests on the Property, that are satisfactory to the Buyer; <br /> <br />B. The Buyer having obtained all government approvals deemed necessary by the Buyer, <br />including but not limited to planning approvals from the City of Lino Lakes (the “City”); <br /> <br />C. The Buyer having obtained financing for the purchase of the Property and the construction of <br />the Minimum Improvements (as defined herein). <br /> <br />D. The Buyer’s satisfactory review of all easement agreements, maintenance agreements, or any <br />other agreements relating to the Property; <br /> <br />E. The Buyer’s receipt of all documents to be provided by the Seller in accordance with Section <br />7 of this Agreement; <br /> <br />F. Condition of title being satisfactory to the Buyer following the Buyer’s examination of title as <br />provided in Section 11 of this Agreement; <br /> <br />G. Following the review of the items listed above, the suitability of the Property for development <br />by the Buyer; and <br /> <br />H. The Board of the Seller holding a public hearing and approving the sale of the Property. <br /> <br />The Buyer shall have until 30 days after the Due Diligence Period (as defined herein) to waive or remove the <br />contingencies listed at A and C through G above. The Seller shall have until the Closing Date to remove the