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Option Contract ("Agreement or "Option Contract") made and given this _ day of <br />, 2011 (the "Effective Date"). <br />For and in consideration of the sum of One Thousand and No/ 100 Dollars ($1,000.00) ("Initial <br />Option Fee"), which the City of Lake Elmo, a Minnesota municipal 6orpordtion, ("Buyer") <br />shall within five (5) days after this Option Contract is fully executed, deliver to Lake Elmo <br />Business Park Company, a Minnesota partnership ("Seller"), Seller does hereby grant unto <br />Buyer or its Successor or Assigns, the exclusive right and option for a period commencing on <br />the date hereof and ending at 11:59 p.m. on March 15th, 2011, ("Termination Date") to <br />purchase all or any parcels of land lying and being in the City of Lake Elmo, in the County of <br />Washington and the State of Minnesota, as shown on Exhibit A attached and legally described <br />on Exhibit B attached hereto (the "Property"). <br />However, this Option Agreement is subject to each of the terms and conditions hereinafter set <br />forth. <br />PURCHASE PRICE: The purchase price for the identified Lots are as <br />follows, <br />