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EXHIBIT "Co <br />TO PROMISSORY NOTE BETWEEN RONALD S. COLOSIMO AND GRACE M. <br />COLOSIMO, HUSBAND AND WIFE, SELLERS; and DANNY M. COLLYARD AND GAIL <br />L. COLLYARD, HUSBAND AND WIPE, PURCHASERS, DATED OCTOBER 9, 1986. <br />PURCHASERS, OPTION <br />1. Recitals. The provisions of this Purchasers' Option, constitute <br />additional terms of the Promissory Note by Danny M. Collyard and <br />Gail L. Collyard, husband and wife ("Purchasers") dated October , <br />1986 in favor of Ronald S. Colosimo and Grace M. Colosimo, husband <br />and wife ("Sollars") <br />The Property described in Exhibit "A" to said Promissory Note <br />contains approximately five (5) acres of land. That five (5) acres <br />of land has been divided into three (3) separate lots in the <br />preliminary plat of THE MEADOWS (a copy of which is annexed to said <br />Promissory Note as Exhibit "B"). The single family house which is <br />located on the Property is located on Lot 3. Lots I and 2 contain <br />approximately 1.5 acres each_ The preliminary plat of THE MEADOWS <br />was reviewed by the City of Lake Elmo, but the City has not <br />approved the final plat. The parties understand and agree that as a <br />condition for approval for the final plat of THE MEADOWS the City of <br />Lake Elmo will require that Isle Avenue North be improved and <br />blacktopped to City standards. <br />The Purchasers wish to purchase the house and the 2.06 acres <br />described as Lot 3 in the said preliminary plat for a purchase price <br />of one hundred fifty thousand dollars (4150,000.0o). The <br />Purchasers, also, want an option to purchase the remaining 3 acres <br />for forty thousand dollars (S40,000.00). The Sellers are unable to <br />convey title to the land included within the said Lot 3, separate <br />from the Iand'included in said Lots 1 and 2 until a final plat has <br />been approved by the City of Lake Elmo. For that reason, the <br />parties have agreed to the sale and purchase of all of the property <br />for a purchase price of one hundred ninety thousand dollars <br />($190,000.00), with the provision that the Purchasers may avoid the <br />obligation to pay the forty thousand dollars (540,000.00) thereof <br />wirich represents that portion of the purchase price attributable to <br />that part of the Property described as Lots I and 2 (the "Option <br />Property") by releasing and reconveying their interests therein on <br />or before October 1, 1989. <br />If the Purchasers exercise their option to avoid paying the <br />forty thousand dollars ($40,000.00) for the three acres included <br />within said Lots 1 and 2, then the parties acknowledge that it k-ill <br />