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REAL ESTATE OPTION AGREEMENT THIS REAL ESTATE OPTION AGREEMENT ("Agreement') is made and entered into as of s ,,- k j!N, 2017, by and between the City of Mounds View, a Minnesota municipal corporation together with the Mounds View Economic Development Authority, a public body corporate and politic under the laws of Minnesota (collectively, the "Seller') and Boulevard Apartments, Limited Partnership, a Minnesota limited partnership ("Buyer"). RECITALS: A. Pursuant to Minnesota Statutes section 282.01, subd. la (a) (the "Statute") and that certain written notice delivered by the Seller to the County Auditor in and for Ramsey County, Minnesota dated February 15, 2017 which is attached hereto as Exhibit A (the "Site Control Document'), Seller has an opportunity to acquire certain tax forfeited real property for less than market value which is located in Ramsey County, Minnesota and legally described on Exhibit B attached hereto and hereby made a part hereof, together with all rights, title and interest appurtenant thereto (the "Real Property");,and B. Seller only intends to pursue such opportunity to acquire the Real Property upon an indication from the Buyer that the Buyer wishes to purchase the Real Property; and C. Seller wishes to grant Buyer an option to cause Buyer to take all reasonable efforts to acquire such property; and D. Should Seller successfully obtain title to the Real Property, Seller desires to grant to Buyer, and Buyer desires to obtain from Seller the Real Property from Seller, under the terms and conditions hereunder. NOW, THEREFORE, in consideration of mutual covenants set forth in this Agreement, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Seller and Buyer agree as follows: 1. Grant of Option. In consideration of the sum of Five Hundred Dollars ($500.00) paid by Buyer to Seller (the "Option Deposit'), receipt of which is hereby acknowledged by Seller, Seller hereby grants to Buyer from and after the date of this Agreement and through and including 11:59 PM Central Standard Time on November 1, 2017 (the "Option Deadline"), the option to direct the Seller to take all reasonable efforts to acquire the Real Property (the "Option"). 2. Option Contingent. The Buyer hereby acknowledges that the Seller's obligation to sell the Real Property hereunder is contingent on the Seller's successful receipt of title to the Real Property from the state of Minnesota, pursuant to state law. If, for any reason the Seller is unable to obtain title to the Real Property sufficient to effectuate such option sale outlined herein, Buyer shall be fully released from any further obligations under this Agreement. Any right granted to Buyer under this Agreement is subject to the contingency expressed in this section. 498959v7 MU205-47