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1 <br />517239v2 MU205-47 <br />REAL ESTATE OPTION AGREEMENT <br /> <br />THIS REAL ESTATE OPTION AGREEMENT (“Agreement”) is made and entered into as <br />of this 26th day of February, 2018, by and between the City of Mounds View, a Minnesota <br />municipal corporation together with the Mounds View Economic Development Authority, a public <br />body corporate and politic under the laws of Minnesota (collectively, the “Seller”) and Boulevard <br />Apartments, Limited Partnership, a Minnesota limited partnership (“Buyer”). <br /> <br />RECITALS: <br /> <br /> A. Seller has the opportunity to acquire certain tax forfeited real property, which is <br />located in Ramsey County, Minnesota, for less than market value. The real property is legally <br />described on Exhibit A attached hereto and hereby made a part hereof, together with all rights, title <br />and interest appurtenant thereto (the “Real Property”); and <br /> <br /> B. Seller only intends to pursue such opportunity to acquire the Real Property upon a <br />commitment from Buyer that Buyer intends to purchase the Real Property from Seller and develop <br />the Real Property; and <br /> <br /> C. Seller wishes to grant Buyer an option to cause Seller to take all reasonable efforts to <br />acquire the Real Property; and <br /> <br /> D. Should Seller successfully obtain title to the Real Property, Seller desires to grant to <br />Buyer, and Buyer desires to obtain from Seller the Real Property, under the terms and conditions <br />hereunder. <br /> <br /> NOW, THEREFORE, in consideration of mutual covenants set forth in this Agreement, and <br />other good and valuable consideration, the receipt and sufficiency of which are hereby <br />acknowledged, Seller and Buyer agree as follows: <br /> <br />1. Grant of Option. In consideration of the sum of Five Hundred Dollars ($500.00) <br />paid by Buyer to Seller (the “Option Deposit”), receipt of which is hereby acknowledged by <br />Seller, Seller hereby grants to Buyer from and after the date of this Agreement and through and <br />including 11:59 PM Central Standard Time on _______________, 2018 (the “Option <br />Deadline”), the option to direct Seller to take all reasonable efforts to acquire the Real Property <br />(the “Option”). <br /> <br />2. Option Contingent. Buyer hereby acknowledges that Seller’s obligation to sell <br />the Real Property hereunder is contingent on Seller’s successful receipt of title to the Real <br />Property from the state of Minnesota, pursuant to state law. Any right granted to Buyer under <br />this Agreement is subject to the contingency expressed in this Section 2. <br /> <br />3. Obligation to Purchase. If Buyer elects to exercise its Option, and Seller is <br />successful in obtaining title to the Real Property, Buyer shall be obligated to purchase the Real <br />Property from Seller under the terms stated herein. This provision shall be subject to specific <br />performance.