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2 517239v2 MU205-47 4. Manner of Exercise of Option; Notices. If Buyer elects to exercise the Option, it shall do so by giving written notice thereof to Seller (such notice, an “Option Notice”) on or before the Option Deadline. An Option Notice shall be in writing and shall be deemed given on the date (i) delivered personally, (ii) deposited with the United States Postal Service, postage prepaid, registered or certified, return receipt requested, (iii) deposited with a national courier guaranteeing overnight delivery, or (iv) sent via facsimile or email with electronic delivery confirmed. Notwithstanding anything in this Agreement to the contrary, upon Buyer giving a written Option Notice to Seller, Buyer shall be obligated to acquire the Real Property from Seller and shall pay all costs associated with such transaction, including, but not limited to the Purchase Price and the Seller’s Costs, as defined below, and Buyer shall enter into both a Contract for Private Development and a Purchase and Development Agreement with Seller regarding the sale and development of the Real Property consistent with Minnesota law, including but not limited to Minnesota Statutes, Section 469.105. 5. Seller’s Actions. Promptly upon receipt of an Option Notice from Buyer, Seller shall undertake all actions required in order for Seller to obtain title to the Real Property, and thereafter to convey title to Buyer pursuant to the terms of this Agreement. 6. Purchase Price; Costs; Assessment. 6.1. The purchase price paid by Buyer to Seller for the Real Property shall be an amount equal to the sum of the price paid by Seller to Ramsey County to obtain the Real Property (such price being estimated to be approximately $53,036.25), less the amount of the Option Deposit (such sum, the “Purchase Price”). The Purchase Price shall be payable by certified check or wire transfer on the Closing Date (as hereafter defined). Buyer acknowledges and understands that the estimated price above ($53,026.25) is based on a 75% reduction of the Real Property’s fair market value pursuant to Ramsey County’s authority to sell tax-forfeited property to a government subdivision at a reduced price for the purpose of developing and maintaining affordable housing. This price reduction is authorized pursuant to Minnesota Statutes, Section 282.01, subd. 1a(d) and Section 4.57.60 of the Ramsey County Administrative Code and is strictly conditioned on the Real Property being used for affordable housing, as defined therein, for at least seven years. Buyer agrees that if it does not purchase the Real Property from Seller as required by this Agreement, or if the Real Property is not developed as affordable housing and maintained as such for seven years following Seller’s acquisition of the Real Property, irrespective of the cause, Buyer shall be solely responsible for any and all payments due to Ramsey County in accordance with its policies in order for the county to recapture the 75% price reduction. Buyer further acknowledges and agrees that Seller is obligated to place a deed restriction and/or declaration of restrictive covenant on the Real Property in order to ensure that affordable housing is maintained on the Real Property for the applicable seven-year period. 6.2. In addition to the Purchase Price, Buyer shall also be required to reimburse Seller for any and all costs incurred by Seller in acquiring the Real Property and undertaking all actions required in order for Seller to obtain fee title to the Real Property, including,