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DRAFT 4.5.2022 EXHIBIT C FORM OF RELEASE OF SECTION 25(b) REQUIREMENTS OF PURCHASE AND DEVELOPMENT AGREEMENT RELEASE OF SECTION 25(b) REQUIREMENTS OF PURCHASE AND DEVELOPMENT AGREEMENT WHEREAS, the Mounds View Economic Development Authority, a public body corporate and politic under the laws of Minnesota (the "Authority") and Sabry Sharara [or his corporate entity], , (the "Developer"), entered into that certain Purchase and Development Agreement dated day of , 2022, and filed of record on , 2022 in the Office of the Registrar of Titles of Ramsey County, Minnesota as Document Number (the "Agreement"), which, among other things, established the obligations for the development of the property described therein, including the following described property, located within the City of Mounds View, County of Ramsey, State of Minnesota, to -wit (the "Property"): The North 116 feet of the South 761 feet of Lot 57, Auditor's Subdivision No. 89, County of Ramsey, State of Minnesota. PIN: 063023340061 WHEREAS, the Developer has complied with the one-year deadline requirement of Section 25(a) of the Agreement; WHEREAS, the Authority desires to terminate the revesting requirement of Section 25(b) of the Agreement as to the Property in accordance with Section 32 of the Agreement; WHEREAS, it is the intent of the Authority to terminate the Agreement only as to the revesting requirement of Section 25(b) of the Agreement and to release and discharge the Property and the Developer from the requirement of Section 25(b) contained in the Agreement. NOW, THEREFORE, the Authority does hereby terminate the Agreement as to the one- year deadline requirement of Section 25(b) and fully releases and discharges the Property and the Developer from the terms, conditions and obligations contained in Section 25(b) of the Agreement. [The remainder of this page is intentionally left blank.] C-1 DOCSOPEN\MU205\53\788760.v5-4/5/22