Resolution 10134 - 2025/07/14 (need agreement signed)

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OPTION AGREEMENT THIS OPTION AGREEMENT is entered into this ) `y day of -S H J Y , 2025, by Jeffrey Malmgren and Kerri Ramsey Malmgren, husband and wife, (the "Seller') in favor of the City of Mounds View, a municipal corporation under the laws of Minnesota (the "Buyer"). WHERAS, Seller is the owner of property located in the City of Mounds View, Ramsey County, Minnesota, located at 0 Woodlawn Dr (Parcel ID Numbers: 053023230021, 053023230022, 053023230023, 053023230024), Mounds View, MN, being legally described on Exhibit A attached hereto (the "Property") and subject to a survey description; and WHEREAS, Buyer wishes to obtain an option to purchase the Property for a use consistent with the long term plans for development of the community; and WHEREAS, the Seller is willing to grant to Buyer an option to purchase the Property under certain terms and conditions. NOW, THEREFORE, in consideration of the Buyer's payment to Seller of $500.00 as the option money ("Option Money"), Seller and Buyer have agreed to set forth their agreement regarding the Property pursuant to this Option Agreement, as follows: Section 1. Option to Purchase. 1.1. O_ption. Seller hereby grants to the Buyer the exclusive right to purchase the Property on the terms and conditions hereinafter set forth (the "Option"). Buyer shall provide notice to Seller that Buyer is exercising Buyer's exclusive option to purchase the Property and the purchase of the Property shall proceed to closing pursuant to the terms and conditions of this Option Agreement. 1.2. Term of Option. The period during which the Option may be exercised by Buyer (the "Option Period") shall be 365 days from the date of this Option Agreement. 1.3. Purchase Price. Buyer agrees to pay the Seller Two Hundred Thousand and No/100 Dollars ($200,000.00) for the Property including the Option Money. If the exercise of the Option is not made by the Buyer pursuant to this Option Agreement, Seller shall return the Option Money to the Buyer. 1.4. Exercise of Option. This Option and any extension thereof shall be deemed exercised if Buyer gives written notice of Buyer's intention to extend or exercise the Option to Seller in accordance with this Option Agreement. 1.5. Closing. If the Buyer exercises the Option, and unless extended by agreement of the parties, the closing ("Closing") on the purchase of the Property shall occur on a business day not later than sixty (60) days after receipt of written notice of Buyer's intention to exercise the Option. Unless otherwise mutually agreed by Seller and the Buyer, the execution and delivery of all deeds, documents and the payment of any purchase price shall be made in cash at the offices DOCSOPENNU2 1 0\329\1036056.v2-7/9/25