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TERM SHEET <br /> 1. Redeveloper: Ryland Homes, Inc. <br /> 2. Seller: The Brooklyn Park Economic Development Authority. <br /> 3. Property: The original phase II Hunt property, as depicted and legally described on <br /> Exhibit A attached hereto. The property will be sold in its "as is" condition. The property <br /> will be sold in one or two phases as determined by the parties. The Authority is in the <br /> process of acquiring a portion of the property (the "Triangle Parcel") pursuant to a <br /> "swap" agreement with a third party, and the Authority's obligation to convey the <br /> Triangle Parcel shall be contingent upon of its acquisition of the same. The Authority <br /> agrees to use best efforts to complete the acquisition of such property. <br /> 4. Purchase Price: $708,000 payable in full on the closing date. <br /> 5. Earnest Money: Ten percent of the purchase price, remainder payable at closing. <br /> 6. Due Diligence Period: Ninety days. <br /> 7. Redeveloper Conditions: <br /> a. Title <br /> b. Environmental <br /> C. Planning approval <br /> 8. Authority Conditions: <br /> a. Adequate Redeveloper financing (both site development and construction) <br /> b. Site development contracts executed <br /> C. Development agreement with City executed <br /> d. Approval of construction plans <br /> e. Execution of assessment agreement <br /> f. Acquisition of the Triangle Parcel <br /> 9. Assessment Agreement: The property shall be subject to an assessment agreement the <br /> value of which will be no less than the estimated fair market value of the property upon <br /> its completion (phased as applicable). The Assessment Agreement will terminate upon <br /> each unit sale. <br /> 10. Closing Date: No later than <br /> 11. Developer Covenants: <br /> a. Property platted no later than days after the closing date <br /> b. No less than housing units built in accordance with approved plans upon <br /> the following schedule: <br /> CA\DOCUMENTS AND SETTINGS\CENGER\LOCAL SETTINGS\TEMPORARY INTERNET FILES\OLKA\RYLAND TERM SHEET 8-2-04.DOC <br />