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MEMORANDUM OF OPTION RIGHT <br />This Memorandum is made this day of , 202___, by and between City of Hugo, a <br />Minnesota municipal corporation (Seller), and Independent School District No. 624, White Bear <br />Lake (Buyer). <br />1.That the Seller and Buyer have entered into an Option Right executed on the _____ <br />day of _____________, 202__. <br />2.That the Purchase Agreement relates to the “Property”, which is described in Exhibit <br />“A” attached hereto and hereby made a part hereof. <br />4.That the City of Hugo retains an option to repurchase the Property as set forth therein <br />(Paragraph 16(a)). <br />5.That the Seller agrees not to sell or offer for sale the Property during the life of the <br />Option or any extension thereof. <br />EXHIBIT F