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(Top 3 inches reserved for recording data) <br /> QUIT CLAIM DEED <br /> eCRV number: <br /> DEED TAX DUE:$ Date: <br /> FOR VALUABLE CONSIDERATION,the City of Pequot Lakes,a municipal corporation under the laws of the State of <br /> Minnesota(°Granto�'),hereby conveys and quitclaims to The Dotty Holdings Limited Liability Partnership,a limited liability <br /> partnership under the laws of the State of Arizona("Grantee"),real property in Crow Wing County,Minnesota,legally described <br /> as: <br /> Lot 1,Blodc 2,Pequot Lakes Industrial Park,City of Pequot Lakes,Crow Wing County,Minnesota <br /> together with all hereditaments and appurtenances belonging thereto. <br /> Subject to the following restrictions,covenants,and conditions: <br /> 1. The real property herein conveyed shall be devoted to the following use:light industrial. <br /> 2. The real property shall be devoted to such intended use by the Grantee in accordance with the provisions of this Deed. <br /> 3. The Grantee shall devote the real property to its intended use by December 31,2020. If the Grantee fails to devote the <br /> real property to its intended use on time,6tle to the real property shall revert to Grantor,at Grantor's election,and,in <br /> that event,Grantee shall promptly offer a deed to the reaâ–ºproperty to Grantor,who will then refund to Grantee the <br /> amount of the Purchase Price paid by Grantee to Grantor,without interest,less any taxes and other encumbrances <br /> affecting marketability of title. Notwithstanding the foregoing,Grantor may,at its option,consider an extension of time <br /> for good cause shown by Grantee. In the event an extension is granted,such extension(a)shall be to a date certain, <br /> (b)may be conditioned by Grantor to protect the public interest,and(c)during the period Grantee shall not transfer title <br /> to the real property without the express written consent of Grantor. <br /> After the Grantee has devoted the real property to its intended use in accordance with the approved plans and <br /> specifications for the development of the real properly submitted to the Grantor and the Development Agreement,the <br /> Grantor shall provide to Grantee a certificate of compliancelcompletion in recordable form within 30 days from the <br /> determination thereof by Grantor. <br /> 1 <br />