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EXHIBIT B <br />(Top 3 inches reserved for recording data) <br />QUIT CLAIM DEED <br />eCRV number. <br />DEED TAX DUE: $ <br />Date: <br />FOR VALUABLE CONSIDERATION, the City of Pequot Lakes, a municipal corporation under the laws of the State of <br />Minnesota (Grantor"), 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's, real property in Crow Wing County, Minnesota, legally described <br />as: <br />Lot 1, Block 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 />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, title 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 real property 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 tltie <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 property submitted to the Grantor and the Development Agreement, the <br />Grantor shall provide to Grantee a certificate of compliance/completion in recordable form within 30 days from the <br />determination thereof by Grantor. <br />12 <br />