10.5 Purchase Agreement - Laserfiche WebLink

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EXHIBIT B FORM QUIT CLAIM DEED (Top 3 inches reserved for recording data) QUIT CLAIM DEED eCRV number: DEED TAX DUE: $ Date: FOR VALUABLE CONSIDERATION, the City of Pequot Lakes, a municipal corporation under the laws of the State of Minnesota ("Grantor"), hereby conveys and quitclaims to CLL Land II, LLC, a limited liability company under the laws of the State of Florida ("Grantee"), real property in Crow Wing County, Minnesota, legally described as: Lot 2, Block 1, Heart of the Good Life First Addition together with all hereditaments and appurtenances belonging thereto. Subject to the following restrictions, covenants, and conditions: 1. The real property herein conveyed shall be devoted to the following use: multi -family residential apartment building. 2. The real property shall be devoted to such intended use by the Grantee in accordance with the provisions of this Deed. 3. The Grantee shall; (a) devote the Real Property to its intended use, and (b) complete construction and devote the Real Property to its intended use within three (3) years of the effective date of the Deed. If the Grantee fails to devote the Real Property to its intended use or fails to complete construction and devote the Real Property to its intended use on time, title to the real property shall revert to Grantor, at Grantor's election, and, in that event, Grantee shall promptly offer a deed to the real property to Grantor, who will then refund to Grantee the amount of the Purchase Price paid by Grantee to Grantor, without interest, less any taxes and other encumbrances affecting marketability of title. Notwithstanding the foregoing, Grantor may, at its option, consider an extension of time for good cause shown by Grantee. In the event an extension is granted, such extension (a) shall be to a date certain, (b) may be conditioned by Grantor to protect the public interest, and (c) during the period Grantee shall not transfer title to the real property without the express written consent of Grantor. 4. The Grantee shall not transfer title to the real property within three (3) years after the date of this Deed without the express written consent of the Grantor, such consent shall not be unreasonably withheld, conditioned or delayed. 5. Any transfer of title to the real property made pursuant to the provisions of paragraph 4 hereof shall be made only to a party who demonstrates to the satisfaction of Grantor that such party has the ability to perform in place of Grantee. 15