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