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1 <br />VACANT LAND PURCHASE AGREEMENT <br /> <br />THIS AGREEMENT (the “Agreement”) is made as of _____________, 20__, between <br />the City of Pequot Lakes, a Minnesota municipal corporation, 4638 Main Street, Pequot Lakes, <br />Minnesota 56472 (herein the “Seller”), and Northern Hospitality Development Group PL LLC, a <br />Minnesota limited liability company, 3062 Ni Gig Trail NW, Cass Lake, Minnesota 56633 <br />(herein the “Buyer”); (collectively the “Parties”). <br /> <br /> In consideration of the covenants and agreements of the parties hereto, Seller and Buyer <br />agree as follows: <br /> <br />1. SALE OF PROPERTY. Upon and subject to the terms and conditions of this <br />Agreement, Seller agrees to sell to Buyer, and Buyer agrees to purchase from Seller, the <br />following legally described property located within the Heart of the Good Life <br />Development (“HOTGL Development”) that Seller has declared to be a Minnesota <br />Shovel Ready Certified Development Site (“Shovel Ready Site”) located within the City <br />of Pequot Lakes, Crow Wing County, Minnesota: <br /> <br />a. Real Property. The real property (PID No. 29230535) located in Crow Wing <br />County, Minnesota, depicted on Exhibit A, which is attached hereto and <br />incorporated herein by reference and legally described as follows: <br /> <br />Lot 1, Block 1, Heart of the Good Life Second Addition, <br /> <br />excepting any easements and rights benefiting or appurtenant to the Real Property <br />and improvements including any right, title or interest in the bed of any street, <br />road, highway or alley adjoining the Real Property (herein the “Real Property”). <br /> <br />b. Personal Property: none. <br /> <br />2. PURCHASE PRICE AND MANNER OF PAYMENT. The total purchase price <br />(“Purchase Price”) to be paid by Buyer to Seller for the Real Property is Two Hundred <br />Thousand and No/100ths Dollars ($200,000.00), which amount shall be paid as follows: <br /> <br />a. $20,000.00 as earnest money (“Earnest Money”); Buyer shall deposit said Earnest <br />Money at First American Title Insurance Company (“First American”) in Baxter, <br />MN within forty-five (45) days of the full execution of this Agreement and such <br />Earnest Money shall be released to Seller at closing of Real Property as defined in <br />Section 1 above ; and <br /> <br />b. $180,000.00 cash, on the Closing Date, in immediately payable current U.S. <br />funds. <br /> <br /> <br />3. CLOSING. The closing of the purchase and sale contemplated by this Agreement (the <br />“Closing”) shall occur on a mutually agreed upon date, but not later than ____________,