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OPTION AGREEMENT THIS AGREEMENT made as of the 31st day of December, 1991, by and among ROBERT E. SLATER III and MARGARET SLATER, husband and wife ("the Slaters"), ELEANOR E. GILLESPIE ("Optionee"), and the City of Roseville, a municipal corporation (the "City"). REOT ALS A. Slaters are the owners of real property situated in the City of Roseville, Ramsey County, Minnesota, and legally described as: Lot 1, Block 2, Ralph G. Miller Addition (the "Slater Property"), subject to a contract for deed between the Slaters, as purchasers, and Richard C. Robbins and Mary Ann Robbins as sellers, dated May 25, 1988, recorded June 8, 1988 as Document No. 2443694. B. Slaters seek approval from the City for the creation of a Planned Unit Development involving the Slater Property and other adjacent property owned by the Slaters, allowing the continued use of such property as a marina and related parking and storage area. C. Optionee owns property situated adjacent to and northerly of the Slater Property, described as follows: The North ninety (90) feet of the South three hundred ninety (390) feet of Government Lot three (3), Section two (2), Township twenty-nine (29), Range twenty-three (23), lying east of the center line of Victoria Street. (the "Optionee Parcel") and has raised certain objections to the proposed Planned Unit Development, including the lack of an appropriate open space between marina- related activities and the Optionee Parcel. D. Optionee has agreed to withdraw her objections to the proposed Planned Unit Development on the condition that the Slaters grant to her and her successors in interest a two-year option to purchase an easement over the northerly fifteen feet of the Slater Property, and comply with other requirements established by the City. AGREEMENT In consideration of the foregoing, and the mutual covenants set forth below, the parties hereby agree as follows: