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i i i OPTION AGREEMENT j THIS OPTION AGREEMENT (the "Agreement") is made and entered into this day of , 2018, by and between Roseville Center Limited Partnership, a Minnesota limited partnership ("Gaughan Properties") or its assigns, and the City of Roseville, a Minnesota municipal corporation("City"). RECITALS 1. The City is the fee simple owner of real property located at 2501 Fairview Avenue North, Roseville, Minnesota, as legally described in Exhibit A (the"City Property"). 2. Gaughan Properties desires to secure an exclusive option to purchase a portion of the City Property. 3. The purchase will require a minor subdivision(lot split), at City's cost, of the City Property into two parcels legally described in Exhibit B as"Parcel A"and"Parcel B". 4. This exclusive option will be for Gaughan Properties or its assigns to purchase Parcel B in fee simple,upon the terms and conditions hereinafter set forth, subject to covenants, conditions, restrictions, declarations, and easements of record on the Effective Date, and subject to an casement appurtenant that will be reserved in favor of the City for access to Parcel A across Parcel B ("Easement"). The parties currently anticipate that the access Easement area will be over the south thirty (30) feet of Parcel B. However, the City will work with Gaughan Properties to address its reasonable requests concerning the entrance road location, depending on other site design considerations. NOW THEREFORE, for good and valuable consideration, the receipt of which is hereby acknowledged, the parties agree as follows: 1. Recitals Incorporated. The foregoing recitals are incorporated herein. 2. Grant of Option. In consideration for one dollar in hand and other good and valuable consideration("Option Price"),the receipt and sufficiency of which are hereby acknowledged, the City hereby grants to Gaughan Properties or its assigns the exclusive and irrevocable option("Option") to Page 1 of 9