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i <br /> f <br /> purchase Parcel B, subject to and in accordance with the terms and <br /> conditions set forth in this Agreement. <br /> 3. Option Term;Exercise. <br /> 3.1 Gaughan Properties shall exercise its option to purchase the Parcel <br /> B by giving written notice to the City("Notice of Exercise")in any <br /> of the manners set forth in Provision 11 below, or to the then fee <br /> simple owner(s) of record of the City Property by mailing such <br /> written notice to the address then on file with Ramsey County <br /> where real estate tax statements for the City Property are sent. <br /> 3.2 The Notice of Exercise may be given at any time on or before the <br /> one (1) year anniversary of the Effective Date of this Agreement <br /> ("Option Term"). <br /> 3.3 In the event Gaughan Properties exercises its option, Gaughan <br /> Properties shall be required to purchase the entire Parcel B rather <br /> than only part or parts thereof. <br /> 3.4 The Option Term may be extended by one additional year if before <br /> the one (1) year anniversary of the Effective Date, Gaughan <br /> Properties delivers an extension notice and the sum of$2,000.00 to <br /> the City, in which case the Option Term will be extended to the <br /> two (2) year anniversary of the Effective Date. Otherwise, the <br /> Option Term may not be extended unless agreed by both Gaughan <br /> Properties and the City in a signed writing. If Gaughan Properties <br /> exercises this option to purchase Parcel B during the Option Tenn' <br /> the $2,000.00 will be credited toward the purchase price. If <br /> Gaughan Properties does not exercise this option to purchase <br /> Parcel B during the Option Term, the option granted hereunder <br /> will forever terminate and be of no further force or effect, and <br /> Gaughan Properties will not be entitled to any refund. <br /> 4. Purchase Price. The purchase price for Parcel B shall be $867,000.00 <br /> which amount shall be paid to the City or the then current owner of Parcel <br /> B. The purchase price shall be net to the City, and Gaughan Properties <br /> shall be responsible for all transaction costs, including without limitation, <br /> the costs of title examination, all state deed taxes, any policy of title <br /> insurance that Gaughan Properties may elect to purchase, recording fees, <br /> surveying fees, its broker's commission,if any,and similar costs. The real <br /> estate taxes and special assessments shall be allocated between the parties <br /> as set forth in Provision 7 below. Regardless of any provision to the <br /> contrary in this Paragraph 4, the City shall be obligated to deliver <br /> marketable title to Parcel B. Marketable title shall be determined as of the <br /> Effective Date. <br /> Page 2 of 9 <br />