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EARNEST MONEY CONTRACT FOR DRAINAGE AND UTILITY EASEMENT THIS EARNEST MONEY CONTRACT ("Contract") is entered into effective this day of , 20 , by and between Reinhart Real Estate Group, Inc., a Wisconsin corporation ("Grantor"), and the City of Roseville, a Minnesota municipal corporation("City"). Grantor hereby agrees to sell to City a drainage and utility easement on, over, under, across, and through the easement area described in Exhibit A attached hereto ("Easement Area"),upon the following terms and conditions: (1) The total price for such easement shall be $10,294.63 ("Purchase Price"), which shall be payable as follows: (a) $1.00 as earnest money ("Earnest Money") to be paid upon acceptance of this Contract by the City, and (b) The balance of the Purchase Price shall be payable as soon as good and marketable title has been established and an easement in the form attached hereto as Exhibit B ("Easement") has been duly signed, acknowledged, delivered to, and accepted by the City and recorded. (2) The Grantor shall convey to the City good and marketable title in the Easement Area. The City shall, following acceptance of this Contract, examine the condition of title and notify the Grantor of any liens, encumbrances, or other matters which make title unmarketable. If title is unmarketable the Grantor shall, with the cooperation and assistance of the City, use the Grantor's best efforts to remedy any title defects, provide the City marketable title, and obtain a consent to the Easement from all mortgagees which have an interest in the property. (3) If the Easement Area is encumbered by a mortgage, the Purchase Price shall be jointly paid to the Grantor and the mortgagees, unless the mortgagees direct otherwise in writing. (4) The Grantor grants the City, and its agents, employees and contractors, the immediate right to enter upon and use the Easement Area for the purposes of surveying, inspecting, and testing. (5) If title to the Easement Area is not marketable within 60 days of the date that the City signs this Contract, or if any mortgagee or other encumbrancer shall refuse or fail to sign a consent or subordinate its interest in the Easement Area, this Contract shall, at the option of the City,be null and void and the Earnest Money shall be refunded to the City. (6) This Contract shall not be binding on the parties unless and until it is signed by both the Grantor and the City. 1