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<br />OPTION TO PURCHASE REAL ESTATE 9875
<br />FOR AND IN CONSIDERATION OF Ten and no/100 Dollars - - - - - - - - - - - -
<br />IS l 0. 00), cash in hand paid, the receipt of which is hereby acknowledged, Ow Undersigned
<br />_ K-B-E, Inc., a Minnesota corporation
<br />whose address is
<br />3240 New Brighton Road, Saint Paul, Minnesota 55112
<br />hereinafter called SELLER, hereby gives and grants unto ,
<br />Ashland Oil, Inc., a Kentucky corporation
<br />whose address is
<br />P. 0. Box 14000, Lexington, Kentucky 40512
<br />hereinafter called BUYER, the exclusive right and option to purchase the following real estate, improvements
<br />thereon and appurtenances thereto to -wit: One story building located at the Northeast corner
<br />of Lexington Avenue aR County Road B. City of Rosevill, County of Ramsey, State
<br />of Minnesota, and described more particularly on the Exhibit A attached hereto
<br />and made a part hereof.
<br />Sellers warrant that they are all the owners of the foregoing described property and have legal title and can convey
<br />valid and marketable title to said property to Buyer.
<br />1. The price of said property shall be _— _ _ —DOLLARS
<br />($_ 1E - 1, less the amount stated above paid as consideration for this option.
<br />2. This option will expire July_ 311 1984 unless notice of acceptance thereof is given by BUYER or
<br />his successors or assigns to one or more of SELLERS on or before midnight of said date. In addition to any other
<br />method, the mailing of said notice in an envelope with proper postage affixed addressed to any SELLER at the
<br />address stated above shall constitute exercise and acceptance of phis option when mailed. Unless accepted within
<br />such time, this option end all rights granted hereby shall terminate.
<br />& Simultaneously with the exercise and acceptance of this option by BUYER or as soon as practicable thereafter,
<br />the BUYER shall deposit as earnest money the scan of Ten thousand and noL1QQ - - - --DOLLARS
<br />is 10,000.00 ), In escrow at the Chica o Title Insurance Co. why address is
<br />4820 West 77th St., Suite 100, Edina iinnesota 55435 ,
<br />Washer call Escrow Agent., and at the same time. SELLER shall deposit with the Escrow Agent at the address stated
<br />above a General Warranty Deed in recordable form conveying to the BUYER a fee simple title to the above described
<br />property, free and clear of all encumbrances, easements, restrictions, conditions, leases or other burdens upon the
<br />land.
<br />4. In the event of the exercise and acceptance of this option, h is expressly agreed that this sale and the consum-
<br />mation thereof are conditioned upon than BUYER's procuring of a surrey of the property, all zoning, permits, licenses,
<br />consents, curb permits, special use priDrmits, occupancy permits, authorizations and other requirements deemed
<br />necessary or convenient by BUYER, for the commercial use required by BUYER, in connection therewith and
<br />according to plans and speciticationr; acceptable to BUYER. BUYER agrees to proceed with reasonable diligence to
<br />attempt to procure such survey, permits, licenses, consents, curb permits, special use permits, occupancy permits,
<br />authorizations and other requirements, including the appropriate zoning of the subject property to the contemplated
<br />use. BUYER shall bear the expense of securing such survey and all zoning, permits, licenses, consents, curb permits,
<br />special use permits, occupancy permits and other authorizations.
<br />5. In the event of the exercise and acceptance of this option, the consummation of this sale is also subject to the
<br />vesting in BUYER by the SELLER of a good and marketable fee simple title to the property, insurable with a title
<br />company of general repute in a sum satisfactory to BUYER, free and clear of any and all encumbrances, easements,
<br />restrictions, conditions, leases and all other burdens upon the land and subject only to the usual exceptions of such a
<br />title company in this particular area.
<br />5. Shoup this option be exercised and accepted, this Agreement may be thereafter terminated by the BUYER, at
<br />its sole option, whereupon the Escrow Agent shall return the Deed held by it to the SELLER and the earnest money
<br />to the BUYER, in the event of the occurrence of any one or more of the following contingencies:
<br />a. in the event the survey varies materially with the description herein.
<br />b. If BUYER is unable to obtain either zoning, building permits, special use permits, occupancy permits, curb
<br />permits, or any other permit, license, or other authorization, or any of them, deemed necessary or convenient by
<br />BUYER for the commercial use required by BUYER in connection therewith and according to plans and specifications
<br />acceptable to BUYER.
<br />C. if SELLER shall be unable to vest in BUYER a fee simple title to the property, free and Olean of all incur
<br />brances, easements, restrictions, conditions, leases or other burdens upon the land, insurable with a title company of
<br />general repute in a sum satisfactory to BUYER subject only to the usual exceptions of such a title company in this
<br />area.
<br />3/15/B4
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