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<br />01/07/94
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<br />OPTION AGREEMENT
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<br />TIllS OPTION AGREEMENT is made this JQ. day of January, 1994, by and between
<br />EARL H. HOHLEN and LORRAINE HOHLEN, husband and wife (referred to herein as the
<br />"Seller"), and Associated Developers of the Twin Cities, Inc., a corporation under the laws of
<br />Minnesota, with its principal address being 6801 West 150th Street, Apple Valley, Minnesota
<br />55124 ("Purchaser").
<br />
<br />1. Grant of Option. In consideration of the sum of $5,000 received from Purchaser,
<br />the Seller grants to the Purchaser the exclusive right and option to purchase, upon the terms and
<br />conditions set forth below, the property situated in the City of Elk River, Sherburne County,
<br />Minnesota, consisting of approximately sixty-eight (68) acres, as generally depicted in the
<br />attached Exhibit A and as legally described on Exhibit A-I (the "Property").
<br />
<br />2. Exercise of Option. The Purchaser shall exercise this option, in whole or in part,
<br />as provided for herein, no later than 12:00 noon, Central Standard Time, September 1, 1994,
<br />by written notice of exercise to the Seller (the "Option Exercise Notice"). Unless extended as
<br />hereinafter provided, after September 1, 1994, this option, to the extent not previously
<br />exercised, shall lapse and be of nor further force or effect and Seller shall retain all monies paid
<br />by Purchaser to Seller pursuant to this option.
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<br />3. Extension of Option Period. Purchaser shall have the right upon payment to
<br />8eller of the sum of $5,000 in cash (the "Extension Payment"), to extend the term of this option
<br />from September 1, 1994, through and including 12:00 noon, Central Standard Time, September
<br />1, 1995, provided Extension Payment is delivered to Seller, together with a notice of Purchaser's
<br />election to extend the option term, no later than 12:00 noon, Central Standard Time, September
<br />1, 1994. As additional consideration for the extension of the term of this Option, the Purchaser
<br />agrees to pay the second half of the real estate taxes due and payable during 1994 and the first
<br />half of the real estate taxes due and payable during 1995 on the Property.
<br />
<br />Unless previously exercised or extended in the manner set forth, this option shall expire
<br />fmally and absolutely at 12:00 noon, Central Standard Time, on September 1, 1994 (the
<br />"Expiration Date"), or if extended, at 12:00 noon, Central Standard Time, on September 1,
<br />1995, and upon such expiration, neither party shall have any further rights, obligations, or
<br />liabilities to the other hereunder; provided, however, that if on the Expiration Date any record
<br />of any interest, right or claim of Purchaser shall appear in the land title records of Sherburne
<br />County, Minnesota, or any other encumbrance, matter or document has been caused or allowed
<br />to exist by Purchaser, to which an objection to title may be made by a subsequent purchaser or
<br />mortgagee, then, at Seller's request, Purchaser shall provide Seller with (a) quit claim deeds in
<br />favor of each of the Sellers, in recordable form executed by Purchaser conveying an undivided
<br />one-half (1/2) interest in the Property to each Seller and (b) any other document required to
<br />eliminate any other such defect, claim, lien or interest.
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