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EL185\77\951318.v3 <br />A-3 <br /> <br /> <br />EXHIBIT A <br />TO QUIT CLAIM DEED <br />EXECUTED BY <br />THE CITY OF ELK RIVER, MINNESOTA, GRANTOR, <br />IN FAVOR OF PLM PROPERTIES, LLC, GRANTEE. <br /> <br />The CITY OF ELK RIVER, MINNESOTA, Grantor, is conveying the property described in the <br />attached Quit Claim Deed (the “Development Property”) to PLM PROPERTIES, LLC, Grantee, subject to <br />a right of re-entry for breach of conditions subsequent in favor of Grantor. The condition subsequent is <br />that, barring any Unavoidable Delays, the Grantee shall have completed construction of the foundation of <br />an approximately 110,000 square foot industrial warehouse facility, as defined in that certain Development <br />Assistance Agreement between the Grantor and Grantee dated as of __________, 2024 (the “Development <br />Assistance Agreement”), by October 31, 2024. If Grantee breaches the condition subsequent, Grantee shall <br />re-convey the Development Property back to Grantor. If Grantee fails to re-convey the Development <br />Property to the Grantor, Grantor may elect to exercise its right of reentry by commencing an action in <br />Sherburne County District Court to establish the breach of the condition subsequent. If Grantor establishes <br />a breach of the condition subsequent, title to and the right to possession of the Development Property, and <br />title to all improvements located thereon reverts to Grantor, and Grantee is not entitled to any compensation <br />from Grantor for the value of any improvements Grantee has made to the Development Property. <br /> <br />The Certificate of Completion issued under the Development Assistance Agreement shall conclusively <br />satisfy and terminate the right of re-entry of the Grantor in this Quit Claim Deed or pursuant to the <br />Development Assistance Agreement. <br />Page 454 of 464