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EXCLUSIVE NEGOTIATIONS AGREEMENT <br /> THIS AGREEMENT made and entered into as of the day of , 2012, <br /> by and between the City of New Brighton, a Minnesota municipal corporation, having its <br /> principal offices at 803 Old Highway 8 NW,New Brighton, Minnesota 55112 ("City")and Pulte <br /> Homes of Minnesota LLC,a Minnesota limited liability company("Pulte"). <br /> WHEREAS, City is the owner of a certain parcel(s)of vacant land located in the City of <br /> New Brighton, Minnesota, and depicted on Exhibit A attached hereto; and <br /> WHEREAS,Pulte and the City are currently negotiating the sale of an approximately 26 <br /> acre parcel of such vacant land to Pulte as depicted on Exhibit A(the"Property"); and <br /> WHEREAS, Pulte has requested a period of time to conduct their investigation of the <br /> Property and its development in which the City will not negotiate with, or enter into any other <br /> contracts for the sale of the Property with, other third parties; and <br /> WHEREAS, the City is willing to agree to the request of Pulte in order to facilitate the <br /> eventual sale and development of the Property. <br /> NOW, THEREFORE, in consideration of the foregoing, and in consideration of the <br /> mutual terms, covenants, conditions and agreements herein contained, the parties hereto agree as <br /> follows: <br /> 1. The above recitals and the attached exhibits are a material part of this Agreement <br /> and are incorporated herein. <br /> 2. City and Pulte acknowledge that it is the intent of Pulte to eventually purchase <br /> and develop the Property. In order to facilitate and encourage negotiations between the City and <br /> Pulte, Pulte requires a certain period of time to conduct its investigation regarding the Property <br /> and its development. Pulte will be expending resources in conducting its investigation. In order <br /> to facilitate and encourage Pulte's investigation, during the period beginning upon the date of <br /> this Agreement and terminating on October 31, 2012 (the "Term"), the City agrees to not enter <br /> into a contract for the sale or lease of the Property with any other party; provided however that <br /> during the Term,the City may enter into a contract for the purchase of the Property with Pulte. <br /> 3. During the Term Pulte shall have the right to: <br /> a. Enter the Property at reasonable times for the purpose of inspection; <br /> b. Investigate all proper zoning,code and governmental requirements for the <br /> development of the Property; <br /> 1 <br />