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North Lake Properties, Inc. <br />P.O. Box 336 <br />Elk River, MN 55330 <br />Monday, April 17, 2000 <br />Joel Hanson, City Administrator <br />City of Little Canada <br />515 Little Canada Road East <br />Little Canada, MN 55117 -1600 <br />RE: Letter of Intent: 2.11 Acres, NEC of Rice Street & Little Canada Road, Little Canada, Minn. <br />Dear Mr. Hanson: <br />This letter will serve as a Letter of Intent to purchase the above referenced property from the City <br />of Little Canada, Minnesota, under the following terms and conditions: <br />1. Buyer: North Lake Properties, Inc. and/or assigns <br />2. Seller: City of Little Canada <br />3. Purchase Price: $450,000.00 <br />4. Earnest Money: Buyer to deposit $10,000.00 of Earnest Money upon full execution of a <br />Purchase Agreement. Earnest Money to be refundable if property is not <br />acceptable to Buyer or buyer is unable to obtain acceptable financing or <br />receive City approval within the 180 day period in Par. 5 below. <br />5. Subject To: <br />• Physical inspection of the site and approval by Buyer. <br />• Negotiation and execution of a mutually acceptable Purchase <br />Agreement which will outline additional terms and conditions <br />containing contingencies. <br />• Review and approval of a Phase I Environmental Survey dated not <br />less than twelve (12) months prior to the Closing Date, to be provided <br />by Seller. <br />• Buyer and Seller entering into a Purchase Agreement within 30 days <br />after the acceptance of this Letter of Intent. Said Purchase Agreement <br />shall stipulate the Buyers and Sellers obligations and responsibilities. <br />In the event that Buyer and Seller have not reached agreement to sign <br />the Purchase Agreement within said 30 days, this agreement shall be <br />extended another 30 days to facilitate the parties reaching agreement. <br />Page 237 <br />