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I <br />Page 3 <br />Documentation: By purchase agreement to be mutually executed by no later than <br />fourteen days after execution of this Letter of Understanding <br />The only instrument that shall bind either par1y is a fully <br />executed purchase agreement. <br />Acceptance: This offer shall remain in effect until February 12, 1997, after <br />which time it shall become null and void. <br />If this Letter of Understanding and Intent is acceptable, please acknowledge by signing below <br />and we will draft a purchase agreement to reflect the terms and conditions stated herein. Upon <br />full execution of this Letter of Understanding and Intent, Purchaser and Seller <br />agree to use their best efforts to complete the purchase agreement by February 25, 1997. <br />During this time period, Seller agrees that it will not enter into negotiations with any other <br />interested parties. <br />Sincerely, <br />CITY OF ST. ANTHONY <br />Michael J. Mornson <br />City Manager <br />AGREED AND ACCEPTED: <br />STE. MARIE COMPANY <br />Acknowledged this day of 1997. <br />