HRA PACKET 06272023 - Laserfiche WebLink

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X. Property Inspection: After a binding Purchase Agreement has been made, the Buyer shall hold the right to have the condition of the Property inspected by a person of their choosing. The inspection shall occur no later than 14 days after a Purchase Agreement has been made. After the Property has been inspected, the Buyer shall have an additional 7 days to report any new disclosures to the Seller in writing. If the Buyer and Seller cannot reach a mutual agreement within 7 days after delivery of the written disclosures, the Purchase Agreement shall be terminated with any earnest money being returned to the Buyer. XI. Binding Effect: This Letter of Intent shall be considered: (Initial and Check) ____ - ☐ Binding – Therefore, the Parties acknowledge that remedies at law will be inadequate for any breach of this Letter of Intent and consequently agree that this Letter of Intent shall be enforceable by specific performance. The remedy of specific performance shall be cumulative of all of the rights at law or in equity of the Parties under this Letter of Intent. ____ - ☒ Non-Binding – Therefore, the Parties acknowledge that this Letter of Intent is not enforceable by any Party. The terms outlined herein are solely for the purposes of reaching an agreement in the future, of which the Buyer and Seller are not bound. XII. Standstill Agreement: Following the execution of this Letter of Intent, and until the Closing, the Seller shall not engage in negotiations for the sale of the Property with any other party unless either the Buyer and Seller agree in writing to terminate this Letter of Intent, or the Buyer and Seller fail to sign a Purchase Agreement by 8/31/2023. XIII. Additional Provisions: Saint Anthony Village will be responsible for any/all environmental testing and remediation due to the known presence of environmental hazards relating to the former use of the property as a gas station. XIV. Currency: All mentions of currency or the usage of the “$” icon shall be known as referring to the US Dollar. XV. Governing Law: This Letter of Intent shall be governed under the laws of the State of Minnesota. XVI. Acceptance: If you are agreeable to the aforementioned terms, please sign and return a duplicate copy of this Letter of Intent by no later than 7/31/2023. BUYER Buyer’s Signature ______________________ Date ______________________ Print Name ______________________ SELLER Seller’s Signature ______________________ Date ______________________ Print Name ______________________ Page 2 of 2 Authentisign ID: 5BFB17AD-C50E-EE11-907B-6045BDED1B5F