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November 6, 2009 <br /> Mr. Bryan Bear <br /> City of Hugo <br /> 14669 Fitzgerald Avenue <br /> Hugo, Minnesota 55038 <br /> RE: LETTER OF INTENT <br /> Dear Bryan: <br /> Please consider this Letter of Intent summarizing the basic terms and conditions for Mark <br /> Finnemann (Buyer) to purchase 1. acres of land and located at Egg Lake Land (Property), from <br /> City of Hugo (Seller), along the following lines: <br /> 1. PURCHASE PRICE. The purchase price shall be Two Hundred Seventeen Thousand <br /> Eight Hundred and 00/100($217,800.00), payable in cash at closing. ($5.00 per usable <br /> square feet X 43,560 square feet of usable land) <br /> 2. EARNEST MONEY. The sum of Five Hundred and 00/100($500.00) shall be <br /> deposited in an escrow account within three (3) days of execution of the purchase <br /> agreement by all parties. <br /> 3. CONTRACT NEGOTIATION. Buyer to deliver the draft contract of sale within three <br /> (3) days of execution of Letter of Intent. <br /> 4. CONTINGENCIES. The purchase agreement will be contingent upon the following: <br /> a. PHASE I ENVIRONMENTAL STUDY. Seller shall provide a current Phase I <br /> environmental study, prepared to satisfy standard lender requirements. <br /> b. SURVEY. Seller shall provide an as-built survey of the Premises prepared to <br /> ALTA requirements and certified by a registered surveyor showing (i) the area, <br /> dimensions and location of the Premises to the nearest monuments, (ii) the total <br /> area of the Premises, and (iii) the location of all available utilities and sewer <br /> connections. <br />