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Letter of Intent <br /> This letter of intent is executed as of this 2-� day of August, 2004 by and between <br /> Redeveloper and Seller as defined below. This Letter of Intent is intended to set forth the terms <br /> of a Contract for Private Redevelopment to be entered into by Redeveloper and Seller, and <br /> except for Section 15 below(which shall be binding upon Redeveloper) shall not be deemed <br /> conclusive or binding upon either party. <br /> 1. Redeveloper: The Ryland Group, Inc. <br /> 2. Seller or Authority: The Brooklyn Park Economic Development Authority. <br /> 3. Pro e : The original phase II Hunt property. The property will be sold in its "as is" <br /> condition. The Authority is in the process of acquiring a portion of the property (the <br /> "Triangle Parcel")pursuant to a"swap" agreement with a third party, and the Authority's <br /> obligation to convey the Triangle Parcel shall be contingent upon its acquisition of the <br /> same. The Authority agrees to use best efforts to complete the acquisition of such <br /> property. <br /> The Authority will use its best efforts to provide Redeveloper access to the Triangle <br /> Parcel to conduct its due diligence, provided Redeveloper provides standard indemnities <br /> to the current owner relating to such entry. If the Seller does not acquire the Triangle <br /> Parcel prior to closing, the parties will close on the remaining property, and the closing of <br /> the Triangle Parcel will be extended to a date not to exceed 180 days. In such event the <br /> purchase price will be adjusted accordingly. <br /> 4. Purchase Price: $708,000 payable in full on the closing date, except as otherwise <br /> provided in Section 3 above. <br /> 5. Earnest Money: Five percent of the purchase price, remainder payable at closing, <br /> provided that the Earnest Money shall increase to ten percent if the closing is extended by <br /> Redeveloper as set forth in Section 9 below because of actions not within the control of <br /> Seller. <br /> 6. Due Diligence Period: Ninety days. <br /> 7. Redeveloper Conditions: <br /> a. Title <br /> b. Environmental <br /> C. Planning approval <br /> 8. Authority Conditions: <br /> a. Adequate Redeveloper financing, including self financing (both site development <br /> and construction) <br /> b. Site development contracts executed <br /> C. Development agreement with City executed <br />