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<br /> I $/'1 <br /> ...- <br /> .. <br /> I Richard H. Zehring, \Velsh Development Company LLC <br /> it Page Three <br /> November 20, 1997 <br /> I A counterproposal was raised by City staff for both parties to consider. <br /> l. At the time of closing, obtain the following from Welsh: <br /> I a. A certified check in the amount ot'$49.710: and <br /> I b. A Performance Bond from Welsh LLC reqLliring Llp to $250.000 in <br /> soil correction work to be completed by May I. 1998: and <br /> I c. A Promissory Note from Welsh LLC with a personal gLlarantee <br /> from Dennis Doyle in the amount of$261,405. (561,405 + <br /> I $200.000). The ]\;ote WOllld be due and payable on :..lay I, 1998. <br /> 2. Upon satisfactory completion of the fOLlndation removal and soil correction <br /> I work (on May 1, 1998): <br /> a. Wdsh would issue a cashier's check to the City in the amount of <br /> Ie $261,405 as indicated in the Promissory Note; and <br /> b. The City would remit up to $250,000 to Welsh for documented soil <br /> I eorrection project costs; and <br /> c. The City wOLlld remit up to $61,405 to Welsh for documented <br /> I foundation removal project costs; and <br /> d. The City would establish a $200,000 escrow accoLlnt for future <br /> I brick upgrade costs on Phases II, III and IV. <br /> , As the build out phases are completed: <br /> I .). <br /> The City would remit up to $200,000 from the escrow account to <br /> a. <br /> I Welsh for documented, incremental brick upgrade exterior costs for <br /> Phases II, III and IV as they are completed. <br /> I 4. If270,000 square feet are not constructed and occupied by December 30, <br /> 1999, the "Remaining Portion" of the original purchase price ($82,255) <br /> becomes due and payable to the City of Arden Hills as prescribed by the <br /> I Purchase and Sale Agreement. <br /> fI <br /> I <br />