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<br />II FRAUENSHUH COMPANIES <br />Commercial Real Es tate <br /> <br />r~ .~, <br /> <br />January 21, 2004 <br /> <br />!--\/ <br /> <br />Mr. Aaron Parrish <br />Director of Community Development <br />City of Arden Hills <br />1245 West Highway 96 <br />Arden Hills, MN 55112-5743 <br /> <br />RE: Offer to Purchase <br />Hwy 96 & Round Lake Rd. Land <br />Arden Hills, MN <br /> <br />Dear Aaron: <br /> <br />. <br /> <br />This letter ("Letter of Intent") shall constitute the general format of a proposal by LER Land. Inc. <br />and/or assigns (as the "Buyer"), to purchase from City of Arden Hills (as the "Seller"), the <br />above-referenced real property. This Letter of Intent is intended as an outline of the general <br />provisions of a proposed transaction which, if closed, would be based upon the following terms <br />and conditions: <br /> <br />1. Prooertv: Buyer is offering to purchase a portion of the property and all its <br />improvements referenced as Parcel "A" located at Hiqhway 96 and Round Lake Road <br />West in Arden Hills, Minnesota. The parcel is approximately 3.268 acres, as identified <br />on the plan attached. <br /> <br />2. Purchase Price: The purchase price shall be Seven Hundred Eleven Thousand and <br />Seven Hundred Dollars ($711,700.00). Such price shall be paid as follows: <br /> <br />a. Earnest Money Deoosit: Upon execution of the Purchase Agreement, <br />Buyer shall deposit with Commercial Partners Title, LLC ("Escrow <br />Agent") in cash Twenty Thousand Dollars ($20,000.00) as Eamest <br />Money. The Earnest Money shall be refundable to Buyer during the one <br />hundred twenty (120) day due diligence period, if Buyer elects not to <br />purchase the property for any reason. All Earnest Money, and any <br />interest earned thereon, shall be applied and credited toward the <br />Purchase Price; and <br /> <br />b. Balance: The Purchase Price (less Earnest Money and interest) shall <br />be due in cash on the Closing Date (as hereinafter defined). <br /> <br />3. Utilities: The responsibility of the utilities shall follow as listed below: <br /> <br />. <br /> <br />a. All utility services to the property line including storm sewer, sanitary <br />sewer, water, gas, electric and telephone shall be the responsibility of <br />the Seller. <br /> <br />b. SACIWAC charges shall be the responsibility of Buyer. <br /> <br />7101 West 78th Street, Suite 100 . <br /> <br />Bloomington, Minnesota 55439 . Tel: 952.829.3480 . <br /> <br />Fax: 952.829.3481 <br />