10-15-07 Special Mtg Item 4A TCAAP Housing Study

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Ms. Michelle Wolfe City of Arden Hills August 20, 2007 Page 11 Any additional research, meeting time, or presentations requested by the Client beyond that set forth in the accompanying Scope of Services will be billed at our normal hourly rates for staff time. Any additional copies of the report beyond the 5 included in the contract amount will be billed to the Client at our direct cost. WORK PRODUCT Findings will be presented in a bound report format. The Market Feasibility analysis is accepted by many lenders, limited partners, investors or governmental bodies who require such documen- tation to satisfY their financing criteria. COMPLETION TIME The work outlined under Scope of Services will be completed in draft form within Sixty (60) days of the execution of this agreement unless delayed by unexpected emergencies, forces beyond the control of the parties, or by written agreement of the parties. PAYMENT All costs including staff time and out-of-pocket expenses billed on a monthly basis shall be pay- able to Maxfield Research Inc. within fifteen (15) days of receipt of an invoice showing the work completed and the cost of the work. A finance charge of one and one-half percent (1.5%) per month will be added to the unpaid balance of each invoice not paid within thirty (30) days. DISCLAIMER The objective of this research assigmnent is to gather and analyze as many market components as is reasonable within the time limits and projected staff hours set forth in this agreement. We assume no responsibility for matters legal in character. The property/land is assumed to be free and clear of any indebtedness, liens or encumbrances; and good and marketable title and competent management are assumed, unless otherwise stated. If building plans or site plans are included in the report, they are to be considered only approxi- mate and are submitted to assist the reader in visualizing the property. We assume no respon- sibility for the accuracy of any building or site plans. Certain information and statistics contained in the report, which are the basis for conclusions contained in the report, will be furnished by other independent sources. While we believe this information is reliable, it has not been independently verified by us and we assume no respon- sibility for its accuracy. MAXFIELD RESEARCH INC.