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<br />FILE No.780 09/22 '03 10:50 ID:WELLINGTON FAX:651 292 0072 <br />SEP 19 2003 08:05 FR FRBYANSKE LAW FIRM Sl2 338 3857 TO 86512820072 <br /> <br />PAGE 9/ 11 <br /> <br />P.08 <br /> <br />Effect of Agreement: <br /> <br />This Memorandum of Understanding is not intended to be a <br />contract for private redeveloprnl:nt or other binding agrc:ement. or <br />evidence of such an agn:cment. This Memorandum of <br />Understanding constitutes only a summary of th~ key clements of <br />the proposed transaction. It does not contain all matters upon <br />which agreement must be reached in the definitive contract for <br />private redevelopment, Any obligation on ~ither party's part to <br />proceed with the proposed transaction will only arise from the <br />negotiation and execution of a definitive contract for private <br />development and related agreemq,nts in form and substance <br />acceptable to each pany, and conraining !hI::: tmus and conditions <br />described in the Memorandum of Understanding. as well as such <br />other tenTlS and conditions which may be mutually agreed to. <br /> <br />7 <br />