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<br />Attachment A <br /> <br />H.l. DEVELOPMENT, L.L.P. <br />COMMERCIAL REAL ESTATE <br />MANAGEMENT AND DEVELOPMENT <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />LETTER OF INTENT TO PURCHASE <br />October 12, 2000 <br /> <br />b <br /> <br />To: City of Elk River, Minnesota <br />13065 Orono Parkway <br />Elk River. MN 55330 <br />Ann~ Catherine Mehelich <br />Director of Economic Development <br /> <br />H.J. Development L.L.P. and/or its assignees, offers to purchase the commercial property <br />located at the following location (Legal Description to be provided by Seller): <br /> <br />Commercial Lot -- Located at the Northwest comer of the intersection of Jackson <br />Avenue and Highway 169, Elk. River, Minnesota (the exact area to <br />be estimated by City and established by survey)-- <br /> <br />Purchase price 5350,000. This contract is contingent on the following: <br /> <br />1. Purchaser shall have 30 days after acceptance oftbis contract to examine legal <br />description, surveys, environmental studies and other documents necessary for a <br />detennination of purchase of the subject property. Upon review of the requested <br />information, Purchaser will notifY the City of Elk River of acceptance or rejection of said <br />information and documents presented. <br /> <br />2. If Purchaser elects to accept, he will then deposit $35,000 earnest money into <br />Commercial Partners Title (agent for Chicago Title Insurance Company) t~ account to <br />be held in accordance with Mirmesota Statues Section 82.23 and 82.24 and the regulations <br />promulgated thereunder. <br /> <br />3. This Letter ofIntent should not be construed to be a bindins agreement of the parties, <br />but the understanding of the panies in order to commence preparation ofa pW'Chase <br />agreement for the subject propeny. <br /> <br />Post Office Box 110 · Delano, Minnesota 55328 <br />(612) 498-7616 · Fax (612) 498-7152 <br />