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Request for Proposal of the Sale of Pinewood Golf Course <br />1. Type of Sale Proposed: <br />Our proposed sale includes a downpayment of $100,000.00, in conjunction with <br />a Contract for Deed spanning the 15 year agreement. Upon 15 years, any <br />remaining balance will be paid in full. <br />2. Proposed minimum period of operation as a golf course and mechanism <br />for ensuring operation: <br />We commit to keeping the property a golf course for a minimum of 15 years. Let <br />it be known that our intention is that Pinewood remains a course well into the <br />future. <br />3. Purchase amount and proposed terms of payment: <br />Our proposed terms of payment are as follows: $420,000.00, of which <br />$100,000.00 will be paid upon closing and the remaining $320,000.00 to be paid <br />as Contract for Deed with the City of Elk River, to span the 15 year agreement. <br />Upon which, the loan will be paid in full. <br />4. Evidence of Financial Resources: <br />Please see attachment to this document. Our investor has had a letter prepared <br />by their financial managers to erase any doubt that funds to manage the golf <br />course are in any way in question. <br />