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<br />Page 3 <br /> <br />10. Representations and Warranties. The purchase agreement would contain <br />customary warranties and representations by the Seller concerning the <br />Property. <br /> <br />11. Contingencies. Purchaser's obligation to close would be contingent on the <br />following: <br /> <br />1. Purchaser having determined that the environmental and physical <br />condition of, and condition oftitle to, the Property is acceptable to it <br />(See No.5 and 7 above). <br /> <br />12. Brokerage Commissions. Purchaser and the Seller would each warrant to the <br />other that it has not dealt with any broker in connection with the transaction. <br />Each party agrees to indemnify and hold harmless the other party from any <br />brokerage commissions or fees due to any broker as a result of the <br />indemnifying parties actions. <br /> <br />It is understood that this letter is non-binding and neither the Seller nor Purchaser <br />will be under any legal obligation to the other to sell or purchase the Property unless <br />and until a purchase agreement in form and substance satisfactory to each of them has <br />been executed. <br /> <br />If Seller is willing to proceed on the terms outlined in this letter, please so advise me <br />in writing and we will instruct Purchaser's attorneys to prepare a purchase agreement <br />for consideration. <br /> <br />Sincerely, <br /> <br />~^~ <br /> <br />Stephanie Klinzing <br />Mayor <br />THE CITY OF ELK RNER <br /> <br />ACCEPTED BY: <br /> <br />Paul Krause <br />