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City of Elk River December 11, 2001 <br />I Attn: Mr. Dave Potvin/Northbound Liquor Page 4 <br />I <br />[] PAYMENT <br /> <br /> All invoices are payable to Maxfield Research Inc. within fifteen (15) days of receipt of an <br /> invoice showing the work completed and the direct costs for expenses. A finance Charge of one <br /> [] and one-half percent (1.5%) per month will be added to the unpaid balance of each invoice not <br /> paid within thirty (30) days. <br /> <br /> [] DISCLAIMER <br /> <br />[] The objective of this research assignment is to gather and analyze as many market components <br /> as is reasonable within the time limits and projected staff hours set forth in this agreement. <br /> <br /> [] We assume no responsibility for matters legal in character. The property/land is assumed to be <br /> [] free and clear of any indebtedness, liens or encumbrances; and good and marketable title and <br /> competent management are assumed, unless otherwise stated. <br />I <br /> If building plans or site plans included in the report, they are to be considered only approximate <br />[] and are submitted to assist the reader in visualizing the property. We assume no responsibility <br /> for the accuracy of any building or site plans. <br /> <br />[] Certain information and statistics contained in the report, which are the basis for conclusions <br /> continued in the report, will be furnished by other independent sources. While we believe this <br />Il information is reliable, it has not been independently verified by us and we assume no <br /> responsibility for its accuracy. <br /> <br /> The conclusions in the report are based on our best judgments as market research consultants. <br /> Maxfield Research Inc. disclaims any express or implied warranty of assurance of representation <br />Il that the projections or conclusions will be realized as stated. The result of the proposed project <br /> may be achieved, but also may vary due to changing market conditions characteristic of the real <br />Il estate industry, changes in facts that were the basis of conclusions in this report, or other <br /> unforeseen circumstances. <br /> <br /> In the event payment is not received on a timely basis, Maxfield Research Inc. shall be entitled to <br /> a lien against the subject property. <br /> <br /> This agreement will be construed according to the laws of the State of Minnesota. <br /> <br /> <br />