CCP 05-27-2008 - Laserfiche WebLink

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rProperty. The Buyer will repair any damage caused by the Buyer's activities on the Property. Exchange Parcel: The Buyer will inform Seller when it has obtained the right for itself and for Seller to go onto the Exchange Parcel for environmental testing. The Buyer shall provide Seller with any documents in its possession, including correspondence with any environmental agency, relating to the Exchange Parcel. Except as to storage tanks and wells (see below), with respect to environmental conditions the Buyer will take the Property and Seller will take the Exchange Parcel "as is". Storage Tanks: Any above ground and underground storage tanks will be removed from the Property by Seller at its expense and from the Exchange Parcel by the Buyer at its expense prior to closing. Wells: Any wells on the Property and on the Exchange Parcel, whether abandoned or operating, will be identified on the relevant survey. All wells will be abandoned on the Property by Seller at its expense and on the Exchange Parcel by the Buyer at its expense in accordance with Minnesota law. '..Material Storage and elocation: The Buyer will pay Operator's reasonable cost to relocate bricks, pallets, boulders, bulk commodities and the like on the Property to the Exchange Parcel. Following execution of this Letter of Understanding and prior to closing, Seller and Operator agree not to permit a net increase in the amount of such materials stored on the Property. Other Personal Property: Other than as set forth above, Seller shall remove all other personal property on the Property prior to closing. Realtor: The Buyer has not retained a realtor and has no responsibility for any such fees. Seller shall pay its realtor fees, if any. Additional The Buyer and Operator acknowledge that there are additional terms and conditions Conditions with regard to payments under the Wye Track and Team Track projects. These addi- tional conditions and comments are referenced herein as Exhibit 6 and 7. Seller, Operator and the Buyer acknowledge that this Letter of Understanding is not intended to be, and should not be construed as, a binding legal agreement and does not constitute an offer by the Buyer to buy or by the Seller to sell the Property. The terms and conditions for a Purchase Agreement that are outlined herein do not necessarily include all of the material terms and conditions which will be required in a definitive Purchase Agreement. The terms and conditions outlined herein shall be subject to final approval by each of your Board of Directors and the City Council of the Buyer. Execution Copy (10-5-2007)