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NORTHM~RQ <br />November 14, 2008 <br />1VIr. Brent Godbout <br />Hub Properties Inc. <br />3050 Echo Lake Avenue <br />Mahtomedi, MN 55115 <br />RE: Letter of Intent to Lease 292 Acres in Ramsey, Minnesota. <br />Dear Mr. Godbout: <br />Rudy Peterson is pleased to offer a lease on 192 acres in Ramsey, based upon the following <br />terms: <br />1 ~ <br />Lessor: --~,~~i'~t ti.:ub+;~HU$AProperties Inc. Y~':'~ ~``t ~~~-4;} ~z:}~ <br />-,]1:~'. y'yV~ ~L-C Y `1--ti.~l ~~`f/1.~.~2-£:.~L 1:+.,~"~ L ~ C.-~ <br />Lessee: Rudy Peterson of Great Events LTD <br />Property: Approximately 192 acres of Raw Land <br />Initial Earnest <br />Money: $20,000 Non-Refundable earnest money shall be funded prior to an <br />..executed Lease Agreement. All earnest money shall be held by Land <br />Title Company: Dennis Unger. <br />Purchase Price! <br />Closing Dates: Rudy Peterson agrees to lease "said" property from July Is`, 2009- July <br />31~`, 2009.15%a of the total net proceeds shall be paid to the Lessor. The <br />Non-Refundable Earnest Money ($20,000) shall be discounted from the <br />l 5% of the total net proceeds. <br />Due Diligence: Immediately following the executed Lease Agreement, Lessor shall <br />provide Lessee access to all pertinent surveys, aerials, files, and <br />inspection reports. In addition; Lessor shall provide reasonable access to <br />Lessee and its contractors for the purpose of completing physical <br />inspections. Simultaneously, the Lessee will be working with the City to. <br />gain all municipal approvals. Lessee shall be responsible for all costs <br />related to any inspections. <br />3500AMERICAN BLVD. W. SUITE 200 MINNEAPOLIS, MN 55431 T 952.831.1000 notthmatq.COm <br />-16- <br />