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record the new easements to be granted by the I IRA, create and record the new easement to be granted by Sophia -Ramsey, and revise and record the Declaration as described in Section 3 above. (ii) to revise and record the Declaration as described in Section 4 above, and (iii) re -plat Lots 1 and 2 and Outlot A, RAMSEY TOWN CENTER 3" ADDITION. The fees and costs to be paid by Sophia -Ramsey in Sections 8 and 9 shall not exceed Seven Thousand Five Hundred and No/100 Dollars ($7,500.00). This letter/proposal is intended solely as a preliminary expression of general intentions and is to be used for discussion purposes only. Except for the cost sharing provisions in Sections 8 and 9 above which shall apply even if the parties do not reach a definitive Agreement, the parties intend that neither shall have any contractual, statutory or common law obligations to the other withrespect to th.e matters referred herein unless and until a definitive Agreement has been fully executed and delivered by the parties. The parties agree that this letter/proposal is not intended to create any agreement or obligation by either party to negotiate a definitive Agreement and imposes no duty whatsoever on either party to continue negotiations, including without limitation any obligation to negotiate in good faith or in any way other than at arm's length. Prior to delivery of a definitive executed Agreement, and without any liability to the other party, either party may propose different terms from those summarized herein, or unilaterally terminate all negotiations with the other party hereto. Sincerely, HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF RAMSEY, MINNESOTA By: Its Chair By: Its Executive Director CITY OF RAMSEY, MINNESOTA, By: Its Mayor By: Its City Administrator Received and Agreed Upon By Sophia -Ramsey LLC: SOPHIA-RAMSEY a Minnesota limited liability company Its:Prerhievi 4 3 24iO4-002