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ERHART & ELFELT, LLC <br />Page 2 <br />For both Purchase and Exchange of Property, the parties agree intend as follows: <br />1. The party ending up the owner for any piece of property would be responsible for any <br />WAC and SAC charges for connections. <br />2. The party transferring the property will give marketable title. <br />3. Both parties warrant that there are no environmental issues and both parties have the <br />right to do environmental studies. <br />4. Any title work and closings would occur at Registered Abstracters in Anoka. <br />5. Any descriptions or civil engineering would be prepared by Bolton & Menk. <br />6. The exchange would be handled as to allow PSD, LLC to qualify for a like -kind <br />exchange. <br />7. The closing would occur before July 1, 2013. <br />If you have any questions, please feel free to contact me. <br />Vcry truly yours, <br />ERHART & ELFELT, LLC <br />Lewt <br />William A. Erhart <br />erhart@erhartlegal.com <br />WAE:lle <br />Enclosure <br />d. The intent is that PSD, LLC will exchange Outlot A of the Ramsey Town <br />Center 13 for Outlot A of the Ramsey Town Center 7 There would be no <br />cash funds transferred. <br />The undersigned has reviewed and agrees to the above terms of this Letter of Intent. <br />Dated: Dated: <br />PSD, LLC City of Ramsey HRA <br />