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Mr. Rvan Schroeder City of Ramsey March 8, 1993 Page 3 A retainer in the amoun! of Two Thousand Five Hundred Dollars ($2,500.00) will be required along with an executed copy of this agreement and before commencement of work by Maxfield Research Group, Inc. The remaining portion shall be payable monthly as costs in. excess of the retainer are incurred and billed. WORK PRODUCT Findings will be presented in Market Feasibility Study format and will cover the basic market criteria from which a decision can be made to proceed with development of senior housing in Ramsey. The Market Feasibility Study is accepted by many lenders, limited partners, investors or governmental bodies who require such documentation to satisfy their financing criteria. COMPLETION TIME The work outlined under the Scope of Services will be completed w/thin sixty (60) days of the execution of this agreement, unless delayed by unexpected emergencies, forces beyond the control of the parties, or by written agreement of the parties. II 11 il !1 il II PAYMENq7 Ail costs including staff time and out-of-pocket expenses shall be billed on a' monthly basis and paid to Max_field Research Group, Inc. within fifteen (15) days of receipt of an invoice showing the work completed and the cost of the work. A finance charge of one and one-half percent (1.5%) per month will be added to the unpaid balance of each invoice not paid within fifteen (15) days. DISCLA3[MER The objective of this research assignment is to gather and analyze as man), market components as is reasonable within the time limits and projected staff hours set forth in this agreement. We assume no responsibility for matters legal in character. The property/land as- sumed to be free and clear of any indebtedness, liens or encumbrances; and good and marketable title and competent management are assumed, unless othervdse stated.