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June 3, 2021 <br />Page 4 <br />13. Seller Representations and <br />Warranties: The Seller will provide Magellan usual representations, <br />warranties, and covenants as are customary in a commercial <br />transaction or otherwise required by Magellan, including <br />representations regarding title to the Property, compliance with <br />laws, environmental conditions, legal authority, statutory <br />representations regarding tanks, septic systems and wells and <br />other similar matters. Seller will agree to indemnify Magellan <br />against any losses, costs or expenses arising out of any <br />misrepresentation or breach of a warranty, covenant or agreement. <br />It is anticipated Buyer will receive a general warranty deed. <br />14. Condemnation: Magellan may elect not to purchase the Property if any portion of <br />it is condemned or destroyed prior to closing and in such event <br />Magellan's earnest money shall be immediately refunded. <br />15. Omissions: Any additional information that is not included in this Letter of <br />Intent will be specifically addressed as required. <br />16. Assignment: Buyer reserves the right to assign its rights under this Agreement <br />in whole or in part to a third party or an entity to be formed under <br />the laws of the State of Minnesota prior to the Closing and, upon <br />such assignment. <br />If the terms of this Letter of Intent are acceptable, please execute this Letter of Intent, sign in the space <br />below, and return both to the Magellan Land Development PO Box 302 Excelsior, MN 55331. We will <br />then have our counsel prepare the Purchase Agreement. <br />This Letter of Intent shall be non -binding and shall be used only as a reference in preparing a mutually <br />acceptable Purchase Agreement. This Letter of Intent is intended to outline the basic terms for the <br />preparation of a Purchase Agreement, but does not contain all of the terms of a binding contract and is not <br />intended to be a binding contract. We have not completed investigation of the matters covered by this <br />Letter of Intent, and therefore the terms outlined above may be modified as we negotiate the Purchase <br />Agreement. <br />4 <br />