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May 16, 2023 <br />Sean Sullivan <br />City of Ramsey <br />7550 Sunwood Drive NW <br />Ramsey, MN 55303 <br />RE: Letter of Intent <br />Dear Sean, <br />This letter, when fully executed, will constitute a Letter of Intent under which the "Buyer" would <br />purchase the below referenced property from the "Seller". The Buyer and Seller acknowledge that this <br />Letter of Intent is intended to outline initial terms for consideration only and will not obligate any party <br />contractually, and no such obligation will arise unless and until a mutually satisfactory Purchase <br />Agreement is fully executed by and delivered to all parties. <br />Buyer Norhart, LLC <br />Seller City of Ramsey <br />Property Address Northern corner of Sunwood Drive NW, Ramsey Parkway and Zeolite Street <br />NW. <br />PID# 283225220058 <br />Acres Approximately 3.20 acres <br />Purchase Price _ <br />Earnest Money Earnest Money of $25,000.00 will be held by an agreed upon Title Company <br />upon full execution of Purchase Agreement. Said deposit would be <br />refundable to Buyer in the event the escrow does not close, unless failure to <br />close is the result of default by Buyer under the Purchase Agreement (in <br />which event the deposit would be released to the Seller as liquidated <br />damages). Additional Earnest Money events may occur upon discussion and <br />agreement in Purchase Agreement. <br />Closing Closing to occur 1 year from execution of Purchase Agreement <br />Purchase Agreement This proposal is subject to the execution of a Purchase Agreement within <br />thirty (30) days of mutual acceptance of the Letter of Intent. <br />Norhart HQ <br />1081 4th St S W # 400 <br />Forest Lake, MN <br />55025 <br />