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HINSHAW & CULBERTSON <br />HFER JAEFRAY TOWER <br />SUITE JIM <br />222 SOUTH NINTH STREET <br />MINNEAPOLIS. MINNESOTA 5S402 <br />AI2 331 3414 <br />TELEFAX 612 314 llll <br />MEMORANDUM <br />TO:Ronald J. Moorse <br />FROM:Rolfe A. Worden <br />DATED: May 6,2002 <br />RE:City of Orono/Professional Properties of Orono, LLP Purchase Agreement <br />Robert Ritter called last week to comment on the proposed Purchase Agreement that I <br />sent to Dr. Karl Berg on February 5,2002, this was the first I had heard on this matter. His <br />comments were as follows: <br />He said that the bike path as used encroaches 25 feet onto the property for a total <br />of 6,000 square feet. I le wants $5.50 square foot reduction in the purchase price <br />($33,000.00). (Note: another way to handle the matter" uld be to convey the <br />property subject to the bike path easement, and let the square footage be used in <br />computation of land-to-building ratios, etc. <br />He wants Orono as Seller to pay State Deed Tax. <br />3) He wants Orono to pay all levied or pending special assessments. [Could you <br />check and see if there are any?] <br />He wants to close on or before September 1,2002. <br />5) He wants governmental approvals to be fulfilled on or before September 1,2002. <br />HC260S4/471S/ 26S57037.VI 5/6/2002 A PARTNERSHIP INCLUDfNO PROPESSIOHAL CORPORATIONS i