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Balance of Purchase Price: The balance of the purchase price <br />shall be in the form of a first mortgage between buyer and <br />seller bearing interest at the rate of 88 per annum as of the <br />date of closing. Principal and interest payments shall be <br />made on a quarterly basis as fo?lows: <br />Principal and interest payments through July : , 1990, <br />shall be the same as described above under base rental. <br />Commencing August 1, 1990, the quarterly principal and <br />interest payments shall be as follows: <br />1990-91 - $10,000.00 per quarter <br />1991-92 - $10,000.00 per quarter <br />1992 until paid in full - $11,250.00 per quarter <br />It is understood by the parties to this agreement that this is not <br />a legally binding culiltduL and can be changed or withdrawn without <br />notice. However, it is the intent of Woods Academy, Inc. to enter <br />into a legally binding lease agreement together with an exclusive <br />option to purchase agreement. The final lease and option to <br />purchase document shall be contingent upon approval of the board <br />of directors for Woods Academy, Inc. and shall be further contin- <br />gent upon obtaining any licenses, occupancy permits or any other <br />permits or approvals, if any, required by the City of Maple Plain <br />or any other governmental agency having jurisdiction over the <br />establishment of Woods Academy, Inc. as a private school located <br />in the Maple Plain Elementary School property. <br />On behalf of Woods Academy, Inc. I want to thank you for your <br />continued cooperation and the opportunity to present this Letter <br />of Intent. I look forward to hearing from you at your earliest <br />possible convenience. <br />very truly yours, <br />WOODS ACADEMY, INC. <br />Norbert Gernes <br />Treasurer <br />NG/dbk <br />