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Property. WHEREFORE the parties state as follows: THE INTENT OF THE PARTIES 1. This instrument is a Memorandum of Intent. It states the good faith intentions of the parties on the subject matter hereof, but it does not create any legal rights or duties in either party hereto. The parties intend to negotiate in good faith a legally binding agreement that is consistent with this instrument (the "Sale and Development Agreement"), but neither party will be legally bound until the Sale and Development Agreement has been approved and executed by the parties' duly authorized representatives. 2. The City will reserve the Property for Purchaser for a period commencing on June 1, 2010 and terminating August 30,2010, during which time Purchaser will conduct due diligence of all relevant matters to determine whether the Property may be profitably developed for the intended use, including the availability of financing at an acceptable rate or rates (the Due Dilgence Period). 3. The City has already completed a Phase I Environmental Assessment on the Property and provided it to Purchaser. During the Due Diligence Period, the City will not entertain offers from any other party for the Property; and itwill (1) have an appraisal made of the Property, (2) determine the extent of foundations remaining from prior demolition, and (3) have a Phase II Environmental Assessment made by a reputable environmental consultant to show whether the Property has any significant environmental obstacles to development for the intended residential use. All this information will be duly reported to Purchaser. The cost of the appraisal and foundation/demolition study will be borne by the City. For the Phase II Environmental -2-