Environmental Investigation and Indemnity Letter between HEI, Inc. and Commerce Financial Group, Inc. (1945 Steiger Lake Lane, Victoria, MN)

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Summary

HEI, Inc. certifies to Commerce Financial Group, Inc. that it has conducted an environmental investigation, including a Phase I Environmental Site Assessment, of the property at 1945 Steiger Lake Lane, Victoria, MN. Based on this assessment, HEI, Inc. states there are no known hazardous substances on or under the property. If any hazardous substances are found or cause losses, HEI, Inc. agrees to fully indemnify and hold Commerce Financial Group harmless. HEI, Inc. also agrees to sign a formal indemnity agreement if needed.

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EX-10.49 20 c81087exv10w49.txt EX-10.49 ENVIRONMENTAL INVESTIGATION LETTER EXHIBIT 10.49 ENVIRONMENTAL INVESTIGATION LETTER October 28, 2003 Commerce Financial Group, Inc. 7650 Edinborough Way Suite 160 Edina, MN 55435 Re: 1945 Steiger Lake Lane, Victoria, MN Ladies and Gentlemen: This letter will certify that we have conducted a search of the real estate that is the subject of the above-referenced project in an attempt to determine if there are any environmentally hazardous substances on or about the premises. That search has consisted of engaging Braun Intertech Corporation and obtaining a Phase I Environmental Site Assessment. It is therefore our opinion that to the best of the company's information, knowledge, and belief, there are no pollutants or migrating pollutants on or under the Mortgaged Property and that to the best of our information, knowledge, and belief, no Hazardous Substances have been released into the environment from the Mortgaged Property, and if any such Hazardous Substances exist, HEI, Inc. shall and does hereby agree to fully indemnify and hold harmless Commerce Financial Group, Inc. from any and all losses caused or attributable to any such Hazardous Substances, and the company shall be willing to execute an indemnity agreement specifically relating to such issue substantially the form attached hereto as Exhibit 1. Sincerely, HEI, INC. By: /s/ Douglas J. Nesbit ---------------------------- Its: Chief Financial Officer