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determined by the court, arbitrator or other decision maker. <br />2.3.7 Development Costs. Buyer, at its own cost and expense, shall be <br />responsible for all required approvals of its project by all involved <br />jurisdictions, permits, studies, engineering, analysis, construction, <br />recording, and payment of all fees and permits. <br />2.3.8 Other Costs. All other costs shall be allocated in accordance with the <br />customs prevailing in similar transactions in the Twin Cities area. <br />2.4 Earnest Money. Buyer shall, upon execution and delivery of this Agreement, <br />deposit the sum of Ten Thousand Dollars ($10,000.00) as "Earnest Money" with <br />the Title Company, to be held, retained or refunded as follows: <br />2.4.1 Deposit. The Earnest Money shall be deposited in an interest bearing <br />account, in Buyer's name and for its account with the Title Company. <br />2.4.2 Default by Buver. In the event of a default by Buyer, the Earnest Money <br />and all interest earned on the Earnest Money shall be retained by Seller <br />free from all claims of Buyer. <br />2.4.3 Termination by Buver. If Buyer terminates this Agreement by reason of <br />Seller's default or, if Buyer terminates this Agreement pursuant to Section <br />4.1, 4.3.1 or Article IX hereof, then, and only then, the Earnest Money <br />shall be refunded to Buyer. <br />2.4.4 Other Cases. In all other cases, all of the Earnest Money and all interest <br />thereon shall be retained by Seller. <br />ARTICLE III <br />ACCESS TO PROPERTY, INDEMNITY, <br />REPORTS, SURVEY AND GRADING PLAN <br />3.1 Access to Property/Indemnity. Seller shall allow Buyer and Buyer's <br />representatives access to the Property for the limited purpose of making such <br />inspections, tests and verifications as they shall deem reasonably necessary; <br />however, Buyer (i) shall pay all costs and expenses of such investigations, tests or <br />verifications; (ii) shall indemnify and hold Seller and the Property harmless from <br />all losses, liabilities, cost and expenses relating to the activities of Buyer and/or its <br />representatives, which indemnity shall survive the Closing and/or the termination <br />of this Agreement; and (iii) shall return the Property to the same condition as it <br />was prior to said testing. Buyer shall provide Seller with a copy of all reports at <br />no cost to Seller. <br />3.2 Survey. Buyer shall be responsible for obtaining a survey prepared by registered <br />land surveyor complying with Minimum Standard Detail Requirements for <br />Page 4 <br />Version Dace: 12/8/05 <br />S:~PARK & RI:CAI2 14 OS PackeHPurcA~ase Ayaeement v1207200S.doc <br />