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District Court finds in favor of the parry taking the appeal, this Agreement automatically <br /> terminates and Seller must return the Earnest Money to Buyer. <br /> 5. Purchase Price. The purchase price for the Property is One Dollar ($1.00) <br /> payable at Closing (as defined below). Buyer will also pay for: (a) any legal or other fees <br /> associated with the sale of the property incurred by Seller (other than typical and customary <br /> closing costs); (b) the non-refundable $5,000 application fee; and (c) any other costs and <br /> expenses allocated to Buyer herein below. <br /> 6. Earnest Money. Intentionally Omitted <br /> 7. Plans and Specifications. If Seller has not approved Buyer's plans and <br /> specifications for its proposed improvements upon the Property on or before the Date of Closing, <br /> either Buyer or Seller may terminate this agreement pursuant to Section 18 or Section 19 <br /> respectively. <br /> 8. Other Agreements. Contemporaneously with the closing on the transaction <br /> contemplated in this Agreement, Buyer is entering into the following agreements: (i) a "Micro <br /> loan" loan facility and a "Forgivable Loan" loan facility with the Economic Development <br /> Authority for the City of Elk River; (ii) a tax abatement agreement with Seller and Sherburne <br /> County; (iii) a loan facility with for the remainder of the financing <br /> Buyer desires to complete Buyer's improvements upon the Property. Seller's obligations under <br /> this Agreement are contingent upon Buyer consummating all of the agreements listed as items (i) <br /> —(iv) above on or before the Closing Date. <br /> 9. Conveyance Terms. Upon Buyer's full performance of Buyer's obligations under <br /> this Agreement, Seller must execute and deliver to Buyer a Limited Warranty Deed conveying <br /> fee title to the Property to Buyer subject only to: <br /> a. Building, zoning and subdivision statutes, laws, ordinances and <br /> regulations; <br /> b. Reservations of minerals or of mineral rights in favor of the State of <br /> Minnesota, if any; <br /> C. The lien of real estate taxes and special assessments not yet due and <br /> payable; and <br /> d. Covenants, conditions, restrictions, easements, encumbrances or other <br /> defects in title which are disclosed by the Evidence of Title, as defined in Section 12, and <br /> which are not the subject of an Objection, as defined in Section 13, or which are the <br /> subject of an Objection that Buyer has waived pursuant to the provisions of Section <br /> 13(b). <br /> f. The Tax Abatement Agreement between the Buyer, Seller and Sherburne <br /> County as identified under Section 8(ii) of this Agreement. <br /> g. The Mortgage between the Seller and Buyer required under the Tax <br /> Abatement Agreement. <br /> 2 <br />