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4. [® ] Buyer, [❑ ] Seller agrees to pay to a withdrawal fee of$764.48 to the State of Minnesota based <br /> on 6.5% of the agreed to purchase price. At the Closing Date, [®] Buyer, [❑ ] Seller will execute a check <br /> made out for this amount, payable to the Board of Water and Soil Resources. <br /> 5. The closing of the purchase and sale shall occur on_ , 2013(Closing Date) at Sherburne <br /> County Abstract and Title 351 Main St NW Elk River, MN. The Closing Date and location may be changed <br /> by written consent of both parties. Upon payment of the balance of the purchase price, Seller will sign a <br /> fully executed Application for Withdrawal of the Credits in the form specified BWSR, provide a copy of the <br /> Application for Withdrawal to the Buyer and forward the same to the BWSR along with the check for the <br /> withdrawal fee. <br /> 6. Buyer has applied or will apply to the City of Elk River (Local Government Unit (LGU) or other <br /> regulatory authority) for approval of a replacement plan utilizing the Credits as the means of replacing <br /> impacted wetlands. If the LGU has not approved the Buyer's application for a replacement plan utilizing the <br /> Credits by the Closing Date, and no postponement of the Closing Date has been agreed to by Buyer and <br /> Seller in writing, then either Buyer or Seller may cancel this Agreement by giving written notice to the other. <br /> In this case, Seller shall return Buyer's earnest money, and neither Buyer nor Seller shall have any further <br /> obligations under this Agreement. If the LGU has approved the replacement plan and the Seller is ready to <br /> proceed with the sale on the Closing Date, but Buyer fails to proceed, then the Seller may retain the earnest <br /> money as liquidated damages. <br /> (Signature of Seller) (Date) (Signature of Buyer) (Date) <br /> Page 2 of 2 <br /> BWSR Form: wca-bank-12(purchase agreement).doc <br /> Revised 6/1/2010 <br />