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<br /> <br /> <br />5.1.4. Performance of City’s Obligations. On or before the Closing Date, the City <br />shall have performed all of the obligations required to be performed by the <br />City under this Agreement, as and when required by this Agreement. <br /> <br />5.1.5. Financing. On or before the Closing Date, Buyer shall have obtained <br />reasonable construction financing from Buyer’s lender to build such <br />improvements on the Property desired by Buyer. <br /> <br />5.1.6 Tax Abatement Financing. On or before the Closing Date, the City shall <br />have (i) approved tax abatement financing pursuant to Minnesota Statutes, <br />Sections 469.1813 to 469.1815 for the Property after a public hearing in <br />accordance with applicable law, and (ii) the City and the Buyer shall have <br />executed a definitive Tax Abatement Agreement (the “Abatement <br />Agreement”) setting forth the terms and conditions of the assistance to be <br />provided to the Buyer. The Buyer will cooperate with the City’s review and <br />analysis of providing tax abatement assistance and will provide to the City <br />all documents and information requested by the City in connection with that <br />effort. <br /> <br /> 5.2. City’s Contingency. On or before the Closing Date, the City shall be satisfied that <br />the provisions and conditions outlined in Section 5.1.6 above are completed. <br /> <br />5.3. Termination of Agreement Based on Contingencies. If either party determines that <br />any of their respective contingencies listed in this Section have not been satisfied in their sole <br />discretion, by the applicable date, then this Agreement may be terminated by written notice from the <br />party to the other, which notice must be given no later than the deadline set forth for each <br />Contingency. If the party does not give written notice of termination on or before such date, all of <br />such contingencies will be deemed to have been satisfied and the parties shall proceed to close this <br />transaction in accordance with the terms of this Agreement. If this Agreement is terminated by <br />either party in accordance with this Section, neither party shall have any further rights or obligations <br />regarding this Agreement or the Property. All of the contingencies set forth in this Agreement are <br />specifically stated and agreed to be for the sole and exclusive benefit of the respective party and <br />each party shall have the right to unilaterally waive any of its contingencies by written notice to the <br />other party. <br /> <br /> 5.4. Extension of the Contingency Date. The Buyer may extend the Contingency Date <br />for up to thirty (30) days. <br /> <br />6. CLOSING. <br /> The closing of the purchase and sale contemplated by this Agreement (the <br />“Closing”) shall occur on or before August 31, 2015 or such date on which the parties may agree <br />(the “Closing Date”). Notwithstanding the foregoing, Buyer may, at Buyer’s sole discretion, extend <br />the Closing Date up to thirty (30) days. The City agrees to deliver possession of the Property to the <br />Buyer on the Closing Date. <br /> <br />3 <br />455958v10 SJS EL185-31 <br />