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Initial Earnest <br /> monev: $1.000-00 to be deposited with escrow agent, Conimercial Partners Title upon the <br /> execution of a purchase agreement. The Earnest Money shall be credited against the <br /> Purchase Price at Closing. <br /> Conditions to <br /> Purchase: 'The Purchaser shall have a period of one year froiri the date of a fully executed purchase <br /> agreement to satisfy, or waive the following Conditions to Closing: <br /> (i) Seller entering into with MnDOTa rigIrt to purchase excess ROW <br /> (n) Purchaser having authorization to purchase City Parcels, remnam M"DOT <br /> parcel,inisc. rights of way (ROW).utility and drainage parcels. <br /> (iii) Purchaser obtaining a satisfactory environmental study, <br /> (iv) Purchaser obtaining satisfactory soil tests. <br /> (v) Purchaser obtaining all necessary governmental approvals for the development <br /> of retail/cornmercial& single story office building and ancillary items including <br /> but not limited to parking lot,garbage bins and signage. <br /> (vi) Purchaser obtaining all governmental approvals, not Ifirifted to the City of Elk <br /> River&MnDOT, <br /> (vii) Purchaser having acceptable improved access from Business Center Drive. <br /> (viii) Purchaser reviewing and accepting title insurance commitment. <br /> (ix) Purchase reviewing and accepting Seller's Inforniation as defined below, <br /> Purchaser must satisfy or waive the above Conditions to Purckise within the one year <br /> time period oaf the date of the~ Purchase Agreement, If, despite Purchaser's best efforts, <br /> Purchaser is unable to satisfy or waive the above Conditions to Purchase. Purchaser shall <br /> have the right to extend the Condition Date by two additional ninety (90) day periods. <br /> Above time frarnes arc: subject to Purchaser actively pursuing redevelopment of the <br /> property. Defined as applications Nvith the City/.EDA for assembly & redevelopincirt, In <br /> no event shall the Purchase Agreement be (ennimated if Purchaser is still actively <br /> pursuing and waiting on City schedules for final review approvals(planning commission, <br /> EDA,City Council or MriDOT) <br /> AdM111M <br />