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IP after Buyer's submission of new or revised Plans to Seller, Seller must notify Buyer that Seller <br /> either approves or rejects the new or revised Plans. If Seller does not notify Buyer within the <br /> five (5)business day period that it has approved or rejected the new or revised Plans, Seller is <br /> deemed to have approved the new or revised Plans. Seller's approval of Buyer's Plans pursuant <br /> to this Section 7 constitutes approval for purposes of this Agreement only. Seller's review and <br /> approval or disapproval of Plans pursuant to this Agreement is not intended to and does not <br /> satisfy any requirements of the City of Elk River's ordinances and is not intended as a substitute <br /> for any plan review provided for therein; provided that, Seller agrees not to require any changes <br /> to the Plans that violate the City of Elk River's ordinances or other requirements of the City of <br /> Elk River for the issuance of a building permit for the improvements described in the Plans. The <br /> provisions of this Section 7 relating to submissions, approval, rejection and resubmission of <br /> Plans continue to apply until Seller has approved the Plans;provided that, if Seller has not <br /> approved the Plans on or before September 30, 2005, either Buyer or Seller may terminate this <br /> Agreement pursuant to Section 18 or Section 19,respectively. <br /> 8. Payment Terms. Upon Seller's full performance of Seller's obligations under <br /> this Agreement, and Buyer's satisfaction or waiver of all of Buyer's contingencies under this <br /> Agreement, Buyer must: <br /> a. Authorize Seller to retain the Earnest Money; and <br /> b. Tender the balance of the Purchase Price to Seller in wire transferred <br /> funds on the Date of Closing. <br /> 9. Conveyance Terms. Upon Buyer's full performance of Buyer's obligations under <br /> this Agreement and Seller's satisfaction or waiver of all of Seller's contingencies under this <br /> Agreement, Seller must execute and deliver to Buyer, on the Date of Closing, a Warranty Deed <br /> conveying 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 not otherwise payable by Seller under this Agreement; <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 /> e. As required by Minnesota Statutes, Section 469.105, the following <br /> covenants in favor of Seller: <br /> 1787610v6 3 <br />