7.0. EDSR 08-08-2005 - Laserfiche WebLink

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(i) Within one year from the Date of Closing, as defined in Section 11, Buyer must devote the Property to use as a manufacturing facility or begin work on the improvements to the Property to devote the Property to that use; and (ii) Buyer must not transfer title to the Property within one year of the Date of Closing without the consent of Seller which consent Seller will not unreasonably withhold or delay; and f. A right of re-entry for breach of either of the covenants described at Subsections 9(e)(i) or 9(e)(ii) above. If Buyer violates either of the covenants set forth at Subsections 9(e)(i) or 9(e)(ii) above, Seller may, after thirty(30) days advance written notice to Buyer and failure by Buyer to cure such violation, commence an action in Sherburne County District Court seeking a judicial decree from the District Court that the Warranty Deed is canceled, that title to the Property reverts to Seller and that the Purchase Price is forfeited to the Seller, all as set forth in Minnesota Statute Section 469.105, Subd. 6. The foregoing is Seller's sole and exclusive remedy in the event of a breach of the covenants described in Subsections 9(e)(i) or 9(e)(ii) above. Seller hereby agrees that if Buyer grants a third party a mortgage which constitutes a first lien on the Property and uses the proceeds of the loan the mortgage secures to finance the construction of the improvements described in the Plans Seller approves pursuant to Section 7, a transfer of title from Buyer to the mortgagee pursuant to a foreclosure of the mortgage is deemed to have the consent of Seller for purposes of Minnesota Statute 111 Section 469.105, Subd. 5 and the covenant described in Subsection 9(e)(ii) above. (hereinafter, collectively, the "Permitted Encumbrances"). 10. Possession. Upon Buyer's full performance of Buyer's obligations under this Agreement, Seller must deliver possession of the Property to Buyer. 11. Closing. Subject to the last paragraph of this Section 11, the Parties must meet at the offices of Seller at 13065 Orono Parkway, Elk River, Minnesota at 9:30 a.m., on September 30, 2005 (the"Date of Closing"), or at such other place or other date as the Parties may establish by written agreement or pursuant to the provisions of Section 13 below, at which time: a. Seller must: (i) execute and deliver to Buyer the deed described in Section 9 above. Seller will include on the deed the statement "The Seller certifies that the Seller does not know of any wells on the described real property"; (ii) execute and deliver to Buyer and Buyer's title insurer, if any, an appropriate Minnesota Uniform Conveyancing Blank Form Affidavit (Form 117- M) evidencing, among other matters, the absence of bankruptcies,judgments, tax liens involving parties with the same or similar names as the Seller and evidencing the absence of mechanic's lien rights affecting the Property, • unrecorded interests affecting the Property,persons in possession of the Property and known encroachments or boundary line questions affecting the Property; 1787610v6 4