7.0. EDSR 08-08-2005 - Laserfiche WebLink

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may terminate this Agreement pursuant to Section 18(f) or Seller may terminate this Agreement pursuant to Section 19(b). If neither Buyer nor Seller terminates this Agreement pursuant to Section 18(f) or Section 19(b),within five(5)business days of Seller's delivery of written notice of an appeal to Buyer, all time periods provided for in this Agreement will be tolled pending the outcome of such appeal. If neither Buyer nor Seller terminates this Agreement pursuant to Section 18(f) or Section 19(b) and a District Court finds in favor of the party taking the appeal, this Agreement automatically terminates and Seller must return the Earnest Money to Buyer. 5. Purchase Price. The purchase price for the Property is TWO HUNDRED TWENTY NINE THOUSAND NINE HUNDRED NINETY SIX AND 80/100 Dollars ($229,996.80) (the "Purchase Price 6. Earnest Money. Seller's execution of this Agreement acknowledges Buyer's deposit of earnest money in the amount of$15,000.00 (the "Earnest Money"). Buyer must deposit the Earnest Money with Seller. Seller may commingle the Earnest Money with other funds of Seller. Seller has no obligation to invest the Earnest Money, and if Seller elects to invest the Earnest Money, any interest which the Earnest Money earns is the property of Seller. Earnest Money in the possession of Seller remains the property of Buyer until paid to Seller pursuant to Section 8 below or until Buyer defaults in the performance of Buyer's obligations under this Agreement and Seller terminates this Agreement pursuant to the provisions of Section 22(a) in which case Seller may retain the Earnest Money. If Seller defaults in the performance of Seller's obligations under this Agreement, Buyer may terminate this Agreement pursuant to the provisions of Section 22(b), and the Seller must return the Earnest Money to Buyer. Seller must • also return the Earnest Money to Buyer if Buyer terminates this Agreement pursuant to Section 13, Section 18 or Section 20 or if Seller terminates this Agreement pursuant to Section 19. Upon Seller's full performance of Seller's obligations under this Agreement, the Earnest Money must be delivered to Seller and applied towards payment of the Purchase Price pursuant to the provisions of Section 8(a)below. 7. Plans. On or before August 8, 2005 Buyer must deliver plans for the improvements Buyer intends to construct on the Property("the Plans") to Seller for review as required by Minnesota Statutes, Section 469.105, Subd. 7. The Plans must include (a) a site plan showing all proposed buildings and above ground improvements; (b) floor plans; and(c) exterior elevations (all sides). The Plans must be as detailed as the Plans that the City of Elk River requires in connection with the issuance of a building permit. The Plans must provide for the construction of the improvements described therein in a manner that conforms to all applicable federal, state and local laws, statutes, ordinances and regulations. Seller must notify Buyer, within ten(10)business days of Buyer's submission of complete Plans to Seller, that Seller either approves or rejects the Plans. If Seller does not notify Buyer within the ten(10)business day period that it has approved or rejected the Plans, Seller is deemed to have approved the Plans. Seller must include in any written notice rejecting the Plans, in whole or in part, specifics as to Seller's basis for rejecting the Plans. If Seller notifies Buyer that Seller is rejecting the Plans, in whole or in part, Buyer must submit new or revised Plans to the Seller within twenty(20) days after Buyer receives written notification from Seller of Seller's rejection of the Plans. Within five (5)business days after Buyer's submission of new or revised Plans to Seller, Seller must • notify Buyer that Seller either approves or rejects the new or revised Plans. If Seller does not notify Buyer within the five (5)business day period that is has approved or rejected the new or 1787623v4 2