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• revised Plans, Seller is deemed to have approved them. Seller's approval of Buyer's Plans <br /> pursuant to this Section 7 constitutes approval for purposes of this Agreement only. Seller's <br /> review and approval or disapproval of Plans pursuant to this Agreement is not intended to and <br /> does not satisfy any requirements of the City of Elk River's ordinances and is not intended as a <br /> substitute for any plan review provided for therein. The provisions of this Section 7 relating to <br /> submissions, approval, rejection and resubmission of Plans continue to apply until Seller has <br /> approved the Plans. If Seller has not approved Plans on or before the Date of Closing, either <br /> Buyer or Seller may terminate this 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, 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. <br /> 9. Conveyance Terms. Upon Buyer's full performance of Buyer's obligations under <br /> this Agreement, Seller must execute and deliver to Buyer a Warranty Deed conveying fee title to <br /> 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; <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 /> (i) Within one year of the Date of Closing, as defined in Section 11, <br /> Buyer must devote the Property to its intended use as a manufacturing facility or <br /> begin work on the improvements described in Plans Seller has approved pursuant <br /> to Section 7; and <br /> (ii) Buyer must not transfer title to the Property within one year of the <br /> Date of Closing without the consent of Seller which consent Seller will not <br /> • unreasonably withhold or delay; and <br /> 1787623v4 3 <br />