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• <br /> c. Buyer shall complete construction of the Building and <br /> receive a certificate of occupancy for the Building no later than December <br /> 31, 2001. <br /> d. The Building shall meet the following criteria: <br /> (i) The Minimum size of the Building shall be 15,000 square <br /> feet; <br /> (ii) The Building shall comply in all respect with the Ordinances <br /> of the City of Elk River; and <br /> (iii) Buyer shall convey to Seller, or Seller's designee, such <br /> easement or other property interest as Seller shall determine necessary <br /> to accommodate a drainage pond on the Property. Buyer shall share, <br /> with the two properties immediately adjacent to the Property, in the cost of <br /> establishing and maintaining said pond. <br /> 8. Real Estate Taxes. Real estate taxes due and payable in 1999 and all <br /> prior years, if any, shall be paid by Seller. Real estate taxes due and payable in 2000, if <br /> II) any, shall be prorated as of the Closing Date based upon the parties' respective period <br /> of ownership and possession of the Property in the calendar year of closing. On or <br /> prior to the Closing Date, Seller shall pay all special assessments, whether or not then <br /> due, then levied against the Property. Seller shall pay on the date of closing any <br /> deferred real estate taxes, including "Green Acres" taxes, or special assessments, the <br /> payment of which is required as a result of the closing. Seller makes no representation <br /> concerning the amount of future real estate taxes or future special assessments. <br /> 9. Expenses, Possession. Seller agrees to deliver possession of the <br /> Property to Buyer on the Closing Date. In the event Buyer chooses to obtain title <br /> insurance or in the event Buyer's lender requires the issuance of title insurance, Buyer <br /> shall be responsible for any costs associated with closing with a title company including, <br /> but not limited to, the closing fee and all premiums for issuance of either the owner's <br /> policy or the lender's policy of title insurance. <br /> 10. Notices. All documents to be delivered and all correspondence and <br /> notices to be given in connection with this Purchase Agreement shall be in writing and <br /> given by personal delivery or sent by registered or certified mail, return receipt <br /> requested, postage prepaid, addressed as follows: <br /> If to Buyer: David S. Ripplinger <br /> 16413 County Road 14 <br /> Elk River, MN 55330 <br /> • <br /> -4- <br />