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09/01/00 14:15 FAX LC8500 2015 <br /> • <br /> • <br /> with plans and specificatio t <br /> a. Buyer shall provide Seller <br /> development of the Property. <br /> b. Buyer shall commence construction of an office-warehouse <br /> building on the Property (the "Building") by January 1, 2001. If Buyer has <br /> not commenced construction of the Building by January 1, <br /> 1 ,canceleller <br /> may, at any time before substantial construction has commenced, <br /> the sale of the Property. Upon such cancellation,title to the Property shall <br /> return to Seller at no cost to Seller. <br /> • <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 22,500 square <br /> feet; <br /> (ii) The Building shall comply in all respect with the Ordinances <br /> i of the • <br /> City of Elk River; and <br /> (iii) Buyer shall accept:conveyance of the Property from Seller <br /> to accommodate a drainage <br /> subject to certain easements on the Property <br /> ethe two properties immediately <br /> pond for the benefit of the Property r <br /> adjacent to the Property. Buyer agrees that Buyer shall share, with the <br /> two properties immediately adjacent to the Property, in the cost of <br /> establishing and maintaining said drainage pond in accordance with the <br /> requirements of the City of Elk River in connection with the City's approval <br /> of development plans and issuance of building permits for the Property. <br /> e. Until receipt of a certificate of Occupancy for the Building, <br /> neither Buyer, nor any successor in interest to Buyer, will engage in any <br /> financing or any other transaction creating any mortgage or other <br /> financing lien upon the Property,or suffer any financing or lien to be made <br /> on or attach to the Property except for the purpose of obtaining funds to <br /> the extent necessary for construction of the Building including, <br /> but not <br /> limited to, labor and materials, professional fees, real <br /> construction interest, orgtrn�on and an allowancetion and other nfotrect costs contingenciesf <br /> development, costs of con <br /> In order to facilitate the obtaining of funds necessary for construction of <br /> the Building, Seller agrees that!it will enter into a reasonable agreement <br /> • for subordination of the Sellers;interest in the Property to the interest of <br /> -4- <br />