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• to complete construction of the Project and obtain a <br /> Certificate of Occupancy for the maintenance facility <br /> building no later than March 1, 1996. <br /> 2. EDA Obligations <br /> EDA covenants and agrees as follows: <br /> • to diligently process a site plan review of the project as <br /> required by theElk River Planning Department; and, <br /> • to convey any and all title to the Development <br /> Property held by the EDA, subject to any easements, <br /> reservations, restrictions, covenants, and conditions <br /> affecting the Development Property by Quit Claim <br /> Deed substantially in the form attached as Exhibit A <br /> to this Agreement (the Quit Claim Deed) upon <br /> payment of the purchase price. <br /> 3. Default <br /> District 728 shall be in default under the terms of this <br /> 111 Agreement if: <br /> • District 728 fails to obtain a Certificate of Occupancy <br /> for the Project on or before March 1, 1996; or, <br /> • the minimum investment of the Project is less than <br /> $750,000. <br /> 4. Remedies on Default <br /> If District 728 is in default under the terms of this Agreement, <br /> the EDA may exercise one or more of the following remedies: <br /> • the EDA may terminate this Development Agreement; <br /> • the EDA may bring an action against District 728 for <br /> performance under this Agreement; <br /> • the EDA may exercise any other remedies which it <br /> may have at law. <br />