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2. EDA Obligations <br /> 1110 <br /> EDA covenants and agrees as follows: <br /> • to diligently prosecute to complete District 728's site <br /> plan review of the Project as required by the Elk River <br /> 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 Quitclaim Deed <br /> substantially in the form attached as Exhibit A to this <br /> Agreement (the Quitclaim Deed). <br /> 3. Default <br /> District 728 shall be in default under the terms of this <br /> Agreement if: <br /> • District 728 fails to obtain a Certificate of Occupancy <br /> for the Project on or before January 1, 1996; or, <br /> • • the minimum investment of the Project is less than <br /> $600,000. <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 /> IN WITNESS WHEREOF, the EDA and District 728 have caused this <br /> Agreement to be executed by their duly authorized representatives. <br /> • <br />