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<br />twenty (20) days after Buyer receives written notification from Seller of Seller's rejection of the <br />Plans and Specifications. Within five (5) business days after Buyer's submission of new or <br />revised Plans and Specifications to Seller, Seller must notify Buyer that Seller either approves or <br />rejects the new or revised Plans and Specifications. If Seller does not notify Buyer within the <br />five (5) business day period that is has approved or rejected the new or revised Construction <br />Plans, Seller is deemed to have approved them. Seller's approval Plans and Specifications <br />pursuant to this Section 7 constitutes approval for purposes of this Agreement only. Seller's <br />review and approval or disapproval of Plans and Specifications pursuant to this Agreement is not <br />intended to and does not satisfy any requirements of the City of Elk River's ordinances and is not <br />intended as a substitute for any plan review provided for therein. The provisions of this Section <br />7 relating to submissions, approval, rejection and resubmission of Plans and Specifications <br />continue to apply until Seller has approved the Plans and Specifications. If Seller has not <br />approved Plans and Specifications on or before the Date of Closing, either Buyer or Seller may <br />terminate this agreement pursuant to Section 18 or Section 19 respectively. <br /> <br />8. Payment Terms. Upon Seller's full performance of Seller's obligations under <br />this Agreement, Buyer must: <br /> <br />a. Authorize Seller to retain the Earnest Money; and <br /> <br />b. Tender the balance of the Purchase Price to Seller in wire transferred <br /> <br />funds. <br /> <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 /> <br />a. Building, zoning and subdivision statutes, laws, ordinances and <br />regulations; <br /> <br />b. Reservations of minerals or of mineral rights in favor of the State of <br />Minnesota, if any; <br /> <br />c. The lien of real estate taxes and special assessments not yet due and <br />payable; and <br /> <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 /> <br />e. As required by Minnesota Statutes, Section 469.105, the following <br />covenants in favor of Seller: <br /> <br />(i) Within one year of the Date of Closing, as defined in Section 11, <br />Buyer must complete the construction of the improvements described in the Plans <br />and Specifications Seller approves pursuant to Section 7, as evidenced by the City <br /> <br />1787623vl <br /> <br />3 <br />