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<br />other than by reason of non-payment of costs of the same. <br /> <br />14. Risk of Loss; Pending Condemnation. Risk of loss to the Real Property prior to <br />Closing shall remain in Seller. <br /> <br />If, prior to Closing, proceedings for the condemnation of the Real Property, or any interest <br />therein, or any portion thereof, are commenced, Purchaser may, at its option, terminate this <br />Agreement by written notice to Seller given within 15 days after Seller advises Purchaser in writing <br />of the occurrence of such an event. If Purchaser terminates this Agreement pursuant to this <br />Paragraph, the Earnest Money shall be immediately returned to Purchaser and neither party shall <br />have any further rights, obligations, or liability under this Agreement. If the Closing is scheduled <br />to occur prior to expiration of the 15-day period, it shall be extended by written notice of Purchaser, <br />at Purchaser’s option, to the first business day following expiration of the 15-day period. Prior to <br />the Closing, Seller shall not designate counsel, appear in, or otherwise act with respect to any <br />condemnation proceedings without Purchaser’s prior written consent. <br /> <br />In the event of any such condemnation, destruction or any damages to the Real Property, or <br />any interest therein, or any portion thereof, Seller agrees to fully inform Purchaser regarding any <br />insurance coverage with respect thereto and the probable amount of any condemnation award or <br />insurance proceeds recoverable on account thereof. If this Agreement is not terminated following <br />the destruction or damage to the Real Property, Seller shall repair and restore the Real Property to <br />the extent practical prior to the Closing and Purchaser shall receive a credit against the Purchase <br />Price for any condemnation award paid to Seller. <br /> <br />15. Notices. All notices to be given in connection with this Agreement shall be in <br />writing and delivered personally, sent by e-mail, sent by a nationally recognized overnight courier <br />service, or sent by registered or certified mail, return receipt requested, postage prepaid, addressed <br />as follows: <br /> <br />If to Seller: The Economic Development Authority for the City of Elk River, <br />Minnesota <br />Attn: Executive Director <br />13065 Orono Parkway <br />Elk River, MN 55330 <br />Attention: Brent O’Neil <br />E-mail: BOneil@ElkRiverMN.gov <br />872867.v1-4/28/23 <br />9 <br />