Special HRA Meeting Packet 08-20-2024

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EL185\75\970271.v12 on the Survey attached herein as Exhibit 4A.These representationsThis representation and warrantieswarranty by the Seller and the HRA shall survive Closing. 2.Amendment to Paragraph 5.1.2 of the Agreement. Paragraph 5.1.2 of the Agreement is amended to read as follows: 5.1.2 Land Use Approvals. The Buyer shall have obtained, at the Buyer's sole cost and expense, before the Contingency Date, all consents, agreements, approvals, easements, licenses and adequate assurances that are legally necessary for the Buyer to use the Property for its intended use or purpose, including, but not limited to, land use and building permit approvals from the City of Elk River. Buyer agrees to submit, providing for the requisite fees associated or required with such submittal, for review and approval by the City of Elk River Buyers building permit application for the land use and construction of the site work and building shell components on or before August 12, 2024, (“Building Permit”). Buyer’s Contingency Date shall be automatically extended to such date as Buyer receives approval for the Building Permit and is in receipt of such permit authorizing Buyer to begin construction. 2.3. Amendment to Paragraph 5.1.4 of the Agreement. Paragraph 5.1.4 of the Agreement is amended to read as follows: 5.1.4 Development Agreement. The HRA shall affirmatively warrantagrees that the Buyer shall not be required or obligated to obtain or negotiate any development agreements with the HRA in order to gainobtain or as part of the requirements to gainobtain a building permit for the BuyersBuyer’s Medical on Main building project, effective as of the date Buyer submits for Buyer’s Building Permits, as hereinafter defined and not later than the Contingency Date, or agrees to extend such contingency date until such time as such an affirmation, reasonable acceptable to Buyer, can be provided or is received by Buyer. 3.4. Amendment to Paragraph 6.1.1 of the Agreement. Paragraph 6.1.1 of the Agreement is amended to read as follows: 6.1.1 Deed. A quit claim deed conveying the Property to the Buyer. Said quit claim deed shall contain a covenant running with the Property that construction of the footings and foundations for the building on the Property must have commencedbe completed within one year from the date of the deed or the Property will be conveyed back to the HRA by the Buyer upon the HRA’s return of the Purchase Price to Buyer, if. If such failure is not cured within ninety (90) days upon receipt of written notice from the HRA, unless Buyer shall be unintentionally or uncontrollably delayed, hindered or prevented from commencing construction within one year from the date of the deed by reason of labor difficulties, inability to procure materials, restrictive governmental laws or regulations, insurrection, war, terrorists acts, acts of God, Page 11 of 45