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EL185\75\970271.v2 <br />6.1.1 Deed. A quit claim deed conveying the Property to the Buyer. Said quit claim <br />deed shall contain a covenant running with the Property that construction of the <br />footings and foundations for the building on the Property must be completed <br />within one year from the date of the deed or the Property will be conveyed back <br />to the HRA by the Buyer. If such failure is not cured within 90 days upon <br />receipt of written notice from the HRA, unless such failure or delay is caused <br />by or results from acts beyond the Buyer’s reasonable control, including the <br />following: fire, flood, earthquake or explosion; war, invasion, hostilities, <br />terrorist threats or acts, riot, or other civil unrest; government order or law; <br />strikes, labor stoppages or slowdowns; or epidemic, pandemic. The building on <br />the Property must be an office building that is at least 6,000 square feet. Upon <br />the timely commencement of construction, the HRA agrees to execute and <br />deliver to Buyer a recordable form of the satisfaction of such covenant and <br />waiver of any right of the HRA to purchase the Property, which may be recorded <br />by Buyer at Buyer’s expense in the public records for Sherburne County, <br />Minnesota. <br />4. Miscellaneous. Except as amended by this Amendment, the Agreement shall remain in full <br />force and effect. <br />IN WITNESS WHEREOF, the parties have executed this Fourth Amendment to Purchase and <br />Sale Agreement as of the date written above. <br />SELLER: BUYER: <br />ELK RIVER HOUSING AND RONALD J. TOUCHETTE, <br />REDEVELOPMENT AUTHORITY, <br />Denny Chuba, President Ronald J. Touchette <br />Brent O’Neil, Executive Director <br />Page 5 of 45