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for the EDA to prove actual, monetary damages). If the default is the failure to acquire <br />title to the Mellgren Property pursuant to Section 5.1 or the failure to complete <br />construction of townhomes pursuant to the requirements of Section 6.3, the EDA may, <br />after giving notice and providing an opportunity to cure, exercise a right of re- entry. The <br />right of re -entry provides, in essence, that if one of the described defaults occurs, title to <br />any undeveloped portions of the Development Property reverts back to the EDA. The <br />EDA must commence an action in Ramsey County District Court to establish the <br />Developer's default and to obtain an order of the court transferring title back to the EDA. <br />Purchase Agreement <br />• The Purchase Agreement obligates the EDA to convey the Rutzik/Cardinal /Venetian <br />Property (Outlot A, VILLAGE SQUARE, Ramsey County, Minnesota), to the Developer <br />for one dollar. The conveyance is made subject to the EDA's reservation of the right of <br />re -entry described above. <br />1551028v1 <br />5 <br />