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Developer in applying for and fulfilling the City requirements for such permits, licenses and approvals. ARTICLE III UNDERTAKINGS BY DEVELOPER AND CITY Section 3.1. Acquisition of Development Property. (a) On or before April 1, 2000, (or such later date as may be approved in writing by the City and Developer) and so long as the applicable conditions set forth in subsection (c) below are satisfied, the City shall acquire (by outright purchase or through the exercise of the power of eminent domain) the Development Property (or so much thereof as has not been acquired by the Developer as provided in subsection (b) below) and convey fee title to the Developer by limited warranty deed subject to Permitted Encumbrances. The Developer shall accept such conveyance and simultaneously therewith pay to the City all City Costs incurred by the City in acquiring the same, as such City Costs are described in Section 3.6 hereof. The closing for each portion of the Developer Property may be at the same time or on different days and shall take place at a place in Ramsey County and at a date and time established by the City in a written notice given by the City to the Developer no later than 5 days immediately preceding the closing date. Provided Developer has timely performed its obligations hereunder, possession of the Development Property (or applicable portion thereof) shall be given to the Developer on the closing date. (b) The Developer may, at its sole election, (i) on or before August 1, 1999 (or such later date as may be approved in writing by the City) acquire fee title to all or any portion of the Development Property. The Developer shall give the City written notice of such acquisition within 2 days of closing. Developer's Land Acquisition Costs incurred in connection with the Development Property within the deadline set forth above, are reimbursable under the Tax Increment Note to the extent they are Reimbursable Development Costs. In the event the Developer acquires fee title to all or any portion of the Development Property, the Developer covenants and warrants that it will, in any agreement for the purchase thereof, include a specific provision whereby the seller waives and relinquishes any and all claims that it may have against the City in connection with the sale and purchase of such property, including without limitation any and all condemnation awards and relocation and moving benefits to which it may otherwise be entitled. Such agreement shall also contain a provision allowing the purchaser's interest under the agreement to be assigned, without cost, to the City. At such time as any such agreement is signed by the seller and the Developer, the Developer shall immediately 1058683.RED V5 to V4; 7/14/99 10 PAGE 27