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3. Buyer will pay Seller a total of $_ _ for the Credits, as follows: a) $_ _ as earnest money, to be paid when this Agreement is signed; and b) The balance of $_ to be paid on the Closing Date listed below. 4. [❑ ] Buyer, [❑ ] Seller agrees to pay to a withdrawal fee of $_ _ to the State of Minnesota based on the per credit fee of _ _for Bank Service Area _ _ and a stewardship fee of $_ based on the per credit fee of $_ . At the Closing Date, [❑] Buyer, [❑ ] Seller will execute a check made out for this amount, payable to the Board of Water and Soil Resources. 5. The closing of the purchase and sale shall occur on _ , 20 _ (Closing Date) at The Closing Date and location may be changed by written consent of both parties. Upon payment of the balance of the purchase price, Seller will sign a fully executed Transaction Form to Withdraw Credits provided by BWSR, provide a copy of the Transaction Form to Withdraw Credits to the Buyer and forward the same to the BWSR along with the check for the withdrawal fee and stewardship fee. 6. Buyer has applied or will apply to _ (Local Government Unit (LGU) or other regulatory authority) for approval of a replacement plan utilizing the Credits as the means of replacing impacted wetlands. If the LGU has not approved the Buyer's application for a replacement plan utilizing the Credits by the Closing Date, and no postponement of the Closing Date has been agreed to by Buyer and Seller in writing, then either Buyer or Seller may cancel this Agreement by giving written notice to the other. In this case, Seller shall return Buyer's earnest money, and neither Buyer nor Seller shall have any further obligations under this Agreement. If the LGU has approved the replacement plan and the Seller is ready to proceed with the sale on the Closing Date, but Buyer fails to proceed, then the Seller may retain the earnest money as liquidated damages. (Signature of Seller) (Date) (Signature of Buyer) (Date) Page 2 of 2 BWSR Example Purchase Agreement Updated July 14, 2017