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2 <br />LA515\146\976162.v3 <br />of the remnant parcel with PID 1502921420003. <br /> <br />If the contingencies above are satisfied, based on the timing requirements contained herein, <br />then Buyer and Seller shall proceed to close the transaction as contemplated herein. If, <br />however, any of the contingencies is not satisfied, this Agreement shall thereupon be void, <br />Seller shall return the Earnest Money to Buyer, and Buyer and Seller shall execute and <br />deliver to each other the termination of this Agreement. As a contingent purchase <br />agreement, the termination of this Agreement is not required pursuant to Minnesota <br />Statutes Section 559.21, et seq. <br /> <br />4. PURCHASE PRICE AND TERMS: <br /> <br />A. PURCHASE PRICE: The purchase price for the Sale Parcel is $38,461/acre or <br />$1,230,752 (“Purchase Price”). <br /> <br />B. TERMS: <br /> <br />(1) EARNEST MONEY. Earnest money in the amount of Five Thousand <br />Dollars ($5,000.00) (“Earnest Money”) is payable within five business days <br />following the Effective Date. The Earnest Money shall be held by the Title <br />Company, as defined below. <br /> <br />(2) BALANCE DUE SELLER. Buyer agrees to pay by certified check or wire <br />transfer of funds on the Closing Date the remaining $1,225,752 balance due <br />according to the terms of this Agreement. <br /> <br />(3) DEED/MARKETABLE TITLE. Subject to performance by Buyer, Seller <br />agreed to execute and deliver at closing a Warranty Deed (“Deed”) <br />conveying marketable title to the Sale Parcel to Buyer, subject only to the <br />following exceptions: <br /> <br />a. Building and zoning laws, ordinances, state, and federal regulations; <br />and <br /> <br />b. Reservation of minerals or mineral rights to the State of Minnesota, <br />if any. <br /> <br />(4) DOCUMENTS TO BE DELIVERED AT CLOSING. In addition to the <br />Deed required at paragraph 4.B(3) above, Seller shall deliver to Buyer: <br /> <br />a. Standard form Affidavit of Seller; <br /> <br />b. A “bring-down” certificate, certifying that all of the warranties made <br />by the Seller in this Agreement remain true as of the Closing Date; <br /> <br />c. A certificate that Seller is not a “foreign person” as defined by the