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DRAFT <br /> 4.15.2004 <br /> s <br /> (1) "Parcel" means the real property so described as above as the <br /> Property. <br /> (m) "Property" means the real property upon which the Minimum <br /> Improvements will be constructed, a legal description of which is set forth at Exhibit <br /> A of this Agreement. After construction of the Minimum Improvements, the term <br /> means the Property as improved. The Property consists of one Parcel. <br /> (n) "Redevelopment Plans" means the plans, specifications, drawings <br /> and related documents on the work to be performed on the Property which shall be <br /> as detailed as the plans, specifications, drawings and related documents which are <br /> submitted to the appropriate building officials of the Authority. <br /> (o) "State"means the State of Minnesota. <br /> (p) "Termination Date" means the date on which the Developer receives <br /> a Certificate of Completion pursuant to the terms and conditions of this Agreement. <br /> (q) "Unavoidable Delays" means delays beyond the reasonable control <br /> of the party seeking to be excused as a result thereof which are the direct result of <br /> strikes, other labor troubles, prolonged adverse weather or acts of God, fire or other <br /> casualty to the Minimum Improvements, litigation commenced by third parties <br /> which,by injunction or other similar judicial action, directly results in delays, or acts <br /> of any federal, state or local governmental unit (other than the City or Authority in <br /> exercising their rights under this Agreement) which directly result in delays. <br /> Unavoidable Delays shall not include delays in the Developer's obtaining of permits <br /> or governmental approvals necessary to enable construction of the Minimum <br /> Improvements by the dates such construction is required under Section 20 of this <br /> Agreement. <br /> 2.0. Sale of Property to Developer. Subject to compliance with the terms and conditions of <br /> this Agreement, the Authority agrees to sell the Property to the Developer and the Developer <br /> agrees to purchase the Property from the Authority in "as is"condition. At closing, the Authority <br /> agrees to convey the Property to the Developer by Quit Claim Deed in the general form of <br /> Exhibit D. The Authority's deed to the Developer will be subject to the Right of Reverter set <br /> forth in Section 17.3 of this Agreement and subject to easements of record and the encumbrances <br /> approved by Developer in accordance with Section 5.2. <br /> 3.0. Purchase Price. The purchase price ("Purchase Price") of the Property shall be <br /> $299,000,payable as follows: <br /> SJR-245249v4 <br /> MU205-29 <br /> 3 <br />