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8. Option Not Obligation. For the avoidance of doubt, the Option granted to Buyer hereunder represents purely an option and not an obligation to pursue the acquisition of the Real Property pursuant to the terms of this Agreement. Notwithstanding anything in this Agreement to the contrary, upon Buyer giving a written Option Notice to Seller, the Buyer shall be obligated to acquire the Real Property from the Seller in the event that Seller is successful in gaining title to the Real Property, and Buyer shall pay all costs for such transaction, including, but not limited to the Purchase Price as defined below. Buyer shall also be required to enter into a Purchase and Development Agreement with the Seller regarding the sale and development of the Real Property consistent with Minnesota law, including but not limited to Minnesota Statutes, Section 469.105. In the event that the Buyer does not exercise the Option by the Option Deadline, then the Seller shall retain the Option Deposit as full and complete consideration for the Option granted by this Agreement. 9. Property "As Is" / Buyer's Diligence. SELLER MAKES NO REPRESENTATIONS OR WARRANTIES OF ANY KIND TO BUYER, INCLUDING, WITHOUT LIMITATION, THE PHYSICAL CONDITION OF THE REAL PROPERTY OR ITS SUITABILITY FOR ANY PARTICULAR PURPOSE. Buyer acknowledges that Buyer has already (or, prior to the Closing Date, will have) independently inspected the Real Property and, if Buyer shall deliver an Option Notice, then it shall do so based solely upon Buyer's own examination and inspection. Buyer agrees that the Real Property is to be sold to and accepted by Buyer upon the Closing Date in its then present condition, AS IS, WITH ALL FAULTS, IF ANY, AND WITHOUT ANY WARRANTY WHATSOEVER, EXPRESS OR IMPLIED. To the extent possible, Seller shall permit the Buyer access to the Real Property to conduct such inspections and tests thereof as the Buyer may deem necessary or desirable prior to the Closing Date, provided that Buyer shall indemnify and save the Seller harmless from any claims or liability arising from Buyer's tests and inspections of the Real Property. 10. Governing Law. This Agreement shall be construed as to both validity and performance and enforced in accordance with and governed by the laws of the State of Minnesota. 11. Seller's Obligation. The Buyer expressly acknowledges that the Seller's sole obligation hereunder is to take all reasonable steps in order to acquire title to the Real Property. The parties hereby acknowledge that the Seller has no right to purchase the Real Property, and that no government entity is under any legal obligation to sell the Real Property to the Seller. In the event that the Seller is unable to obtain title the Real Property, all of Seller's obligations hereunder shall terminate immediately upon notice of such finding. [THE REMAINDER OF THIS PAGE HAS BEENLEFT BLANK WTENTIONALLY.] 3 498959v7 MU205-07