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the Closing Date. Any public subsidies applied for by the Developer will require separate application fees and deposits from the fees stated in this Preliminary Development Agreement as it pertains to the appropriate public subsidy application. The foregoing funds will not be credited towards the purchase price or returned if the transaction does not close. This Section 7 shall survive termination of this Agreement and shall be binding on the Developer and the EDA regardless of the enforceability of any other provision of this Agreement. 8. Termination. This Agreement may be terminated if Developer ceases to negotiate in good faith with the EDA, and such failure to negotiate in good faith is not cured after 30 days written notice of such failure by EDA to Developer. 9. Sole Developer. The Developer is designated as sole developer and shall have exclusive rights of the Development of the Property for a period on one (1) year from the Effective Date (the "Perm"). The EDA agrees not to market the Property or to make, accept, negotiate, or otherwise pursue any other offers for sale or purchase of the Development portion of the Property until the Term of this Agreement expires or the Agreement is terminated pursuant to Section 8 herein. For purposes of clarity the Developer, or its assign whose Principal is James E. Illies, anticipates to own the entire three parcels and will be developing the housing and Traditional Retail Development on the Property. The Developer intends to reserve the right to sell that portion of the property associated with the Special Retail Development to a separate individual or entity. James E. Illies is designated as the point person and main contact for both the INH development and the Special Retail Development portion of the project. Greg Moore, will be representing the Specialty Retail Development as a partner with Pat Egan and will receive notices as provided in Section 13. The address for the Special Retail Development is, Heartland Gun Club & Range, CIO Pat Egan, 6503 Shadow Lane, Chanhassen, MN 55317. 10. Apartment Development. Notwithstanding anything herein to the contrary, the EDA acknowledges that the number of units for the Multi -Family Development have not been determined and that it is estimated to be between approximately 100 and 160 units, respectively. In addition, notwithstanding anything herein to the contrary, in the event the City or the EDA does not allow or rejects any of the Traditional Retail Development or the Specialty Retail Development contemplated hereunder, the proposed Multi -Family Development contemplated hereunder shall not be affected and the parties shall continue to proceed with the negotiations for the proposed Multi -Family Development as provided in this Agreement. IL Severability. If any portion of this Agreement is held invalid by a court of competent jurisdiction, such decision shall not affect the validity of any remaining portion of the Agreement. 6 511264v3 SJR MU205-46