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05-19-99 13:42 From-KENNEDY & GRAVEN +6123379310 T-606 P.05/31 F-170 secured, in whole or in part, with the Property and which is a permitted encumbrance pursuant to the provisions of this Agreement. (m) "Parcel" means the real property so described as above as the Property. (n) "Property" means the real property upon which the Minimum improvements will be constructed, a legal description of which is set forth at Exhibit A of this Agreement. After construction of the Minimum Improvements, the term means the Property as improved. The Property consists of one Parcel. (o) "State" means the State of Minnesota. (p) "Termination Date" means the date on which the Developer receives a Certificate of Completion pursuant to the terms and conditions of this Agreement. (q) "Unavoidable Delays" means delays beyond the reasonable control of the party seeking to be excused as a result thereof which are the direct result of strikes, other labor troubles, prolonged adverse weather or acts of God, fire or other casualty to the Minimum improvements, litigation commenced by third parties which,by injunction or other similar judicial action,directly results in delays,or acts of any federal, state or local governmental unit (other than the City or Authority in exercising their rights under this Agreement) which directly result in delays. Unavoidable Delays shall not include delays in the Developer's obtaining of permits or governmental approvals necessary to enable construction of the Minimum Improvements by the dates such construction is required under Section 20 of this Agreement. 2.0. Premises To Be Purchased. Subject to compliance with the terms and conditions of this Agreement, Authority shall sell to Developer and Developer shall purchase from Authority the Property. 3.0. Purchase Price_ The purchase price ("Purchase Price") of the Property shall be $49,500.00 payable as follows: 3.1. The amount of $1,000.00 as earnest money (the "Earnest Money") to be deposited by Developer with the closer for this matter,Land Title Inc., within three (3) days after the date of this Agreement and held and disbursed under the terms of this Agreement. 3.2. The amount of$48,500.00 shall be payable in cash or certified check on the Date of Closing. 4.0. Title To Be Delivered. Authority agrees to convey to Developer marketable fee simple title to the Property subject only to the encumbrances approved by Developer in accordance with Section 5.2. Should Developer determine Authority's title to the Property to be unmarketable, Developer may make objections to Authority's title in accordance with Section 5.2. Nothing contained in this Agreement shall be construed as a covenant requiring Authority to obtain 4=-152543 3 Mt12o5-2