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(m) "Parcel" means the real property so described as above as the <br /> Property. <br /> III <br /> (n) "Property" means the real property upon which the Minimum <br /> Improvements will be constructed, a legal description of which is set forth at <br /> Exhibit A of this Agreement After construction of the Minimum Improvements, <br /> the term means the Property as improved. The Property consists of one Parcel_ <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 <br /> Agrreement <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 <br /> of strikes, other labor troubles, prolonged adverse weather or acts of God, fire or <br /> other casualty to the Minimum Improvements, litigation commenced by third <br /> parties which, by injunction or other similar judicial action, directly results in <br /> delays, or acts of any federal, state or local goy <br /> or Authority in exercisingtheir rights under this Agreement)unit(other than the City <br /> in delays. Unavoidable Delays shall not inclue lays in the Dev l result <br /> obtaining of permits or governmental approvals necessary eruption <br /> III <br /> of the Minimum Improvements bythe dates such co � to enable construction <br /> Section 20 of thisAgreement <br /> �onis ed under <br /> 2.0. Premises To Be Purchased. Subject to compliance with the terms and conditions of <br /> this Agreement, Authority shall sell to Developer and Developer �1t <br /> the Property. <br /> p purchasefrom Authority <br /> 3.0. Purchase Price. The purchase price ("Purchase Price") of the Property shall be <br /> S payable as follows: <br /> 3.I. The amount of S as earnest money (the "Earnest Money") <br /> be deposited by Developer to <br /> with Title Insurer within three (3) days after the date of this <br /> .Agreement and held and disbursed under the terms of this Agreement <br /> 3.2. The amount of S shall be payable in cash or certified check <br /> on the Date of CIosing. <br /> 4.0. Title To Be Delivered. Authority agrees to convey to Developer marketable -_ <br /> simple title to the Property subject only to the encumbrance <br /> approved by Developer in <br /> accordance with Section 5.2. Should Developer determine Authority's title to the Property to be <br /> unmarketable, Developer may make objections to Authority's title in accordance with Section 5.2. <br /> �Nothing contained in this Agreement shall be construed <br /> btain marketable title to the Propertyas a covenant requiring Authority to <br /> title. if it is determined that Authority does not have marketable <br /> sa3.8590 <br /> =05-2 <br /> 3., <br />