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(m) "Parcel" means the real property so described as above as the <br /> 1111 Property. <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 /> 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 <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 governmental unit (other than the City <br /> or Authority in exercising their rights under this Agreement) which directly result <br /> in delays. Unavoidable Delays shall not include delays in the Developer's <br /> III obtaining of permits or governmental approvals necessary to enable construction <br /> of the Minimum Improvements by the dates such construction is required under <br /> Section 20 of this Agreement. <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 shah purchase from Authority <br /> the Property. <br /> 3.0. Purchase Price. The purchase price ("Purchase Price") of the Property shall be <br /> $ payable as follows: <br /> 3.I. The amount of S as earnest money (the "Earnest Money") to <br /> be deposited by Developer with Title Insurer within three (3) days after the date of this <br /> Agreement and held and disbursed under the terns of this Agreement <br /> 3.2. The amount of$ shall be payable in cash or certified check <br /> on the Date of Closing. <br /> 4.0. Title To Be Delivered. Authority agrees to convey to Developer marketable <br /> simple title to the Property subject only to the encumbrances 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 as a covenant requiring Authority to <br /> obtain marketable title to the Propertyifori it is determined that Authority does <br /> title. tY es not have marketable <br /> SJ'R12 590 <br /> M 205-2 <br /> 3 <br />