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DRAFT #1 <br /> • <br /> (k) "Minimum Improvements" means the construction struchon of a 1900 sq. ft. <br /> three bedroom modified two story single family residential home, including two <br /> full bathrooms and a three car garage, with an estimated market value of <br /> $145,000. <br /> (1) "Mortgage" means any mortgage made by the Developer which is <br /> secured, in whole or in part, with the Property and which is a permitted <br /> encumbrance pursuant to the provisions of this Agreement. <br /> (m) "Parcel" means the real property so described as above as the <br /> 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 /> 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 shall purchase from Authority <br /> the Property. <br /> 3.0. Purchase Price. The purchase price ("Purchase Price") of the Property shall be <br /> $28,000 payable as follows: <br /> 3.1. The amount of $1,000 as earnest money (the "Earnest Money") to be • <br /> deposited by Developer 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 /> SJ 133725 ,� <br /> MU205-9 3 <br />