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SEP 30 '93 14:21 HOLMES & GRAVEN P.3 expert witness, appraisal, and attorney's fees incurred by Buyer, if the objections are cured through exercise of Buyer's eminent clonal').powers); or (b) terminate this Agreement by notice to Seller, in which event the Earnest • Money paid hereunder shall be promptly refunded to Buyer; or (c) seek damages from Seller including costs and reasonable attorney's fees, as permitted by law; or (d) seek specific performance of this Agreement, provided that the action is commenced within 6 months after the cause of action arises. 3.3. If title is marketable or is corrected within the 60 day period and Buyer defaults in any of the agreements herein, Seller may terminate this Agreement, and on such termination all payments made hereunder shall be retained by Seller as liquidated damages, time being of the essence hereof. The termination period for a Notice of Cancellation of this Agreement shall be 30 days as permitted by Section 559.21, Subd. 4. • 4. Conditions to Closing. The closing of the transaction contemplated by this Agreement and the obligation of the Seller to sell the Property and of the Buyer to purchase the Property shall be subject to the following conditions: 4.1. Buyer shall have determined on or before the Closing Date that it is satisfied, based upon the results of and matters disclosed by any environmental or soil investigations or testing of the Property, that there are no environmental or soil conditions that would interfere with Buyer's proposed use of the Property as a storm water drainage pond. Buyer and Seller each acknowledge that environmental contamination of any kind would interfere with Buyer's proposed use of the Property. 4.2. Buyer shall have reviewed and approved title to the Property pursuant to Section 3 herein. 4.3. Buyer shall have received proceeds from the Revenue Bond sale that is being used to fund the acquisition of the Property by Buyer. The above contingencies are for the sole benefit of Buyer, and Buyer shall have the right to waive those contingencies by giving written notice to Seller. If the contingencies set forth in this Section have not been satisfied by the Closing Date, Buyer or Seller may terminate this Agreement by giving written notice to the other on or before the Closing Date. If this Agreement is so terminated, the Earnest Money shall be prompts returned to : - -- _ - . _ - • . - _ _ •_ erem. _ •: = w. 5. Environmental and Soil Investigation. Buyer and its agents shall have the right, at its sole option and risk, to enter the Property for the purpose of testing soils, surveying, or doing other such work as may be necessary to determine the suitability of the Property for uses by the Buyer. If Buyer investigates and tests the Property pursuant to this Section, Buyer shall pay all costs and expenses of such investigations and testing and shall hold Seller harmless from all damages and liabilities arising out of Buyer's activities. Upon request of Buyer, Seller shall also permit Buyer to review all environmental reports and files, if any, relatinz to the Property and in Seller's possession. 6. Real Estate Taxes. On or before the Closing Date, Seller will pay all delinquent real estate taxes, penalties and interest, if any. Real estate taxes J0159371 MU12S-11 2