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4 <br />517239v2 MU205-47 <br />assistance) and a Purchase and Development Agreement (for the Real Property) with Seller <br />regarding the sale and development of the Real Property consistent with Minnesota law, <br />including but not limited to Minnesota Statutes, Section 469.105. In the event that Buyer does <br />not exercise the Option by the Option Deadline, then Seller shall retain the Option Deposit as full <br />and complete consideration for the Option granted by this Agreement. <br /> <br />9. Property “As Is” / Buyer’s Diligence. SELLER MAKES NO <br />REPRESENTATIONS OR WARRANTIES OF ANY KIND TO BUYER, INCLUDING, <br />WITHOUT LIMITATION, THE PHYSICAL CONDITION OF THE REAL PROPERTY OR <br />ITS SUITABILITY FOR ANY PARTICULAR PURPOSE. Buyer acknowledges that Buyer has <br />already (or, prior to the Closing Date, will have) independently inspected the Real Property and, <br />if Buyer shall deliver an Option Notice, then it shall do so based solely upon Buyer’s own <br />examination and inspection. Buyer agrees that the Real Property is to be sold to and accepted by <br />Buyer upon the Closing Date in its then present condition, AS IS, WITH ALL FAULTS, IF <br />ANY, AND WITHOUT ANY WARRANTY WHATSOEVER, EXPRESS OR IMPLIED. To <br />the extent possible, Seller shall permit Buyer access to the Real Property to conduct such <br />inspections and tests thereof as Buyer may deem necessary or desirable prior to the Closing Date, <br />provided that Buyer shall indemnify and save Seller harmless from any claims or liability arising <br />from Buyer’s tests and inspections of the Real Property. <br /> <br />10. Governing Law. This Agreement shall be construed as to both validity and <br />performance and enforced in accordance with and governed by the laws of the State of Minnesota. <br /> <br />11. Seller’s Obligation. Buyer expressly acknowledges that Seller’s sole obligation <br />hereunder is to take all reasonable steps in order to acquire title to the Real Property. The parties <br />hereby acknowledge that Seller has no right to purchase the Real Property, and that no government <br />entity is under any legal obligation to sell the Real Property to Seller. In the event that Seller is <br />unable to obtain title to the Real Property, all of Seller’s obligations hereunder shall terminate <br />immediately upon notice of such finding. <br /> <br />[THE REMAINDER OF THIS PAGE HAS BEEN LEFT BLANK INTENTIONALLY.] <br /> <br /> <br />