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9 DOCSOPEN\MU205\50\716385.v4-4/22/21 (a) The Developer has submitted a commitment or other evidence of financing on terms acceptable to Developer, in Developer’s sole and absolute discretion, which is adequate, in the EDA’s sole and absolute discretion, to fully finance construction of the Minimum Improvements; (b) The Developer has submitted and the EDA has approved the Construction Plans; (c) The Developer, with the reasonable assistance of the EDA, has obtained any approvals necessary to construct the Minimum Improvements; (d) The Developer has completed any desired environmental inspections, testing, and remediation, as authorized in Section 3.5; (e) The EDA has held a public hearing and fulfilled all requirements of Minnesota Statutes, section 469.105; and (f) There has been no Event of Default on the part of the Developer or the EDA which has not been cured. All of the above conditions precedent shall occur within the timeframe established in Section 3.7 of this Agreement, unless extended by the terms of this Agreement. Any or all of the above conditions precedent may also be waived by the parties in their sole discretion. Section 3.7. Closing; Delivery and Recording. (a) Subject to the substantial satisfaction of all of the terms and conditions contained in this Agreement which must be satisfied prior to the EDA's conveyance of the Development Property to the Developer, the EDA shall execute and deliver the Development Property Deed to the Developer at closing. Closing shall occur on the earlier of June 30, 2022, or as soon thereafter as reasonably practicable. However, if closing has not occurred by December 31, 2022, either party may terminate this Agreement by notice to the other in accordance with Section 9.5 of this Agreement. The Developer shall have possession of the Development Property upon closing. Closing shall be at the offices of the EDA, 2401 Mounds View Boulevard, Mounds View, Minnesota 55112, or such other location to which the parties may agree. Prior to closing, the EDA shall submit to the Developer a copy of the Development Property Deed and other closing documents for review. The Development Property Deed shall be in recordable form and shall be recorded among the County land records. (b) On the Date of Closing, the Developer shall be responsible for and pay: (1) the cost of recording the Development Property Deed and this Agreement; (2) the premium to obtain a policy of title insurance; (3) for any documents related to or in connection with the financing of the Development Property, including but not limited to, recording fees and mortgage registration tax; (4) one-half of the title company closing fees, if any; and