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12/09/2004 13:59 612+305+1414 4 2#262 N0.615 0005 money shall be refunded to Buyer; Buyer and Seller agree to sign a Cancellation of Purchase Agreement. DEFAULT: If title is marketable or is corrected as provided herein, and Buyer defaults in any of the agreements herein, Seller may terminate this Purchase Agreement and payments made hereunder may be retained by Seller and agent, as their respective interests may appear. This provision shall not deprive either Buyer or Seller of the right to recover damages for a breach of this Agreement or of the right of specific performance of this Agreement, provided this Purchase Agreement is not terminated, and further provided, as to specific performance, such action is commenced within six months after such right of action arises. TIME OF THE ESSENCE: Time is of the essence in this Purchase Agreement. Seller intends to sell the remaining property of which the property being purchased hereunder is a part. Buyer agrees to use his best efforts to complete the platting and close on the purchase of the property on or before November 30, 2004, and in furtherance thereof Buyer will attempt to submit or cause to be submitted an application for the platting of the.property with the City of St. Anthony for consideration by the City Council for the City of Anthony as soon as possible after the acceptance of this Agreement by the Seller. ENTIRE AGREEMENT: This Purchase Agreement, any attached exhibits and any addenda or amendments signed by the parties shall constitute the entire Agreement between Seller and Buyer, and supersedes any other written or oral agreements between Seller and Buyer. This Purchase Agreement can be modified only in writing signed by Seller and Buyer. POSSESSION: Seller shall deliver possession of the property not later than the date of closing. [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 4