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06/18/02 TUE 14:36 FAX 16123402644 DORSEY WHITNEY LLP °) JUN--18-2002 14:10 DORSEY L WH I ThEY L1P 6123402868 A 06/18/2002 13:14 FAX 812 789 2109 F w H B LAW OFFICE 30 upon the conditions, precedent set forth in this Paragraph 4. Buyer shall have the sole right to determine,in its discretion,whether the conditions precedent have been satisfied. Upon the failing of any of such conditions precedent,the Earnest Money shall,upon written notice by Buyer to Seller, be forthwith returned by Seller to Buyer and this Agreement shall thereupon terminate and be of no further force or effect. The conditions precedent are: 4.1 The ability of Seller to convey marketable fee title to the Property, as herein set forth, free and clear of any and all liens or encumbrances whatsoever, subject to the following exceptions to the extent that Buyer determines the same will not unreasonably interfere with the construction and operatioA of the Project; (a) Building and zoning laws,ordinances and regulations; (b) Reservation of minerals or mineral rights to the State of Minnesota; (c) Public utility,Broadway and other easements which will not adversely affect the development and use of the Projcct pursuant to Buyer's development plans; and (d) Those certain deed restrictions required in Section 5 hereof. 4.2 Receipt from Seller of the following: (a) A special assessment search showing all special assessments levied or pending with respect to the Property; and (b) Copies of all other written agreements affecting the Property made by or known to Seller. 4; Approval,within 15 days of the complete execution of this Agreement, of a commitment for an ALTA owner's title insurance policy from First American Title Insurance Company, the receipt of which is hereby a6mowledaed, in an amount equal to the Purchase Price, insuring marketable fee simple title to the Property in Buyer as of the Closing Date, subject only to-such exceptions which are acceptable to Buyer and, without limiting the generality of the foregoing,specifically insuring Buyer against mechanics' liens, right's or parties in possession and matters which would be disclosed in a comprehensive survey,and specifically insuring against any gaps in or between the various parcels comprising the Property. 2