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2 4839-8767-9929\3 4. Timing of Closing. Subject to the following paragraphs of this Section 4, the closing of the conveyances referenced in Paragraph 1 hereof (the “Closing”) shall occur within thirty (30) days after the end or earlier mutual waiver of the Due Diligence Period (as extended, if applicable), as described in Paragraph 5 below. The Closing hereunder shall coincide with the closing of the sale of other Bremer property, located at 2401 Lowry Avenue NE, St. Anthony, MN, (the “Redevelopment Property”) by Bremer to Interstate Development Corporation (or a related entity) (“Interstate”) pursuant to a separate purchase agreement for the Redevelopment Property between Bremer and Interstate (the “Interstate Purchase”). Accordingly, each party’s obligation to complete the Closing hereunder shall be conditioned upon the simultaneous closing of the Interstate Purchase, and if the Interstate Purchase agreement is terminated or the Interstate Purchase does not close on the date of Closing, then either party shall have the right to terminate this Agreement by written notice to the other at any time before Closing, whereupon neither party shall have any further rights or liabilities hereunder, except as expressly set forth below. Bremer agrees to provide at least 30 days’ prior written notice to HRA of the closing date for the Interstate Purchase (“Closing Notice”), which Closing Notice shall (i) confirm the date of Closing, calculated as provided above, (ii) be deemed a waiver of Bremer’s Due Diligence Period (if not already expired or waived), and (iii) automatically shorten HRA’s Due Diligence Period (if not already expired or waived) such that it shall expire on the 10th day after delivery of the Closing Notice. Bremer also agrees to provide written notice to HRA of any (i) termination of or (ii) notice of default issued under, the Interstate Purchase agreement. 5. Conditions to Purchase of Parcels by each party. The buyer of each Parcel shall have a period of ninety (90) days from the Effective Date (the “Due Diligence Period”) (unless an different time period is provided below) to satisfy or waive the following conditions, at the buyer’s sole discretion: (a) Satisfaction as to economic feasibility and financing of the purchase of the Parcel for the buyer’s intended use (which for purposes of this Agreement, means the Node Project or the New Bremer Project, as applicable); (b) Review and acceptance of any environmental and/or property documentation provided by the seller; (c) Obtaining satisfactory soil tests and other due diligence regarding the Parcel and buyer’s intended use of same; (d) Receipt of approval for all entitlements required for buyer’s intended use of the Parcel, including but not limited to a conditional use permit and/or planned unit development agreement required by the City and/or any other governmental authority having jurisdiction (and for avoidance of doubt, the condition in favor of HRA under this section includes the City’s approval of the New Bremer Project); Deleted: Trident Deleted: Trident Deleted: Trident Deleted: Trident Deleted: Trident Deleted: Trident Deleted: Trident Deleted: Trident Deleted: Trident Deleted: one hundred eighty Deleted: 180