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2. Seller represents and warrants as follows: <br />a) The Credits are deposited in an account in the Minnesota Wetland Bank administered by <br />the Minnesota Board of Water and Soil Resources (BWSR) pursuant to Minn. Rules <br />Chapter 8420.0700-.0760. <br />b) Seller owns the Credits and has the right to sell the Credits to Buyer. <br />3. Buyer will pay Seller the total of $0 as earnest money, to be paid when this Agreement is signed; <br />and the balance of the purchase price subject to the terms of Paragraph 1 to be paid on or before the <br />Closing Date listed in Paragraph 5 below. <br />4. In addition to the Credit fees in paragraph 3, Buyer agrees to pay to Seller a withdrawal fee of <br />$3,331.68 for the Minnesota Board of Water and Soil Resources (BWSR) based upon the 2015 BWSR <br />Fee Schedule to be paid at closing. At closing, Seller will execute a check made out for this amount, <br />payable to BWSR. <br />5. The closing of the purchase and sale shall occur on or before June 30, 2017 (Closing Date). The <br />Closing Date may be changed by written consent of both parties. Upon payment of the balance of the <br />purchase price, Seller will sign a fully executed Transaction Form for the Withdrawal of Credits <br />(Transaction Form) in the form specified by BWSR, and forward the same to BWSR along with a check <br />for the withdrawal fee. <br />6. Buyer shall apply to the Local Government Unit, the City of Hugo (LGU) and/or the US Army <br />Corps of Engineers for approval of a replacement plan utilizing the Credits as the means of replacing <br />impacted wetlands. If the Local Government Unit (LOU) and/or the US Army Corps of Engineers has <br />not approved the Buyer's application for a replacement plan utilizing the Credits by the Closing Date, <br />and no postponement of the Closing Date has been agreed to by Buyer and Seller in writing, then either <br />Buyer or Seller may cancel this Agreement by giving written notice to the other. In this case, Seller <br />shall return Buyer's earnest money, and neither Buyer nor Seller shall have any further obligations <br />under this Agreement. If the LGU and/or the US Army Corps of Engineers has approved the <br />replacement plan and the Seller is ready to proceed with the sale on the Closing Date, but Buyer fails to <br />proceed, then the Seller may retain the earnest money as liquidated damages. <br />Page 2 of 3 <br />Wetland Credit Agency, LLC + 12940 Overlook Road, Dayton, MN 55327 + 612-360-4700 <br />0.36-1-11 <br />