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5 <br /> <br />shall be correspondingly extended by any days of delay that are due to reasons <br />beyond Buyer’s control not to exceed 90 days. <br /> <br />(C) Additional criteria for approval by Seller may include, but are not limited to: <br /> <br />(i) Whether the architectural quality, building plans, site plan, and proposed use of <br />the Property meets the Downtown Design Guidelines (as published by the City <br />on April 10, 2007) or the development criteria as determined by the City <br />Council. <br /> <br />(ii) A full service restaurant or some form of event center or family entertainment <br />venue is desired, situated so that the customers and public will benefit from <br />views over the lake according to plans approved by the City Council. Secondary <br />retail, service and housing uses will be considered. <br /> <br />(iii) A development and phasing plan is required and agreed to in writing with <br />deadlines consistent with this Purchase Agreement.. <br /> <br />(iv) Quality architecture, building materials, and site design, meeting requirements <br />of the Downtown Design Guidelines in a form approved by the City Council in <br />its sole discretion. <br /> <br />(v) Construction of public amenities, including pedestrian connections, a gathering <br />place near Egg Lake, and public parking on terms acceptable to the City Council <br />in its sole discretion. <br /> <br />(vi) The parties shall have obtained approval from the Minnesota Department of <br />Transportation for an additional access to the Real Property from Highway 61 <br />at the north end of the Real Property on or before the First Phase Closing Date, <br />as may be extended by Buyer. Seller shall reasonably assist in securing this <br />approval. Alternatively, the buyer could propose to use the existing access from <br />Highway 61. <br /> <br />(vii) Provision of adequate performance securities including letters of credit. <br /> <br />(viii) Provision of mechanisms satisfactory to the Seller to insure timely payment to <br />lenders and contractors. <br /> <br />5. Additional Approvals Required: This agreement is expressly conditioned upon the Buyer <br />receiving land use application and follow-up Development Agreement approval by the City <br />Council as well as all customary development and connection fees per the City’s fee <br />schedule shall be paid. <br /> <br />6. Time is Of the Essence: Time shall be of the essence as to all the required conditions and <br />undertakings herein. Failure to meet any deadline herein (subject to any permitted <br />extension thereof) shall constitute a default hereunder. <br />