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24. Extension of the Date of Closing. Buyer may extend the Date of Closing as provided for in this Section 24. 2650680v4 09/13/10 1. Choice of Law. This Agreement is governed by and construed in accordance with the laws of the State of Minnesota. a. Buyer may extend the Date of Closing from March 31, 2011 to April 29, 2011 by; notifying Seller and Title of Buyer's election to extend the Date of Closing to April 29, 2011 on or before March 24, 2011; ii depositing an additional $25,000 of Earnest Money with Title to be held and disbursed in accordance with the terms of Escrow Agreement attached hereto as Exhibit C and this Agreement. Notwithstanding anything else in this Agreement, upon Buyer's extension of the Closing Date to April 29, 2011, all $50,000 of the original Earnest Money and the additional $25,000 of Earnest Money that Buyer deposits with Title pursuant to this Section 24 is nonrefundable except in the event of Seller's default; and iii Buyer must pay to Seller, in certified or wire - transferred funds, a $5,000 extension fee. The extension fee must be paid to Seller on or before March 24, 2011. The extension fee does not constitute Earnest Money, is nonrefundable and shall not be applied towards payment of the Purchase Price. b. If Buyer extends the Date of Closing from March 31, 2011 to April 29, 2011 in accordance with Section 24(a), Buyer may, thereafter, extend the Date of Closing for up to five (5) consecutive one -month periods (with each such extension extending the Date of Closing to the last business day of the next month) by providing notice of each such extension to Seller and Title not less than seven (7) days before the then current Date of Closing. Notwithstanding anything else herein, Buyer may not extend the Date of Closing beyond September 30, 2011. For each consecutive one -month extension, Buyer must pay an additional extension fee to Seller. The extension fee is $5,000 to extend the Date of Closing from April 29, 2011 to May 31, 2011; $5,000 to extend the Date of Closing from May 31, 2011 to June 30, 2011; and $10,000 for each monthly extension thereafter. Each extension fee must be paid to Seller in certified or wire - transferred funds at the time Buyer gives Seller notice of the extension, is not a part of the Earnest Money, is non - refundable and is not to be applied to the Purchase Price. [The remainder of this page is intentionally left blank.] -19-