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2707737v7 12/17/10 ii Deliver to Buyer a duly executed and acknowledged Limited Warranty Deed conveying title to the Land from Seller to Buyer, subject to the following "Permitted Encumbrances:" (A) Building, zoning and subdivision statutes, laws, ordinances and regulations; (B) Reservations of minerals or of mineral rights in favor of the State of Minnesota, if any; (C) The lien of real estate taxes and special assessments not yet due and payable; (D) Any dedicated drainage and utility easements shown on the Plat of COR ONE; (E) The reservation of a right of reverter in favor of Seller. The Right of Reverter shall provide that if Buyer fails to commence construction of the "Minimum Improvements" on or before the "Commencement Date" or to substantially complete the construction of the "Minimum Improvements" in accordance with the "Final Construction Plans" on or before the "Completion Date," as those terms are defined in the Development Agreement, and as the same may be extended as a result of an Unavoidable Delay pursuant to Section 5.4 of the Development Agreement, or if the holder of a "Construction Mortgage," as defined in the Development Agreement, commences proceedings to foreclose the Construction Mortgage prior to Buyer's substantial completion of the Minimum Improvements, Seller may commence an action in Anoka County District Court seeking an order re- vesting title to the Development Property in Seller and granting Seller immediate possession of the Development Property. Buyer is deemed to have commenced construction when Buyer has: (a) obtained all building permits from the City necessary for the construction of the "Minimum Improvements," as defined in the Development Agreement, on the Property which work would constitute "the actual and visible beginning of improvement on the ground," as that phrase is used in Minnesota Statutes, Section 514.05 and interrupted by the Minnesota Courts. Seller will subject Seller's future interest in the Property pursuant to the Right of Reverter to the lien of any Construction Mortgage provided the holder of the Construction Mortgage acknowledges, in writing both for itself and any successor's in title to the Construction Mortgage, that if Seller obtains a District -3-