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6. Buyer has applied or will apply to Lower Rum River Watershed Management Organization (Local <br />Government Unit (LGU) or other regulatory authority) for approval of a replacement plan utilizing the Credits as the <br />means of replacing impacted wetlands. 'If the LGU has not approved the Buyer's application for a replacement plan <br />utilizing the Credits by the Closing Date, and no postponement of the Closing Date has been agreed to by Buyer and <br />Seller in writing, then either Buyer or Seller may cancel this Agreement by giving written notice to the other. In this <br />case, Seller shall return Buyer's earnest money, and neither Buyer nor Seller shall have any further obligations under <br />this Agreement. If the LGU has approved the replacement plan and the Seller is ready to proceed with the sale on the <br />Closing Date, but Buyer fails to proceed, then the Seller may retain the earnest money as liquidated damages. <br />SELLER: BUYER: <br />James C. & Gladys M. Nelson <br />2147 - 113 Avenue <br />Mora, MN 55051 <br />320- 396 -3490 <br />nhc @genesiswireless.us <br />City of Ramsey, Minnesota (a public body) <br />7550 Sunwood Drive NW <br />Ramsey, MN 55303 <br />By: By: <br />James C. Nelson (Date) Its: City Administrator (Date) <br />By: By: <br />Gladys M. Nelson (Date) Its: Mayor (Date) <br />Page 2 of 2 <br />g: \engineering\2011 projects \11 -21 armstrong - bunker signal-legacy infra. improv \wetlands \ banking credit <br />pa.docx <br />