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the same may be extended as a result of an "Unavoidable Delay" pursuant to Section 5.4 of the Development Agreement; or (3) if the holder of a "Project Mortgage" commences proceedings to foreclose a "Project 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 Property in Seller and granting Seller immediate possession of the 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" on the Property; and (b) Buyer has commenced the construction of the footings and foundations for the "Minimum Improvements" as defined in the Development Agreement. The capitalized terms set forth in quotation marks in this Section have the meanings set forth for such terms in the Development Agreement. Seller agrees that Seller will, at Buyer's request, subject Seller's future interest in the Property pursuant to the right of reverter to the lien of any Project Mortgage provided the holder of the Project Mortgage acknowledges, in writing both for itself and any successor's in title to the Project Mortgage, that if Seller enforces the right of reverter and obtains a District Court Order re -vesting title to the Property in Seller prior a foreclosure of the Project Mortgage and the expiration of the applicable redemption period provided for in Minnesota Statutes Sections 580 and 581, as applicable, Seller is entitled to redeem the Property from foreclosure, as an owner. (E) A Declaration of Public Roadway Easement in the form attached as Exhibit "B"; (F) The Amended PUMA; (G) Terms and conditions of an Agreement Regarding Right of Way Use for Electrical Utilities dated December 31, 2003 and recorded November 1, 2004 and recorded in the office of the Anoka County Registrar of Titles on November 1, 2004 is document no. 480123; (H) [Commercial Partners Title is working on an updated title commitment. We do not anticipate that the updated commitment will identify any additional exceptions to title.] -4- 2707737v11 09/27/11