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5. EARNEST MONEY. Concurrently with the execution hereof BUYER shall <br />deposit with SELLER the amount of $5,000.00 as Earnest Money hereunder ("Earnest Money"). <br />SELLER may commingle the Earnest Money with other funds of SELLER. Earnest Money in <br />the possession of Seller remains the property of BUYER until paid to SELLER pursuant to <br />Section 7 below or until BUYER defaults in the performance of BUYER' s obligations under this <br />Agreement and SELLER cancels this Agreement pursuant to the provisions of Section 18 below, <br />in which case SELLER may retain the Earnest money as liquidated damages. If SELLER <br />defaults in the performance of SELLER' s obligations under this Agreement, BUYER may <br />terminate this Agreement pursuant to the provisions of Section 17 below, and SELLER must <br />return the Earnest Money to BUYER. <br />6. THE DATE OF CLOSING. The "Date of Closing" is October 16, 2012. <br />7. CLOSING. The Parties will meet at the offices of Commercial Partners Title, <br />LLC. (the "Title Company"), 200 South Sixth Street, Suite 1300, Minneapolis MN at 10:00 a.m. <br />on the Date of Closing at which time: <br />a. SELLER must: <br />(i) execute and deliver to BUYER a Minnesota Uniform Conveyancing <br />Blanks Form 10.1.9 Warranty Deed subject only to: <br />(a) Building, zoning and subdivision statutes, laws, ordinances <br />and regulations. <br />(b) Reservations of minerals or of mineral rights in favor of the <br />State of Minnesota, if any. <br />(c) The lien of real estate taxes and special assessments not yet <br />due and payable. <br />(d) Covenants, conditions, restrictions and easements of <br />record. <br />(e) Condition Subsequent. The Deed shall contain a <br />reservation of a right of re-entry for breach of conditions <br />subsequent in favor of Seller pursuant to which Seller may <br />commence an action in Anoka County District Court <br />seeking a order re -vesting title to the Property in Seller if <br />(i) Buyer does not commence construction of the <br />improvements on the Property (the "Buyer Improvements") <br />within twelve months after the date of the Deed; or (ii) <br />Buyer does not substantially complete the construction of <br />Buyer Improvements within twenty-four months after the <br />date of the Deed. For purposes of this right of re-entry, <br />Buyer will be deemed to have commenced construction <br />when Buyer has (a) obtained building permits for the <br />construction of Buyer Improvements; and (b) caused <br />2 <br />