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the Property marketable, but SELLER has no obligation to commence a law suit or pay money to make SELLER' s title marketable. If SELLER notified BUYER that SELLER does not intend to make SELLER' s title marketable or if SELLER notified BUYER that SELLER will attempt to make SELLER' s title marketable but is unable to do so within the Cure Period, BUYER may either: a. terminate this Agreement pursuant to the procedures set forth in Section 17 below; or b. notify SELLER that BUYER waives BUYER' s Objection. If waives BUYER' s Objection, the Title Defect giving rise to such Objection is deemed a Permitted Encumbrance, and the Parties will fully perform their obligations under this Agreement. The Parties will establish a new Date of Closing by mutual agreement, but if the Parties cannot establish a new Date of Closing by mutual agreement, the Date of Closing will be the date thirty (30) days from the effective date of BUYER' s notice to SELLER that BUYER waives BUYER' s Objections. If BUYER does not notify SELLER of BUYER' s election to terminate this Agreement pursuant to subsection (a) above or waive BUYER' s Objection pursuant to subsection (b) above within ten (10) days of the expiration of the Cure Period, this Agreement will automatically terminate, BUYER will execute and deliver a recordable quit claim deed to the Property or other recordable evidence of the termination of this Agreement to SELLER, and SELLER will simultaneously return or instruct the Earnest Money Agent to return the Earnest Money to BUYER. 11. COSTS AND FEES CONCERNING DEVELOPMENT OF PROPERTY. a. Seller's Plat Obligations. SELLER has prepared and has submitted an application to the City of Ramsey where the Property is located, "the City" for approval of a plat of the Property (the "Plat"). A copy of the Plat is attached hereto as Exhibit D. The Plat does plat the Property as a separate lot and does dedicate a right of way for a public street contiguous to the easterly boundary of the Property. Seller will use commercially reasonable efforts to cause the City to submit the Plat to the City's city council (the "City Council") for preliminary plat approval and final plat approval on or before the Closing Date. Seller shall also grade and establish the Property to the approved elevations and shall extend utilities to the Property; b. Seller's Construction Obligations. (i) On or before October 16, 2012, Seller will deliver to BUYER plans and specifications for the construction of the public street improvements and the public utility lines to be constructed in the public right of way located adjacent to and westerly of the Property ("Seller's Plans"). (ii) After Closing, Seller shall commence or cause the City to commence construction of a public street and public utility lines depicted on Seller' s Plans attached Exhibit F (the "Seller's Work"), and Seller will complete or cause the City to complete Seller's Work on or before the date which is ninety days after Closing. 6