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improvements on the Property and intended use of the Property as a off sale liquor store/restaurant within one hundred eight (180) days of the date of this Agreement. As soon as reasonably possible after BUYER and SELLER' s execution of this Agreement, BUYER must apply to the City or and any other appropriate governmental agencies for all Permits necessary for BUYER' s intended use of the Property, and BUYER must diligently pursue the acquisition of all such Permits. BUYER must pursue the acquisition of such Permits at BUYER's sole cost and expense. SELLER agrees to cooperate with BUYER in the acquisition of such Permits but is not required to incur any cost or expense. If BUYER is unable to obtain all Permits necessary for BUYER's intended use of the Property, BUYER may, within said 180 day period provided for in this Section 16(h), terminate this Agreement pursuant to Section 18 below. BUYER's failure to terminate this Agreement within the 180 day period provided for in this Section 16(h) will constitute BUYER's waiver of this contingency, and the Parties must fully perform their Obligations under this Agreement. i. SELLER and BUYER entering into the Lease with an 18 month term for the property located at 14590 Armstrong Boulevard NW, Ramsey, Minnesota on or before the Date of Closing of the sale transaction contemplated by this Agreement. J The BUYER' s successful purchase and closing on or before the Date of Closing of the property located at 14590 Armstrong Boulevard NW, Ramsey, Minnesota. The BUYER in this Agreement is the "SELLER" of the said Armstrong Boulevard property. k. The SELLER delivery of evidence that the Property is not encumbered by the Master Declaration — Ramsey Town Center dated August 5, 2005 and recorded in the Anoka County Recorder's office and the Anoka County Registrar of Titles office as Document Nos. 1978252.001 (Abstract) and 484495.001 (Torrens) (as amended from time to time) (the "Master Declaration"). If one or more of these contingencies is not satisfied as of the Date of Closing, as the same may be extended pursuant to Section 7 above, BUYER may terminate this Agreement pursuant to Section 18. If, as of October 28, 2012 the transaction has not closed and BUYER has not given SELLER a notice of default pursuant to Section 17(b) of this Agreement, BUYER will be deemed to have exercised these contingencies and terminated this Agreement. 17. DEFAULT. If either Party defaults in the performance of any of the Party's obligations under this Agreement, the non -defaulting Party may, after written notice to the defaulting Party, suspend performance of its obligations under this Agreement, and the rights of the non -defaulting Party are as follows: a. BUYER's Default. If BUYER defaults in the performance of any of BUYER's obligations under this Agreement and BUYER fails to cure the defaults within five (5) business days following written notice from the SELLER, SELLER has the right to: (i) terminate this Agreement pursuant to Minnesota Statutes, Section 11