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"Purchase Agreement" means the purchase agreement dated May 29, 2013, between the <br />City and the Developer. <br />"State" means the State of Minnesota. <br />"Unavoidable Delays" means delays, outside of the control of the Party claiming its <br />occurrence, which are the direct result of strikes, other labor troubles, material shortages, <br />unusually severe or prolonged bad weather, Acts of God, fire or other casualty to the <br />Improvements, litigation commenced by third parties which, by injunction or other similar <br />judicial action, directly results in delays, or acts of any federal, state or local governmental unit <br />(other than the City) which directly result in delays, or any other similar causes. <br />ARTICLE II <br />Representations And Warranties <br />Section 2.1. Representations and Warranties by the City. . The City represents and <br />warrants that: <br />(a) The City is a public body politic and corporate under the laws of the State <br />of Minnesota, has the power to enter into this Agreement and to carry out its obligations <br />hereunder. <br />Section 2.2. Representations and Warranties by the Developer. The Developer <br />represents and warrants that: <br />(a) The Developer is a limited liability company duly organized and <br />authorized to transact business in the State, is not in violation of any provisions of its <br />corporation or the laws of the State, has power to enter into this Agreement and has duly <br />authorized the execution, delivery and performance of this Agreement by proper action of <br />the corporation. <br />(b) The Developer will construct the Improvements upon the Property in <br />accordance with the terms of this Agreement and all local, state and federal laws and <br />regulations (including, but not limited to, environmental, zoning, building code and <br />public health laws and regulations). <br />(c) It is the intent and understanding of the parties that upon completion of the <br />Improvements, consisting of single family homes upon the Property, that the Developer <br />will market the homes to individuals intending to use the Property as their primary <br />residence as opposed to a rental property. <br />(d) It is the intent and understanding of the parties that the single family <br />homes to be constructed upon the Property will have a current fair market value in excess <br />of $400,000. No split level or modified two story homes will be permitted to be <br />constructed on any of the lots. The first eight (8) homes built within the subdivision shall <br />have a current fair market value of between $429,000 and $650,000. All homes to be <br />3 <br />