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16. "Governmental Authority" means any state, federal, local, municipal or other <br />governmental authority, agency, or licensing authority of any kind having jurisdiction over <br />the Property or Seller. <br />17. "Hazardous Substances" shall mean toxic or hazardous substances or wastes, pollutants or <br />contaminants (including, without limitation, asbestos, urea formaldehyde, the group of <br />organic compounds known as polychlorinated biphenyls, petroleum products including <br />gasoline, fuel oil, crude oil and various constituents of such products, and any hazardous <br />substance as defined in any state, local or federal Regulations relating to the protection of <br />the environment. <br />18. "Indemnified Parties" means collectively, Buyer, its officers, directors, members, partners, <br />governors, managers, and employees and their respective successors and assigns <br />19. "Inspection Period" shall mean November 01, 2017; after which, earnest money will <br />become non-refundable. <br />20. "Land" shall mean the western 59,000 square feet of the parcel described on Exhibit B to <br />this Agreement. The parcel described on Exhibit B shall be updated prior to Closing, <br />including a legal description. <br />21. "Permitted Encumbrances" means any defects or encumbrances on the Property to which <br />Buyer does not submit a written Title Objection during the Inspection Period, or any defect <br />or encumbrance that is waived by Buyer in accordance with the terms of this Agreement. <br />22. "Property" shall mean collectively the Land and all rights related thereto, including <br />easements and adjacent street and alleys. <br />23. "Purchase Price" means $123,368.00 ($2.08 per square foot), as the same may be adjusted <br />pursuant to the terms and conditions of this Agreement. <br />24. "Regulations" means the rules and regulations applicable to the Property or Seller of any <br />Governmental Authority having jurisdiction. <br />25. "Reports" means all feasibility studies, soil reports, environmental reports, permits, <br />licenses, service contracts, title policies, surveys, and other appraisals, inspections, tests, <br />reports, or studies in the possession or reasonable control of Seller with respect to the <br />Property. <br />26. "Seller" shall have the meaning assigned to such term in the opening paragraph of this <br />Agreement. <br />27. "Seller's Closing Documents" shall have the meaning assigned to such term in Section 8.1 <br />of the Agreement. <br />28. "Seller's Title Notice" shall have the meaning set forth in Section 5.1. <br />29. "State" shall mean the State of Minnesota. <br />Page 13 of 15 <br />