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ii Deliver to Buyer a duly executed and acknowledged Limited <br />Warranty Deed conveying title to the Land from Seller to Buyer, <br />subject to the following "Permitted Encumbrances:" <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) Any dedicated drainage and utility easements shown on the <br />Plat of COR ONE; <br />(E) The reservation of a right of reverter in favor of Seller. The <br />Right of Reverter shall provide that if Buyer fails to <br />substantially complete the construction of the "Minimum <br />Improvements" in accordance with the "Final Construction <br />Plans" on or before the "Completion Date," as those terms <br />are defined in the Development Agreement, and as the <br />same may be extended as a result of an Unavoidable Delay <br />pursuant to Section 5.4 of the Development Agreement, or <br />if the holder of a "Construction Mortgage," as defined in <br />the Development Agreement, commences proceedings to <br />foreclose the Construction Mortgage prior to Buyer's <br />substantial completion of the Minimum Improvements, <br />Seller may commence an action in Anoka County District <br />Court seeking an order re -vesting title to the Development <br />Property in Seller and granting Seller immediate possession <br />of the Development Property. Seller will subject Seller's <br />future interest in the Property pursuant to the Right of <br />Reverter to the lien of any Construction Mortgage provided <br />the holder of the Construction Mortgage acknowledges, in <br />writing both for itself and any successor's in title to the <br />Construction Mortgage, that if Seller obtains a District <br />Court Order re -vesting title to the Property in Seller prior a <br />foreclosure of the Construction Mortgage and expiration of <br />the redemption period provided for in Minnesota Statutes <br />Sections 580 and 581, as applicable, Seller shall be entitled <br />to redeem the Property from foreclosure, as an owner. <br />(F) A Declaration of Easement declaring or a reservation in the <br />Limited Warranty Deed reserving an exclusive easement <br />for public vehicular and pedestrian ingress and egress over <br />the portion of the Land legally described on Exhibit C for <br />-3- <br />2707737v5 <br />11/18/10 <br />