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<br />between the parties regarding the Property. There are no verbal agreements that change this <br />Agreement and no waiver of any of its terms will be effective unless in a writing executed by . <br />the parties. <br /> <br />17. BindinQ Effect. This Agreement binds and benefits the parties and their <br />respective successors and assigns. The rights of Buyer under this Agreement may, without <br />the consent of the undersigned, be assigned by Buyer to any parent, subsidiary, affiliate or <br />successor of Buyer, or to any other entity. <br /> <br />18, GoverninQ Law. The provisions of this Agreement and any related agreements <br />shall be governed by and construed in accordance with the laws of the State of Minnesota. <br /> <br />19. Counterparts: Facsimiles. This Agreement and each related agreement may <br />be executed in any number of counterparts. For each such agreement, all of the signatures to <br />such agreement taken together shall constitute one and the same agreement, and any of the <br />parties hereto may execute such agreement by signing any such counterpart. Facsimile <br />signatures on this Agreement or any of the related agreements shall be treated as originals <br />until the actual original signatures are obtained. <br /> <br />20. Time of the Essence. Time is of the essence of this Agreement. <br /> <br />21 . RiQht of Repurchase. The parties agree that the Seller shall have the option to <br />repurchase the Property from the Buyer (the "Repurchase Option") if construction of the <br />Holiday Stationstore on the Property has not begun by December31 , 2005 (the "Construction . <br />Date"). The Construction Date is subject to extension due to force majeure, the number of <br />days past July 1, 2005 to the Closing Date, and the number of days Buyer is unable to <br />construct due to winter conditions. If exercised, the parties shall negotiate in good faith <br />toward finalizing a Repurchase Option Agreement. The Repurchase Option Agreement shall <br />provide (i) the repurchase price shall be equal to the Purchase Price under this Agreement, <br />plus any property taxes paid by Buyer for the Property and (ii) Buyer shall agree to terminate <br />this Agreement and release its interest. <br /> <br />IN AGREEMENT, Seller and Buyer have executed this Agreement as ofthe date and <br />year first above written. <br /> <br />CITY OF ARDEN HILLS <br /> <br />HOLIDAY STATIONSTORES,INC, <br /> <br />By <br />Title Assistant Secretary <br />Date <br /> <br />By <br />Title <br />Date <br /> <br />. <br /> <br />Purchase Agreement 4 <br /> <br />10 <br />