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b) Seller owns the Credits and has the right to sell the Credits to Buyer. <br /> 3. Buyer will pay Seller a total of$ 4,320.00_for the Credits, as follows: <br /> a) $_0_as earnest money, to be paid when this Agreement is signed; and <br /> b) The balance of$ 4,320.00 to be paid on the Closing Date listed below. <br /> 4. [® ] Buyer, [❑ ] Seller agrees to pay to a withdrawal fee of$_280.66_to the State of Minnesota <br /> based on 6.5% of the agreed to purchase price. At the Closing Date, [®] Buyer, [❑ ] Seller will execute a <br /> check made out for this amount, payable to the Board of Water and Soil Resources. <br /> 5. The closing of the purchase and sale shall occur on July 23 , 2015_(Closing Date) at_10:00 <br /> AM—. The Closing Date and location may be changed by written consent of both parties. Upon payment of <br /> the balance of the purchase price, Seller will sign a fully executed Application for Withdrawal of the Credits <br /> in the form specified BWSR,provide a copy of the Application for Withdrawal to the Buyer and forward the <br /> same to the BWSR along with the check for the withdrawal fee. <br /> 6. Buyer has applied or will apply to_Rice Creek Watershed District (Local Government Unit (LGt <br /> or other regulatory authority) for approval of a replacement plan utilizing the Credits as the means of <br /> replacing impacted wetlands. If the LGU has not approved the Buyer's application for a replacement plan <br /> utilizing the Credits by the Closing Date, and no postponement of the Closing Date has been agreed to by <br /> Buyer and Seller in writing,then either Buyer or Seller may cancel this Agreement by giving written notice <br /> to the other. In this case, Seller shall return Buyer's earnest money, and neither Buyer nor Seller shall have <br /> any further obligations under this Agreement. If the LGU has approved the replacement plan and the Seller <br /> is ready to proceed with the sale on the Closing Date,but Buyer fails to proceed, then the Seller may retain <br /> the earnest money as liquidated damages. <br /> (Signature of Seller) (Date) (Signature of Buyer) (Date) <br /> Page 2 of 2 <br /> BWSR Form:wca-bank-12(purchase agreement).doc <br /> Revised 6/26/2014 <br /> 24 <br />