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, ' ',, attached hereto as Exhibits A and B, in annual installments of $30,000.00, or more at the option of Purchaser, commencing on the first annual anniversary date of said promissory note, and continuing on the same date of each succeeding year thereafter with interest at the rate of eight per cent (8%) per annum from the date of closing until the tenth (10th) annual anniversary date of said note, at which time the balance remaining unpaid together with interest thereon shall be paid in full. 4. Prepayment. No prepayment upon the promissory note shall be allowed prior to January 1, 1994. Subject to the foregoing restriction, the promissory note may be prepaid in full or part without penalty or premium. 5. permi tted Encumbrances. Upon and subj ect to performance by Purchaser, the Seller shall execute and deliver to Purchaser on the date of closing a Warranty Deed conveying.marketable title to said property subject only to the following: a. Reservations of minerals or mineral rights by the State of Minnesota, if any. b. ,Building, zoning and subdivision laws and regulations. , c. , The lien of real estate taxes and . installments of special <assessments whichare;payable by Purchaser hereunder. 'd. Utility pand drainage 'easements 'which do not interfere with present improvements. ., --.--- ..,-------.-,-.---. - -.,---- .. _ ___ __ .u ___ e. Roadway easements of record. f. Any state of facts that any accurate survey of the property at the time of closing would disclose. g. Any state of facts or conditions a personal inspection of the property at the time, of closing would disclose. All of the above exceptions may hereafter collectively be referred to as "Permitted Encumbrances". 6. Seller's Performance. Purchaser, Seller shall execute following at closing: Subject to performance and deliver to Purchaser by the a. A Warranty Deed, in recordable form, as aforesaid. 2