10.01 Purchase Agreement for Pequot Lakes Industrial Park Lot1, Block 2

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ii. Certificate of Real Estate Value. A Certificate of Real Estate Value. 4. CONTINGENCIES. The obligations of the Parties to perform under this Purchase Agreement are contingent upon the timely occurrence or satisfaction of each of the following conditions prior to or on the Closing Date: a. On the Closing Date, title to the Real Property shall be acceptable to Buyer subject to and in accordance with the provisions of Section 8 regarding title examination. b. The representations and warranties of Seller shall be true and correct in all material respects up through and including the Date of Closing. c. The Parties understand and agree that the purchase of the Property is contingent upon approval by the City Council of the City of Pequot Lakes. d. Prior to the transfer of title of the Real Property,the Buyer shall submit to the Seller plans and specifications for the development of the Real Property;no transfer shall be made unless and until such plans are approved in writing by the Seller. The detail of the plans and specifications shall be such as will enable the Seller to determine with reasonable certainty that the project on the Real Property is or will be in compliance with the law and will, if carried out,provide for the intended use. The contingencies in this section are solely for the benefit of, and may at any time be waived by, the Party so benefitted. If any approval as provided herein is not obtained by the Closing Date, this Agreement shall be null and void. 5. PURCHASE,AS-IS. The Real Property described in this Purchase Agreement is being sold in an"as is"and with"all faults"condition, Buyer hereby acknowledges that Buyer has had an opporlunity to inspect the Real Property prior to the execution of this Agreement. Buyer's acceptance of title to the Real Property shall represent Buyer's acknowledgment and agreement that, except as expressly set forth in this Agreement: (i) Seller has not made any written or oral representation or warranty of any kind with respect to the Real Property(including without limitation express or implied warranties of title, merchantability, or fitness for a particular purpose or use), (ii) Buyer has not relied on any written or oral representation or warranty made by Seller, its agents or employees with respect to the condition or value of the Real Property, (iii) Buyer has had an adequate opportunity to inspect the condition of the Real Property, including without limitation, any environmental testing, and to inspect documents applicable thereto, and Buyer is relying solely on such inspection and testing, and(iv)the condition of the Real Property is fit for Buyer's intended use. Buyer agrees to accept all risk of Claims (including without limitation all Claims under any Environmental Law and all Claims arising at common law, in equity or under a federal, state or local statute, rule or regulation)whether past,present or future, existing or contingent,known or unknown, arising out of, resulting from or relating to the condition of the property,known or 3