10.2 Purchase Agreement - HOTGL Hotel

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4 f. Buyer’s obligations under this Agreement and the Closing are Subject to the following conditions (“Conditions Precedent”): i. Seller agrees to consider and approve Buyer’s building permit application, civil plans and construction plans submitted by Buyer’s agent to Seller’s plan review and building departments, provided that such plans and application meet the requirements of Pequot Lakes City Code and applicable state law, but such approval is subject to Buyer closing on the sale of the Real Property; ii. Seller agrees to process Buyer’s application for a liquor license for the proposed hotel (the “Hotel”) to be constructed on the Real Property in the manner required by Pequot Lakes City Code and applicable provisions of state law; iii. Seller agrees to process and consider, in a manner consistent with Pequot Lakes City Code and all applicable state laws, a zoning variance, if needed, thereby allowing Buyer to erect signage for the Hotel on the Real Property at a suitable location adjacent to MN state highway 371, if such variance application meets the requirements of City Code and state law for variance applications; iv. Seller agrees to fund and install, as the Seller determines necessary or appropriate in Seller’s discretion regarding public infrastructure necessary to serve the Real Property and Hotel, the following within the City’s public right-of-way to the boundary of the Real Property following the issuance of a final building permit for the Hotel, with construction and installation of the same by the Seller as determined by the Seller to occur during the period of and coordinated with Buyer’s construction of Buyer’s Hotel: 1. A public road providing ingress and egress to the Real Property; 2. All curb and gutter servicing such road; 3. All public sidewalks, bike trails, pathways, if any, adjacent to such road; and 4. All public luminaries, traffic lights, traffic signs, and all related displays including any security surveillance devices. 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 opportunity 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