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-150- <br /> <br /> On or prior to the Closing Date, City shall pay all special assessments, whether or not <br />then due, then levied against the Development Property or pending for improvements with <br />respect to which, as of the date of this Agreement, the letting of contracts has been duly <br />authorized by appropriate governmental action, <br /> <br /> Section 2.8 Possession. City shall deliver possession of the Development Property to <br />Developer on the Closing Date. <br /> <br /> Section 2.9 Developer's Contingencies. Developer's obligation to close under this <br />Agreement is expressly conditioned upon each of the following contingencies being satisfied or <br />waived on or before the closing date: <br /> <br />ao <br /> <br />The Environmental Audit and Developer's inspections and investigations of the <br />Development Property shall have disclosed no unsatisfactory conditions or <br />defects, including no unsatisfactory environmental conditions. <br /> <br />bo <br /> <br />Developer having determined that the Development Property is physically <br />suitable (including but not limited to, the elevation and soil conditions), for the <br />construction thereon of the Minimum Improvements. <br /> <br />Developer having determined that it will be able to obtain and the City having <br />approved financing which, together with Developer's equity, is sufficient for the <br />Construction of the Minimum Improvements. <br /> <br /> All of the foregoing contingencies are for Developer's sole benefit. Whether or not the <br />foregoing contingencies have been satisfied shall be determined by Developer in the exercise of <br />its sole and absolute discretion. In the event that any of the foregoing contingencies are not <br />satisfied, or satisfaction thereof is not waived by Developer giving written notice to City of said <br />waiver on or before the Contingency Expiration Date, Developer may, at its option, terminate <br />this Agreement by giving written notice to City on or before the Contingency Expiration Date. If <br />Developer so terminates this Agreement, neither party shall have any further rights, obligations <br />or liability under this Agreement. <br /> <br />12 <br /> <br /> I <br /> i <br /> <br /> I <br /> I <br /> <br /> I <br /> <br /> I <br /> I <br /> I <br />I <br />I' <br />I <br />I <br />I' <br />I <br />I <br />I <br /> <br /> <br />