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times, each time for a period of sixty (60) days, by depositing an additional Ten <br />Thousand and 00/100 Dollars ($10,000.00) earnest money with Escrow Agent for each <br />extension. Each $10,000 extension payment shall be non-refundable, but applicable to <br />the Purchase Price. The Closing shall take place at the offices of the Escrow Agent, or at <br />some other place as the parties may mutually agree prior to such date. At the option of <br />either Party, the executed closing documents, Purchase Price and closing costs may be <br />deposited with the Escrow Agent and disbursed by the Escrow Agent pursuant to avoid <br />the necessity for a Closing at which the Parties are present. <br />a. Seller's Obligations at Closing. At Closing, Seller must deliver to Escrow <br />Agent, for delivery to Buyer: <br />i. A limited warranty deed, duly executed and acknowledged on behalf of <br />the City and with the City's seal affixed, conveying title to the Property, <br />subject to (A) the lien of real estate taxes, if any, not yet due and payable <br />and any installments of special assessments certified for payment <br />therewith; (B) Building, Subdivision and Zoning Ordinances; (C) Matters <br />that would be disclosed by an accurate survey of the Property; and (D) <br />matters that constitute Permitted Exceptions pursuant to Section 6; <br />ii. A certified copy of a duly adopted City Ordinance and Resolution <br />authorizing Seller's sale of the Property to Buyer; and <br />iii. Seller's affidavits, well disclosure certificate (if required), settlement <br />statement approved by Seller and Buyer, and any other documents <br />required by the Escrow Agent. <br />b. Buyer's Obligations at Closing. At Closing, Buyer must: <br />i. Wire Transfer (or deliver a certified check in) an amount equal to the <br />amount of the Purchase Price adjusted for to reflect Buyer's prior payment <br />of the Earnest Money and to reflect amounts Buyer must pay or will <br />receive pursuant to Section 14(c), to Escrow Agent for disbursement to <br />Seller and others pursuant to this Agreement and the Settlement <br />Statement; and <br />ii. File or cause Escrow Agent to file an Electronic Certificate of Real Estate <br />Value, if required and necessary. <br />c. Closing Costs. <br />i. At Closing, the following Seller closing costs and expenses must be paid <br />from the Purchaser Price or, if the Purchase Price is not sufficient, paid by <br />Seller: <br />1. Seller's portion of the prorated property taxes. <br />Page 7 of 16 <br />