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Page 3 <br />GOVERNMENTAL <br />APPROVALS SUBMITTALS: <br />GOVERNMENTAL <br />APPROVALS PERIOD: <br />EXTENSION RIGHTS: <br />o Location of Floodplain Areas <br />o Topographic Survey <br />o Sewer and Water Capacity and Off -Site Requirements <br />o Identification of Required Utility Easements <br />o Market Analysis and Financial Feasibility <br />o Zoning and Development Regulation Analysis <br />o Master Planning with Coordination with Governmental <br />Officials <br />o Transportation Improvement Study (for on and off -site <br />improvements) <br />Purchaser shall have the right, in its sole and absolute discretion, <br />for any or no reason whatsoever, to terminate the PSA and receive <br />a refund of the Earnest Money by delivering written notice to Seller <br />at any time on or before the expiration of the Feasibility Period. <br />Purchaser shall have 180 days after the expiration of the Feasibility <br />Period to determine and prepare, at Purchaser's sole cost, all <br />necessary applications, site plans, and other documentation to be <br />submitted to the applicable governmental authorities to obtain any <br />and all approvals, licenses and permits which are deemed <br />necessary for Purchasers use, development and operation of the <br />Property (the "Governmental Approvals"), which Governmental <br />Approvals shall be determined by Purchaser at its sole discretion. <br />If Purchaser does not obtain the Governmental Approvals within <br />180 days after the end of the Feasibility Period (the <br />"Governmental Approvals Period"), Purchaser may either <br />terminate the PSA by providing Seller with written notice or <br />Purchaser may waive this condition by written notice to Seller. <br />Purchaser shall have the right to two (2) separate sixty (60) day <br />extensions, which Purchaser may apply to any of the deadlines for <br />the periods set forth above (Feasibility Period or Governmental <br />Approvals Period) upon payment of a non-refundable fee of $5,000 <br />per each extension <br />SURVEY AND <br />TITLE COMMITMENT: Within ten (10) days after the Effective Date, Seller shall deliver to <br />Purchaser a title commitment prepared by the Title Company and <br />