Agenda - Economic Development Authority - 06/10/2021

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Page 4 PRORATIONS: CONTINGENCIES: legible copies of any instruments of record creating exceptions to title to the Property (collectively, the "Title Commitment"). Purchaser will have the right to have an ALTA/TLTA survey of the Property prepared, at Purchaser's sole cost and expense (the "Survey"). Purchaser shall have until five (5) days prior to the expiration of the Feasibility Period to review and approve or disapprove, in its sole discretion, the Title Commitment and the Survey and deliver to Seller written notice of any objections with respect thereto. Seller shall have a period of five (5) days following receipt of Purchaser's written notice of objection to elect to cure any such objections. If Seller fails ,or elects not to cure any such objections, then Purchaser, on or before the expiration of the Feasibility Period, shall have the right to terminate the PSA upon prior written notice to Seller, in which event the PSA shall be terminated, the Earnest Money shall be returned to Purchaser, and the parties shall have no further rights or obligations except as expressly contemplated by the PSA. All revenues, rents and expenses, including without limitation real property taxes and assessments, shall be prorated as of the date of Closing; provided, however, that roll back taxes, if any, will be paid by Seller. Purchaser and Seller shall each pay one-half (1/2) of any escrow fees of the Title Company. Seller shall pay the basic premium for the Title Policy and all costs to release by any liens. Purchaser shall pay the premium for endorsements and modifications to the Title Policy. All other costs and expenses shall be paid as is customary in escrows for the purchase and sale of commercial real property in the county in which the Property is located. Purchaser presently contemplates to develop an entitled residential community on the Property. Accordingly, Purchaser's obligations under the PSA, including the obligation to close the sale and purchase of the Property, will be conditioned upon the following conditions ("Contingencies"), and in the event they are not satisfied or waived prior to Closing, the Earnest Money shall be refunded to Purchaser: • Purchaser shall have acquired, received full approvals and entitlement and closed the purchase upon the contiguous land currently owned by K. Hovnanian of MN, consisting of 19 parcels and further shown herein as Exhibit B.