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2.01 Amount of Purchase Price. The purchase price for the Property shall be $725,000.00 (the "Purchase Price"), payable to Seller at Closing (as hereinafter defined), in immediately available funds, adjusted by all prorations, credits, allowances and other adjustments specifically provided for herein. ARTICLE III CONTINGENCIES 3.01 Contingent Agreement. This Agreement shall be completely contingent upon Buyer's satisfaction of or Buyer's waiver (at Buyer's sole discretion) of the contingencies set forth in Section 3.02 below (the "Contingencies"), within 180 days of the Effective Date (the "Contingency Period"). In the event that Buyer has not satisfied the Contingencies within said 180-day period, then Buyer shall have the right to extend the Contingency Period for up to 2 additional 30-day periods upon delivery to Seller of notice of such extension at any time on or prior to the expiration of the original 180-day Contingency Period (as it may have previously been extended). If Buyer so elects to extend the Contingency Period, Buyer shall, upon each such election deposit an additional $10,000.00 (which amount plus the interest accrued thereon is referred to collectively and individually, as context requires, as the "Additional Deposit") with the Escrow Agent. The Additional Deposit shall be treated in the same manner as the Earnest Money. The date upon which all Contingencies are either satisfied or waived, pursuant to Section 3.03 or otherwise, shall be referred to as the "Contingency Date". 3.02 Contingencies. The Contingencies are as follows: (a) Approval of the appropriate governmental agencies of a site plan and a City development agreement for the proposed retail grocery store to be developed on the Property including, but not limited to, approval of curb cuts and any off -site traffic management improvements deemed necessary for the operation of Buyer's business on the Property; (b) Obtain all permits (for construction and signage), licenses and other necessary governmental and third -party approvals (including, but not limited to, "wetland" construction approval, if necessary) for the proposed development; (c) Determination that the Property is properly zoned for Buyer's intended use, construction and development and that there are no other conditions or restrictions on Buyer's intended use and development thereof; (d) Determination that the Property is not located within a flood plain and that the Property has drainage conditions acceptable to Buyer for the proposed development of the Property; (e) Determination that all utilities necessary for the proposed development are available at, or within the right-of-way adjacent to, the boundary lines of the Property, in locations acceptable to Buyer, with sufficient capacity, pressure and depth to service the proposed development; 2 B: S: