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Section 2.8. Possession. City shall deliver possession of the Development Properof to <br />Developer on the Closing Date. <br /> <br /> Section 2.9. Developer's Contineencies. 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 />(a) <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 that cannot be <br />remedied by the City. <br /> <br />Co) <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 />(c) <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 in this Section 2.9. are for Developer's sole benefit. <br />Whether or not the said contingencies have been satisfied shall be determined by Developer in <br />the exercise of its sole and absolute discretion. In the event that any of the foregoing <br />contingencies are not satisfied, or satisfaction thereof is not waived by Developer giving written <br />notice to City of said waiver on or before 30 days prior to the Closing Date, ("the Contingency <br />Expiration Date"), Developer may, at its option, terminate this Agreement by giving written <br />notice to City on or before the Contingency Expiration Date. If Developer so terminates this <br />Agreement, neither party sba/1 have any further rights, obligations or liability under this <br />Agreement. <br /> <br />-194- <br /> <br /> <br />