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• III. PURCHASE AGREEMENT—with Buyer/User(or EDA) <br /> A. Purchase price according to price schedule attached (See Section IV) <br /> B. Amount of earnest money <br /> C. Method and timing of final payment <br /> D. Timing of delivery of possession <br /> E. Pre-Closing Documentation <br /> 1. Survey <br /> • party responsible to provide survey <br /> • party with rights to review survey and object thereto <br /> • method for objections <br /> • procedure to answer objections <br /> • rights and obligations of parties if objections are not satisfied <br /> 2. Title insurance commitment <br /> • party responsible for providing commitment <br /> • provision for Buyer to review and make objections to commitment <br /> • provision for Seller responding to title objections <br /> • options for parties if title objections not satisfied <br /> F. Subdivision- party to be responsible for obtaining subdivision of the property <br /> G. Definition of minimum improvements <br /> H. Timing of minimum improvements, Buyer to complete <br /> I. Timing of site improvements or public improvements, City/EDA to complete <br /> • J. Contingencies <br /> 1. Obtain purchase and construction mortgage <br /> 2. Execution of Developer's Agreement with EDA to provide TIF/other <br /> inducements <br /> K. Seller's warranties <br /> 1. No parties are in possession <br /> 2. Planned development of the property will not violate any private agreement <br /> or law <br /> 3. Property has not been used for generating, transporting, storing, treating or <br /> disposing of hazardous substances <br /> 4. There are no leases, contracts, permits, licenses, surface agreements or <br /> other easements other than those on title commitment <br /> 5. Seller has good and marketable title <br /> 6. There are no judgments, liens, suits, actions . . . pending or threatened <br /> against Seller that would have a material adverse effect on Seller or the <br /> property. <br /> 7. There are no aboveground or underground storage tanks <br /> 8. There is no sewage treatment system on the property <br /> 9. Well disclosure <br /> 10. Condition of the property that will be delivered to Buyer(will Seller <br /> demolish/remove structures, grade . . . ) <br /> • <br /> PhillA 525135.2 Page -3- <br />