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<br />. <br /> <br />. <br /> <br />. <br /> <br />'i <br /> <br />that the Sellers assume the responsibility of ascertaining the <br />marketability of such proposed exchange property. <br /> <br />In addition to the tax deferment, the purpose of such exchange <br />may, but is not necessarily limi ted to -the purpose of providing <br />the Seller with property for the relocation of the manufactured <br />home park and related business presently being conducted on a <br />portion of the property described in Exhibit A. <br /> <br />3. Development Costs. Buyer has incurred and expended money for <br />development costs of the.lands and premises described in Exhibit A including, <br />but not limited to, attorney fees, engineering fees, consulting fees, and <br />other site costs, and intends to incur additional development costs in carrying <br />out its obligations under the provisions of this agreement. <br /> <br />The parties acknowledge that it is Buyer's intention to subdivide the <br />Property for sale to third parties (for commercial development) and that some <br />development costs have already been incurred. Notwithstanding Buyer's <br />intention, Buyer has the option to develop the Property and either sell or <br />lease the improved property. The parties agree that additional development <br />costs will be incurred .in any event. <br /> <br />Unless otherwise agreed to in writing by Buver and Seller, Buver's <br />Development Costs must be reasonably substantiated pursuant to industry <br />standards and procedures. The Development Costs, as identified in Exhibit <br />B, shall include, but not be limited to" the following: <br /> <br />A. <br /> <br />Site and Finish Grading,. Costs of all grading necessary for the <br />development of the Property. <br /> <br />B. Utilities. All installation of, deposits for or letter of credit <br />fees incurred for electrical, gas and telephone services to the <br />Pr~perty. <br /> <br />Buyer agrees in its reasonable discretion to the utilization of <br />existing electrical transmission lines by elevating such lines <br />wherever possible in lieu of relocating such lines, and acquiring <br />the easements necessitated by such relocation in order to minimize <br />the costs and expenses relating to such transmission lines. <br /> <br />C. Sanitary and Storm Sewer and Watermains. Installation or assessment <br />for all required: <br /> <br />i. Sanitary sewer trunks, laterals, services; <br /> <br />ii. Watermain trunks, laterals, and services; and <br /> <br />iii. Storm sewer, trunk and laterals, water quality and storage <br />facilities. <br /> <br />D. <br /> <br />Streets. Installation of, or assessment for, all collector and <br />local streets. <br /> <br />-2- <br />