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ARTICLE II <br />PURCHASE PRICE/ADJUSTMENTS/ <br />PAYMENT/EARNEST MONEY/ PROBATIONS/RESERVATION <br />2.1 Purchase Price. Buyer shall pay to Seller, as consideration for the conveyance of <br />the Property, approximately four hundred six thousand seven hundred and twenty- <br />five dollars and no/100 ($406,725.00), the ("Purchase Price"), subject to <br />adjustments, prorations and allocations, as hereinafter provided. <br />2.1.1 $48,345.00 of the purchase price shall be paid in cash at the time of <br />closing. The earnest money to be paid by Buyer pursuant to the terms set <br />forth in Section 2.3 shall be credited toward the payment of the purchase <br />price at the time of closing. <br />2.1.2 $33,000.00 of the purchase price will be paid in park dedication credits for <br />a miximum often residential lots and will be provided by the Buyer at the <br />time of closing. These credits will be transferable by Seller with Seller's <br />remaining land and will provide park dedication relief for a maximum of <br />ten residential lots. <br />2.1.3 The balance of the Purchase Price, approximately $325,000.00, shall be <br />paid in four equal annual installments of $81,345.00 along with simple <br />interest at 5% per annum and shall be evidenced by a note substantially in <br />the form of Exhibit B to be executed at closing. <br />2.2 Prorations and Allocations. Seller and Buyer shall make prorations and <br />allocations of the following expenses, with respect to the Property: <br />2.2.1 Real Estate Taxes and Special Assessments. <br />2.2.1.1 Real Estate Taxes. General real estate taxes (i) payable in the <br />years prior to the year of closing will be paid by Seller, (ii) payable <br />in the year of closing shall be prorated by Seller and Buyer as of <br />the Closing Date, based upon a calendar year; and (iii) payable in <br />the year following the year of closing shall be paid by Buyer. <br />2.2.1.2 Special Assessments. Seller shall pay any special assessments <br />levied or pending against the Subject Property as of the Effective <br />Date, or that become levied or pending after the Effective Date of <br />this Agreement, including, but not limited to, area wide <br />transportation charges and area charges for sanitary sewer, storm <br />sewer and trunk water charge, if any. <br />2.2.2 Title Insurance. Seller shall pay the title insurance commitment fee and <br />Buyer will pay all costs of the owner's Title Policy and all supplements <br />and endorsements thereto. <br />Page 2 <br />