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J• <br />contingency for up to two additional thirty (30) day extensions upon notice to <br />Seller, given before the end of the initial one hundred eighty (120) day period <br />specified in this Paragraph i. or the first thirty (30) day extension period, if <br />applicable, if Buyer is diligently pursing obtaining a commitment for financing, <br />but has not yet received formal approval of such commitment. <br />Leasing. On or before the first business day which is one -hundred twenty (120) <br />days after the Effective Date, Buyer shall have entered into lease agreements with <br />tenants who will occupy the medical office building to be constructed by Buyer <br />on the Property, upon terms and conditions acceptable to Buyer, obligating such <br />tenant(s) to lease no less than 5,500 sq. ft. of space in such medical office <br />building. <br />k. Performance of Seller's Obligations. As of the Closing Date, Seller shall have <br />performed all of Seller's obligations under this Agreement and the representations <br />and warranties of Seller in this Agreement shall be true and correct on the Closing <br />Date, as of made on the Closing Date. <br />If any of the above contingencies have not been satisfied on or before the applicable dates <br />(including the extended dates referenced in f. and i.) stated in this Section 3, then this <br />Agreement may be terminated, at Buyer's option, by written notice from Buyer to Seller. <br />Such notice of termination may be given at any time on or before the applicable dates <br />stated above. Upon such termination, the Earnest Money shall be refunded to Buyer and <br />upon such return, this Agreement shall become null and void and neither party will have <br />any further rights or obligations regarding this Agreement or the Property. Should Buyer <br />fail to give notice of termination on or before the applicable date stated above with <br />respect to any of the foregoing contingencies, the contingency in question shall be <br />conclusively deemed to have been waived by Buyer. Buyer shall have the right to <br />unilaterally waive any contingency by written notice to Seller. <br />Seller shall allow Buyer, and Buyer's agents, access to the Property without charge and at <br />all reasonable times for the purpose of Buyer's investigation and testing. Buyer shall pay <br />all costs and expenses of such investigation and testing, except as herein otherwise <br />expressly stated, and shall hold Seller and the Property harmless from all costs and <br />liabilities relating to Buyer's activities. Buyer shall further repair and restore any damage <br />to the Real Property caused by or occurring during Buyer's testing and return the Real <br />Property to substantially the same condition as existed prior to such entry. <br />4. Closing. Unless otherwise agreed to by the Parties, the closing of the purchase and sale <br />contemplated by this Agreement (the "Closing") shall be held on the first business day <br />which is fifteen (15) days after the date on which the contingencies described in <br />Paragraphs b — j, inclusive, of Section 3 of this Agreement have been waived or satisfied <br />(the "Closing Date"). 1n no event shall the closing occur later than March 15. 2015. The <br />Closing shall take place at 10:00 a.m. local time at the office of the Title Company or at <br />such other place and time as may be mutually agreed to. Seller agrees to deliver <br />possession of the Property to Buyer on the Closing Date. <br />4 <br />Davis Real Estate/City of Little Canada <br />