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.!,favor Duane .McCarty <br />City Council Members <br />October 12. 1998 <br />Page 3 <br />E.XZ'ELNSION: <br />CLOSING: <br />BROKER: <br />6.) Buyer shall have been able to enter into a net lease agreement with an <br />anchor tenant of its choice on terms and conditions acceptable to Buyer in its <br />sole discretion. <br />7.) Buyer shall have been able to obtain financing for the project an terms and <br />conditions acceptable to Buyer in its sole discretion. <br />3.) Buyer shall have entered into binding purchase agreements with the <br />owners of certain adjacent property and can simultaneously close on the <br />purchase of the Property and said adjacent parcels. <br />9.) Buyer shalt have agreed to the form of quit claim deed to be given by the <br />Seller, which quit claim deed., Buyer agrees, shall contain restrictions which <br />run with the land which prohibit the use ofthe Property as an adult bookstore, <br />adult movie theater, or massage parlor in each case whose business is the safe, <br />rental or promotion of sexually explicit material acts or entertainment and to <br />which admission is restricted due to age. <br />10.) In the event Buyer fails to. receive approval of the development of the <br />Property at a public hearing, this Agreement may be terminated by either <br />Seller or Buyer. <br />Buyer shall deposit Earnest Money in the form of cash or irrevocable letter of <br />credit in the amount of Ten Thousand and NO /100 dollars (S10,000) in an <br />escrow account with Old Republic Title Insurance Company. Earnest Money <br />shall be refundable if Purchaser cancels the Purchase Agreement during Due <br />Diligence Period and any Extension. <br />Upon the expiration of the Due Diligence Period, provided Buyer has not <br />closed or terminated the Purchase Agreement, Purchaser may extend the Due <br />Diligence Period for three (2) periods of ninety (90) days by depositing <br />additional Earnest Money in the form of cash or irrevocable letter of credit, <br />in the amount of Five Thousand and NO /100 dollars (35,000) in an escrow <br />account. The Additional Earnest Money shall be nonrefundable, but <br />applicable to the purchase price.. <br />CIosing will occur within thirty (30) days of expiration of Due Diligence <br />Period and Extension, but not earlier than the vacation of present Edgwood <br />Drive and reconstruction of Edgewood Drive to the permanent location. <br />Buyer shall be responsible for compensating Terry Moses in connection with <br />this proposed sale. <br />