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FILE No. 860 09i18 '9� 16�54 ID�TOLD DEVELOP�ENT 612 420 7574 PAGE 4 4. CONDITIONS PRE�.E]�F�T� In the event any of the conditions set forth in this Section 4 shall not have been fu1f111ed �n or before th� "Review Datc" as defined hereinafCer, Buyer, in its sole discretion, may terminaCe this Agreemenc by giving wri��en notice thereof to Seller on or before the Closing Date, specifying in such notice the condition which has not been fulfilled, and thereupon all earnest monies shal) be paid to Buyer. The fulfillmenl of the conditions of �his Article 4 are for Buyer's sole benefit, Buyer may, in its sole discretion, waive (conditianally or absolutely) the fulfillment of any one or more of the conditions, or any part thereof, specified herein, but only by giving written notice thereof to 5eller at. any time and from timc to kime on or before the Closing Dmte. Any failure of Buyer to provide such wri�een notice shall not be deemed a waiver of the fulfillment of any su�h condition, For purpc►ses hereof, khe Review Date �hall be one hundred eighty {180) days from �he date of this Agreement.. In the event Buyer is unable to satisfy the condi�ions set forth herein on or before the Review Date, Buyer, upon providing written notice to Seller on or before the Review Date, shall have the right to �xtend the Review Dat.e for tw� (2) separatc periods of ninety (90) days each, upon d�posit of a promissory no�e of $5,OOQ,00 as additional Earnest Money for each such extension {"Additiona{ Earnest Money"). Such Additional Earnest Mpney shall be appiicable co the pur�hase Price but refunclable only in Che event of a default of Seller. 4.1 Buyer shafl have been ablc to obtain all necessary governmental approvals and permils with regard ko all applicable environmental, construc:tion, zaning, plakking, signage, subdivision, lot split, D.O.T access and eurn lane agreements and other land use larr�s, ocdinances and regulations and codes for lhe construction and use of the property (and adjaccnt propert�) as Buyer intends. 4,2 Buyer shafl ha�ve been abi.e ta determine that al) necessary utilities, including, but not limited to, natural gas, s�nitary sewer, storm sewer and water, are located at the property line and are of adequate capaci�y co serve the development of the Propercy contemplated by the Buyer. 4.3 Buyer shall have k�een able to conduct such soil tests, environmental assessments �r other tests or investigations as are cansist�nt with its interest h�reunder, the results of which shall be acceptable to Buyer in its sole discretion_ a.4 Buyer shall havc beer� able co determinc the costs of the site for new conseruction and the feasibility of the proposed project based upon said costs and said ec�sts are acceptabl� to Buyer in its sole judgement. 4.S Buyer shall have been able to make ap�?lication co applicable gavernmenCal units and/or quasi-governmenCal entities and to obtain any and all governmental or quasi-governmenEal aid or subsidies necessary, in Buyer's sole judgement> for develo�ment of the Property in an economically feasible rnanner. 4.6 Buyer shall have been able to eriler inlo a net lease agrcement with an anchor tenant o�f its choice on kerms and conditions acceptable to Buyer in ics sole discretion. 4.7 Buyer shall ha�ve been able to obtain financing for the project on terms and conditions acceptable to Buyer in its sole discret.ion. -3-