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DRAFT 4.15.2004 3.1. The amount of $10,000 as earnest money (the "Earnest Money") to be deposited by Developer with Title Insurer or such other Closer as the Authority may determine in its discretion within three (3) days after the date of this Agreement and held and disbursed under the terms of this Agreement. 3.2. The amount of$49,000 shall be payable in cash or certified check on the Date of Closing. 3.3. Subject to and upon the terms and conditions of this Agreement, Authority agrees to finance the remaining purchase price of the Property and to loan to Developer funds in the maximum sum of Two Hundred Forty Thousand and no/100ths Dollars ($240,000) (the "Loan") to facilitate the purchase of the Property. The Loan shall be evidenced by a promissory note (the "Note") payable by Developer to Authority and substantially in the form of Exhibit H attached hereto, and a mortgage (the "Mortgage") in substantially the form set forth at Exhibit I attached hereto, both of which shall be dated as of the Date of Closing pursuant to this Agreement; both the Note and Mortgage are necessary to secure repayment of the entire outstanding balance remaining to be paid by Developer to Authority for the purchase price of the Property. The Loan shall be repaid with interest as follows: • (a) Interest at the rate of four percent(4.00%)per annum shall accrue on the amount of Loan proceeds outstanding and remaining to be paid by Developer to Authority from the Date of Closing until the Loan is repaid in full. (b) Payments of principal and interest shall commence on the first day of the fourth month from the Date of Closing (the "Initial Payment Date") and continue on the first day of the seventh, tenth and thirteenth month thereafter until paid in full, with such repayment of principal and interest as contained in the schedule(the"Repayment Schedule") as set forth in Exhibit J. Such payments shall fully amortize any outstanding balance of the Loan over twelve (12) months; provided, however, the entire remaining unpaid balance of principal and interest shall be due and payable on the first day of the 13th month following the Date of Closing. 4.0. Title To Be Delivered. The Authority agrees to convey marketable fee simple title to the Property to the Developer by Quit Claim Deed in the general form of Exhibit D. The Authority's deed to the Developer will be subject to the Right of Reverter set forth in Section 17.3 of this Agreement and subject to easements of record and the encumbrances approved by Developer in accordance with Section 5.2. Should Developer determine Authority's title to the Property to be unmarketable, Developer may make objections to Authority's title in accordance with Section 5.2. Nothing contained in this Agreement shall be construed as a covenant requiring Authority to obtain marketable title to the Property if it is determined that Authority does not have marketable title. SJR-245249v4 MU205-29 4