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05-19-99 13:44 From-KENNEDY & GRAVEN +6123379310 T-806 P.08/31 F-170 it is bound,or constitutes a default under any of the foregoing. (d) The Developer will construct, operate and maintain the Minimum Improvements in accordance with the terms of this Agreement and all local, state and federal laws and regulations (including, but not limited to, environmental, zoning,building code and public health laws and regulations). 7.3. The representations and warranties set forth in this section shall be continuing and shall be true and correct as of the Date of Closing with the same force and effect as if made at that time. All such representations and warranties shall survive closing and shall not be merged in the delivery and execution of the deed or other instruments of conveyance called for in this Agreement. 7.4. Except for the representations and warranties of Authority expressly made herein, Developer is buying the Property on an "as is," "where is," and "with all faults" basis,based upon its own investigation and judgment. 7.5. Prior to commencement of construction of the Minimum Improvements, the Developer agrees to furnish to the Authority a performance bond,certified check, certificate of deposit, irrevocable letter of credit, or cash escrow in the amount of 150% of the cost of the Property (the "Financial Guarantee"). The cost for the Property is $49,500.00. Upon a breach by the Developer of this Agreement, and in addition to and notwithstanding any other remedy the Authority has under this Agreement or otherwise, the Authority may declare the Developer to be in default under this Agreement and, upon failure of the Developer to cure the default within 30 days of written notice, may demand the Financial Guarantee be paid over to the Authority. From the proceeds of the Financial Guarantee, the Authority shall be reimbursed for any attorneys' fees, engineering fees or other technical, administrative or professional assistance, and the remainder thereof shall be used by the Authority to complete the Minimum Improvements. The Developer shall be liable to the Authority in the event and to the extent that the Financial Guarantee is inadequate to reimburse the Authority for its costs and pay for the completion of the Minimum Improvements. 8.0. Review of Documents. Concurrently with execution of this Agreement or within ten days following the date hereof, and to the extent such documents are available to Authority, Authority shall deliver to Developer the following documents: existing (i) reports (whether in draft or final form) of any environmental inspections, audits or examinations of the Property; (u)reports of all engineering tests,inspections and studies of the Property and(iii) reports of soil tests of the Property; all as Authority may have or be able to obtain copies of without unreasonable expense (all such records, plans, permits and reports being hereafter referred to as the "Existing Tests"). 9.0. Conditions to Closing. The closing of the transaction contemplated by this Agreement and the obligation of the Authority to sell the Property and of the Developer to purchase the same shall be subject to the following conditions: 9.1. Authority Responsibilities: D.IG-162543 6 M 0205-2