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6 DOCSOPEN\MU205\50\716385.v4-4/22/21 Thousand Dollars and 00/100 ($77,000.00) (the “Purchase Price”). The Purchase Price is due at the time of closing according to this Agreement. The Developer will pay to the EDA on or before fourteen (14) days from the date of this Agreement, earnest money in the amount of $5,000.00 (the “Earnest Money”) which shall be credited toward the Purchase Price at the time of closing. The EDA agrees to convey title and possession of the Development Property to the Developer by quit claim deed in the form attached hereto as Exhibit D. The conveyance of the Development Property and the Developer's use of the Development Property shall be subject to all of the conditions, covenants, restrictions and limitations imposed by this Agreement and the Development Property Deed. The conveyance of title to the Development Property and the Developer's use of the Development Property shall also be subject to the building and zoning laws and ordinances and all other City, State and federal laws and regulation, easements and rights of way. Section 3.2. Condition of Title. Within thirty (30) days of the date of this Agreement, the EDA agrees to submit to the Developer, at the EDA’s expense, a commitment for title insurance regarding the Development Property. The Developer shall have twenty (20) days after delivery of the commitment to examine same and to make any objections concerning the condition of title regarding the Development Property. Objections to the condition of title shall be made in writing and addressed to the EDA. Failure on the part of the Developer to make objections within twenty (20) days shall constitute a waiver of same and of the Developer’s right to object to the condition of title. If the Developer provides written objections to title, the EDA shall have forty-five (45) days thereafter to cure the defects cited by the Developer or to inform the Developer in writing that the EDA cannot or will not cure said defects. If there are no defects in title to which the Developer objects in writing or the Developer fails to object in a timely manner or if the EDA cures the defects within the prescribed period, the parties will proceed to closing; provided, however, that all other conditions precedent contained herein are satisfied or duly waived. If there are defects in title to which the Developer has objected in a timely manner and which the EDA cannot or will not cure, the Developer may terminate this Agreement at its option within ten (10) days of notice from the EDA of its inability or unwillingness to cure. The EDA shall have no obligation to cure any defects in the title of the Development Property. If the Developer chooses to terminate this Agreement pursuant to this Section 3.2, the Developer agrees to execute a quit claim deed regarding the Development Property in favor of the EDA and the EDA shall refund to the Developer all Earnest Money. Thereafter the parties shall have no further obligation towards one another with regard to this Agreement or the Development Property. The Developer may also choose to proceed to closing on the Development Property and take title subject to the defect(s). Notwithstanding any other provision herein to the contrary, if the Developer proceeds to closing within less than the time periods set forth herein for receipt of a commitment for title insurance and objection to title defects, such action shall be deemed to be a waiver by the Developer of its right to examine and object to the condition of title of the Development Property. Section 3.3. Financing. Before conveyance of the Development Property by the EDA, the Developer agrees to submit to the EDA evidence of a commitment for financing which is adequate, in the EDA’s sole opinion, for the construction of the Minimum Improvements. If the EDA finds that the financing complies with the terms of this Section 3.3 and is sufficiently committed and adequate in amount to provide for the construction of the Minimum Improvements, the EDA shall notify the