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3 <br /> <br />Purchase Price shall be paid at the applicable First Phase Closing or the applicable <br />Second Phase Closing. <br /> <br />(B) Earnest Money. Buyer shall pay the sum of Twenty Thousand and 00/100 Dollars <br />($20,000.00) as earnest money paid within three (3) business days after full <br />execution of this Agreement (the “Earnest Money”) to Land Title, Inc. (“Escrow <br />Agent”), to be held by Escrow Agent pursuant to the terms and conditions of this <br />Agreement. Except as set forth herein, the Earnest Money shall be disbursed as set <br />forth below: <br /> <br />(i) In the event Buyer successfully closes on the purchase of the First Phase <br />Property, the entire $20,000 of Earnest Money shall be paid to Buyer at the First <br />Phase closing. <br /> <br />(ii) In the event Buyer extends the First Phase Closing Date as set forth in section <br />3 and then successfully closes on the purchase of the First Phase Property, the <br />entire $20,000 of Earnest Money shall be paid to Buyer at the First Phase <br />closing. <br /> <br />(iii) In the event Buyer extends the First Phase Closing Date as set forth in section <br />3 but defaults in the performance of this Purchase Agreement beyond any <br />applicable cure period and does not successfully close on the purchase of the <br />First Phase Property, and because of Buyer’s default Seller terminates this <br />Purchase Agreement as provided herein and by law, then $10,000 of the Earnest <br />Money shall be paid to Seller and $10,000 of the Earnest Money shall be paid <br />to Buyer. <br /> <br />3. Land Acquisition Phases <br /> <br />The acquisition and purchase of the Property by Buyer may occur in two phases: A First <br />Phase and a Second Phase. <br /> <br />(A) First Phase: The First Phase shall occur no later than five (5) months after the <br />Effective Date of this Purchase Agreement (the “First Phase Closing Date”); <br />provided, however, that Buyer may by written notice to Seller extend the First <br />Phase Closing Date to a date that is ten (10) months after the Effective Date of this <br />Purchase Agreement, in which case $10,000 of the Earnest Money may become <br />nonrefundable as set forth in section 2.b.(iii) above. The portion of the Property to <br />be acquired at the First Phase shall consist of not less than 1 acre and not more than <br />2 acres of the real property. Buyer shall, as a condition to such acquisition, satisfy <br />the First Phase closing requirements as set forth in section 13.(A) of this Purchase <br />Agreement. Buyer may accelerate the First Phase closing date upon not less than <br />10 days’ notice. In addition, Buyer may extend the First Phase Closing Date by 90 <br />days in order to address and cure deficiencies expressed by the City (and its council) <br />as to why development should not proceed. As an additional exception, any delays <br />to approval of development plans that are attributable to Seller (including its <br />council) shall correspondingly extend the First Phase Closing Date not to exceed <br />90 days.