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8 <br /> <br /> <br />(iv) Buyer has produced evidence of other required permits for the First Phase. <br /> <br />(v) Buyer has produced evidence of financing for the First Phase. <br /> <br />(vi) Buyer has satisfied any other matters which are expressly required by this <br />Purchase Agreement as a condition to the closing on the First Phase Property. <br /> <br />(B) Seller is not obligated to close on the sale of the Second Phase Property in the event <br />Buyer is in default of this Purchase Agreement. Buyer shall not be obligated to <br />close on the purchase of the Second Phase Property in the event Seller is in default <br />of this Purchase Agreement. In addition, Seller shall not be obligated to close on <br />the sale of the Second Phase Property unless and until the following requirements <br />are satisfied: <br /> <br />(i) The Buyer has land use approval from the Seller. <br /> <br />(ii) A Development Agreement has been executed by Seller and Buyer. <br /> <br />(iii) City Building Permits have been issued for the Second Phase. <br /> <br />(iv) Buyer has produced evidence of other required permits for the Second Phase. <br /> <br />(v) Buyer has produced evidence of financing for the Second Phase. <br /> <br />(vi) Buyer has satisfied any other matters which are expressly required by this <br />Purchase Agreement as a condition to the closing on the Second Phase Property. <br /> <br />14. Closing Documents. Subject to performance by the Buyer and the Seller of their respective <br />obligations hereunder, the Buyer and the Seller agree to fully execute, as necessary, and <br />deliver at the applicable Closing the following: <br /> <br />(A) Seller shall deliver a Warranty Deed conveying marketable title to Buyer to the <br />conveyed land, free and clear of all liens and encumbrances except the Permitted <br />Encumbrances. <br /> <br />(B) Buyer shall pay the mortgage registry tax due on any mortgage placed on the Real <br />Property by the Buyer. <br /> <br />(C) An affidavit by Seller indicating that on the date of Closing there are no outstanding <br />unsatisfied judgments, tax liens, or bankruptcies against or involving the Seller and <br />that there are no leases, maintenance agreements or other agreements in force as to <br />the Real Property, and that the Seller knows of no unrecorded interests in the Real <br />Property of any kind, together with whatever standard owner's affidavit may be <br />required by the Buyer. <br /> <br />(D) Buyer shall pay the premium for the title insurance policy referred to herein, except <br />as noted in section 10.