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Charlotte, North Carolina offices. In the event this Option is exercised and Buyer breaches any <br />conditions or obligations hereto to be performed by Buyer, then the Option Money shall be <br />forfeited and retained by Seller as full and complete liquidated damages. <br /> <br /> 4. Contract Upon Exercise. Upon exemise, the temps and condition, s of purchase <br />and sale shall be as follows: <br /> <br /> 4.01. Purchase Price. The Purchase Price shall be Two Million One Hundred Fifty <br />Thousand and No/100 Dollars ($2,150,000.00), payable as follows: (i) Two Million Ten <br />Thousand and No/100 Dollars (2,010,000.00) in cash or by check satisfactory to Seller at <br />closing, and (ii) One Hundred Forty Thousand and No/100 Dollars ($140,000.00) in cash or by <br />check satisfactory to Seller upon Seller's delivery of possession of the "Building Tract" (as <br />defined in Paragraph 4.06 below). <br /> <br /> 4.02. Ad Valorem Taxes. Ad valorem taxes on the real property shall be prorated on <br />a calendar year basis to the date of closing. <br /> <br />4.03. Other Conditions. <br /> <br /> A. There must be no restriction or easement that would prevent use of the <br />property for shopping center purposes. <br /> <br /> B, The property must be rezoned to B2 from its current zoning of 0-1 and, <br />once the rezoning has been obtained, no change in such zoning shall be pending or threatened <br />at the time of closing. Such rezoning shall be undertaken by Buyer at its sole expense. Seller <br />shall cooperate fully with Buyer's efforts to rezone the property. <br /> <br /> C. Seller must deliver title to aU of the property at closing by general wa~,~aty <br />deed and title must be indefeasible, fee simple and marketable, free of all liens and <br />encumbrances except only ad valorem taxes for the current year (prorated as provided in 4.02 <br />above), and such other encumbrances as may be specifically approved by Buyer. <br /> <br /> D. Seller shall also furnish at closing an affidavit and indemnification <br />agreement in form satisfactory to Buyer showing that all labor or materials, if any, furnished <br />to the property within 120 days prior to the date of closing have been paid and agreeing to <br />indemnify Buyer against all loss from any cause arising therefrom. <br /> <br />E. The property must have legal access to a public right-of-way. <br /> <br /> F. The property must be in substantially the same condition on the date of <br />closing as on the date of this Option. Seller agrees not to take any action whatsoever which <br />would adversely affect the value or title to the property prior to closing. <br /> <br />G. Risk of loss by fire or other casualty prior to closing shall be on Seller. <br /> <br />-3- <br /> <br /> <br />