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mortgage in favor of Buyer securing this payment, in the form set forth as attached in Exhibit C. The mortgage will be satisfied at the time of closing upon the compliance by Seller with the terms of this Agreement; (b) $1,100,000.00 by wire transfer in immediately available funds payable to Seller at the time of closing. 3. f'.nntingencies. Buyer's obligations pursuant to this Agreement are contingent upon each of the following: (a) Buyer receiving, on the Date of Closing, title insurance coverage effective as of the Date of Closing in the form and content required by Paragraph 6 hereof. (b) All warranties and representations of Seller hereunder being true and a>rrect as of the date hereof: and on the Date of Closing. (c) Buyer obtaining satisfactory results of any tests or inspections described in Paragraph 9 hereof: including the Environmental Report. If any of the foregoing contingencies has not been satisfied or waived on or before the Date of Closing, except as expressly provided otherwise herein, then this Agreement may be terminated, at Buyer's option, by written notice to Seller given on the Date of Closing. Upon written notice of termination, neither party shall have any further rights or obligations with respect to this Agreement or the Property, except as provided for in this Agreement. If no such notice is given on the Date of Closing, such contingency shall be deemed satisfied and this transaction shall close in accordance with the terms hereof. 4. Closing. The closing of the transaction contemplated by this Agreement shall occur on or before November 1, 2007 (the "Date of Closing"). The closing shall take place in the office of the title insurance company designated in Paragraph 6 at a time to be determined. Seller agrees to deliver possession of the Property to Buyer on the Date of Closing. 2 /1