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<br />(F) That Seller has no knowledge of any condemnation proceedings <br />having been instituted or threatened against the Property. <br /> <br />(G) That Seller has received no notice of, nor has Seller any knowledge <br />of, any violations of any federal, state, county or municipal laws, <br />ordinances, orders, regulations or requirements affecting the <br />Property. <br /> <br />(H) The Seller is not a foreign person within the meaning of Section <br />1445 of the Internal Revenue Code ("IRC"), i.e., the Seller is not a <br />nonresident alien, foreign corporation, foreign partnership, foreign <br />trust or foreign estate (as those terms are defined in the IRC and <br />Income Tax Regulations). <br /> <br />(I) The Seller represents that it knows of no wells or septic systems on <br />the Property. <br /> <br />The representations contained in this section shall be true and correct on the date <br />of closing and shall survive the closing and continue in full force and effect <br />notwithstanding the closing and consununation of the transaction contemplated herein, <br />and the obligation of the Purchaser to close this transaction is expressly conditioned upon <br />said representations. <br /> <br />7. SURVEYS: Seller, at Seller's sole cost, shall procure and provide to <br />Purchaser an ALTA Survey of the Property. <br /> <br />8. PURCHASE PRICE: The purchase price for the Property shall be One <br />Million Three Hundred Thousand and no/100 Dollars ($1,300,000.00). The purchase <br />price, less the earnest money below, shall be payable in full on the date of closing. This <br />purchase price is predicated on Purchaser's development of the Property with up to 130 <br />units of density. In the event the number of units constructed exceeds 130 units, then the <br />Purchaser shall be responsible for paying an increase in the Purchase Price in the amounts <br />as follows: 1) $8,000 per condo unit; 2) $20,000 per townhome unit. The increased <br />Purchase Price funds shall be paid in total prior to the issuance of any building permits <br />for the additional density units. The increased Purchase Price shall only apply to those <br />units in excess of the first 130 units to be constructed on the Property. <br /> <br />9. EARNEST MONEY: The sum of Ten Thousand Dollars ($10,000.00), the <br />same representing earnest money, will be paid into an interest-bearing escrow account to <br />be established by the Purchaser's title insurance company within ten (10) days after last <br />execution of this Agreement. <br /> <br />4 <br />