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for the sum of One Million Three Hundred Thousand Dollars <br />($1,300,000.00) (the ."Purchase Price"). The Purchase Price <br />shall be payable in cash or immediately available funds at the <br />time of Closing, subject to the following adjustments: <br /> <br /> (a) If Redeveloper acquires the post office and parking <br /> lot properties described in Section l(a) above, the <br /> Purchase Price shall be appropriately increased in <br /> accordance with the provisions of such Section l(a); <br /> and <br /> <br /> (b) If the City's fire station Redevelopment Property <br /> <br /> (Permanent Parcel No. 314-4-022) has not been totally <br /> demolished, cleared and graded by the City at the time <br /> of Closing, the fair market value of such Property, as <br /> determined by independent appraisal, shall be retained <br /> by Redeveloper and'paid to the City upon completion of <br /> all demolition, clearing, grading and other Site Work <br /> (as defined in Section 5) pertaining thereto; provided <br /> that title to the non-public portion of such <br /> RedeveloPment Property shall be conveyed to <br /> Redeveloper at Closing; and provided further that the <br /> City'may continue to use and occupy the fire station <br /> building pending relocation of the fire station. <br /> <br /> In connection with the Title Insurance Policy requirements <br />of Section l(g) above, the City and the Redeveloper may <br />establish such valuations for individual Redevelopment <br />Properties as they mutually determine, provided that the sum <br />total of all such valuations shall be equal to the Purchase <br /> <br />- 13 - <br /> <br /> <br />