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modification).
<br />20. Special Conditions: The following shall constitute special Terms of this Agreement and shall survive the
<br />Closing
<br />(a) Existing Surveys, Reports and Title Evidence: Seller has provided or, on Buyer's demand, will promptly
<br />provide to Buyer the original or copy of any and all surveys, title evidence, soil test reports, environmental site
<br />assessments and any other inspections or testing reports or studies which Seller possesses relative to the Property.
<br />(b) Buyer shall, at its sole cost and expense, be responsible for obtaining all necessary approvals, permits,
<br />consents and agreements necessary to enable Buyer or Buyer's nominee(s) to construct, erect, maintain, repair and
<br />replace signage and Buyer shall comply with all applicable laws, regulations, rules and ordinances.
<br />(c) Local Participation: Buyer shall in good faith encourage Buyer's contractors, subcontractors, licensees,
<br />concessionaires and tenants to use and hire qualified Lakewood businesses and citizens in the development and
<br />construction of the Property and for their business operations at the Property (if and as applicable).
<br />(d) Prohibited Uses: Buyer acknowledges that Seller, pursuant to the Prior Deed, is obligated to restrict the
<br />use of the Property to a use that is primarily residential in nature, with additional prohibitions on uses found in the
<br />Prior Deed. Buyer agrees the Deed will contain the same restrictions and prohibitions on use of the Property, and
<br />agrees not to permit operation of any enterprise on the Property in violation of these restrictions and prohibitions. The
<br />term "operation" shall include not only those involving the Buyer's hnprovements but also all those upon the
<br />Property. The Deed shall provide that such prohibitions shall continue for a period of twenty (20) years from the
<br />Closing Date.
<br />(e) City's Support: The Seller has agreed to provide the following support for the project: (i) provide parallel
<br />parking along the West Clifton border of the Property; (ii) replace the sidewalks on the Property's Northwood Avenue
<br />fi•ontage: (iii) provide building permits and inspection fees at cost (not the standard fee schedule) and agrees that there
<br />are no separate tap in fees; all subject to separate approval of Seller's city council.
<br />(fl Buyer's Covenant: Buyer will begin construction activities and efforts at the Property ( "Construction "),
<br />no later than 12 months after the Closing Date and Buyer shall construct a minimum of 15 units as shown on Exhibit
<br />"B" for delivery to arm's- length purchasers not later than the date that is the 36 -month anniversary of the Closing
<br />Date; provided, however, that the deadlines in this paragraph, by reason of Acts of God, labor strike, lockout, inability
<br />to procure materials, failure of power, riot, insurrection, war or warlike act, terrorist act, utility blackout or brownout,
<br />legal requirement or other reason not within the control of Buyer, shall be continued for a period equivalent to the
<br />period of such delay.
<br />21. Condition of Property: BUYER ACKNOWLEDGES THAT EXCEPT AS OTHERWISE EXPRESSLY
<br />PROVIDED IN THIS AGREEMENT: (A) PRIOR TO THE CLOSING, BUYER SHALL HAVE HAD AN
<br />OPPORTUNITY TO MAKE ALL INSPECTIONS OF THE PROPERTY AS DESIRED BY BUYER, AND BUYER
<br />SHALL HAVE INSPECTED TIIE PROPERTY AND ACCEPTS IT "AS IS" IN ITS CURRENT CONDITION
<br />WITHOUT WARRANTY NOT OTHERWISE SET FORTH HEREIN; (B) BUYER IS AWARE OF THE PRESENT
<br />PHYSICAL CONDITION OF THE PROPERTY; AND (C) BUYER FURTHER ACKNOWLEDGES THAT
<br />(EXCEPT AS OTHERWISE PROVIDED IN THIS AGREEMENT) THE PROPERTY IS BEING PURCHASED IN
<br />ITS PRESENT PHYSICAL CONDITION AND THAT THERE HAVE BEEN NO REPRESENTATIONS,
<br />WARRANTIES OR STATEMENTS MADE CONCERNING THE CONDIDON OF THE PROPERTY
<br />(INCLUDING, WITHOUT LIMITATION, ANY REPRESENTATION, WARRANTY OR STATEMENT
<br />CONCERNING THE ENVIRONMENTAL CONDITION OF THE PROPERTY) OTHER THAN THOSE
<br />CONTAINED HEREIN, AND THAT BUYER HAS NOT RELIED ON ANY OTHER REPRESENTATIONS,
<br />WARRANTIES OR STATEMENTS. ANY REPRESENTATIONS, WARRANTIES, PROMISES OR
<br />STATEMENTS BY ANY BROKER, AGENT OR EMPLOYEE OF SELLER OR ANY OTHER PERSON TIIAT
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<br />DELTAVIEW COMPARE: 2129602
<br />212 0707 ver 45
<br />37742 -0009
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