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respective rights and obligations one to tt~e otl~er u~dcr this '~
nyreement as set forth be2ow. Accordinyly, the term "All Nee-~ -
essary Governmental Approvals" or "Governmental A~~provals" as used
licrein shall mean the unconditional approval by all necessary
yover»ment~~l entities an~ agencies haviny jurisdiction over
the Land for the construction of reside~tial units in such form
so that u~on Buyer's application, building permits for construction
of such residential units on the Land sl~all be immediatcly issued
to I3uyer subject only to compliance with applicable building codes.
All Nccessary Governmental Approvals sliall be dcemcd to have
been qiven by all applical~lc Governmental Agencies upon the
issuance of the first building permit for construction on the
land subject only to compliance with a~~plicable building codes.
S. rurcl~ase Price. The purchase price ("Purchase Price") for
the Land shall be Ten Million (U.S.) Dollars ($10,000,000.00),
to be adjustea as follows:
(a) The Purchase Price set for~h above is based upon Govern-
mental Approval for the construction of Two Z'housand (2,000)
residential ut~its on ~he Iand, ~
(b) The Purchase l~rice is to be increased l~y the ,sum of
-2-
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B;~fm~ ~~9 P~GF 2.~0~ i
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'1'l~rce 'r}iousand Dollars ($3,000.00) per unit for each residential
unit over 'Pwo Tliousancl (2,000) units. receiviny Governmental
Approval, with a maximum Purciiase Price of Eleven Million Five
Hundred Thousand Dollars ($.11,500,000.00).
(c) Tlie Purchase Price is. to be decreased by the sum of
Four Thousand Dollars ($9,000.00) per unit for each unit under
Two Thousand (2,000) units in the event Governmental Approval
' is for less than Two Thousand (2,000) units.