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(d) Duyer ~grees to mak~ ap~~lication to all ~ecessary
yovernmental agencies fvr G~vernn;~r,4a3 l~p~:r~z~a~ t~ cor.str~~~t •
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'!'wo ~Thousancl Five llundred (2, S00) residential units on tl~e Land. .
13Uyer ayrees to diligently pursue Governmental Approval for
tlie coiistruction of '1'wo `1'l~ousancl I~ive liundred (2, 500) units on
the Land.
(e) In the evei~t Governmental Approval is obtaincd for
less tl~an One Thousand Cive Ilundred (1,500) units or, in tlie
event the co~tsultiny engineers or attorneys retsincd by l3uyer -
to oUtain Governmental lipproval advise Duyer that there is
a sut~stantial likelihood that Governmental ApNroval will be
for less than One Thousand Five liundred (1,500) units, then
l3uyer has tlle option to eittier:
1. Purchase the Land for a total Purchase Price of
L•'iyht i~lillion Dol2ars ($II,000,000.00) in accordance with this
Purchase Agreement~~with IIuyer receiving a creclit for the
clown payment set forth in Paragraph Six hereof.
2. Give notice to Seller ti~at 13uyer dves not wish
to pursue any further action to obtain Governmental Approval
in wtiicl~ event, within one year of such.. notice, thc partics
must do the tollowiny:
(i) IIuycr must recleed the Land to Scller by special
warranl-.y deecl in Full and com~~lete satisfaction of the Purchase
Money Note and Mortgaye described in Parayraph Six (6) tiereof.
(ii) Simultaneously with the Buyer recieeding the Land
to the Seller as provided above, Seller shall agree to pay to
the auyer an amount equal to the downpayment made by Buyer to
Seller, plus all interes,t paid by Huyer to Seller in accordance
wit;i Paragraph Six,hereof. Snch obligation to repay the amount
owecl by Sellcr to I3uycr sl~all be eviclenced by a non-recourse
promissory note and securecl by a tirst moYtyaye on thc southern
portion of the Land calculated on an Ocean I'ront I'oot basis
beyinning at the southeastern boundary of tiie Land at the A~lantic
Ocean, running north along the easternmost boundary of the Land
' -3- 5^}r'iK•J47 F!GE~01
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