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Approval. Tho Parties also recognize thQ possibility tl~nt
tlie number of units receiving Governmental Approval may bo ,
'~•incrcased at some time.subsequent to initial Govcrnmental
•------~•.~~ . h~~ .~rotecC L-hc Scllcr a~yainst such a subsequcnl
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incrc~se in Governmental'•Approval, the Warranty Deed conveying
t.itli: to Duyer sl~all contain a restrictive provision providinq
for an increase in the Purchase Price based upon the following
scl~~dulc:
(a) Dase Purchase Price is $8,000,000.00 for 1,500 units.
(b) The Purcl~ase Price is i:o be increased by 54,000.00
pcr unit for ,each unit ~~c~:~~~;,g ~~ti~~r:':?.^.~'T!}?~ ~;~proval from
i,500 units to 2,000 units. •
(c) The Purchase Price is to be furtl~er increasecl by
53,000.00 per unit for eaci~ unit receiviny Govern~nental
Approval from 2;~U00 units to 2,500 units.
, (:1) In all cases, the maximum Purchase Price si~all be
511,500,000.00.
Sellers shall release portions of the Land from tl~is
restriction upon application from I3uyer provided,that there ,
has been no increase in tl~e nu~nber of units receiving
Governmental Approval and provicled that a bui~ldiny permit
lias becn issued for thc L~nd to 1~e rel.easccl.
ItJ WITNESS w«LKEOe, the parties have executed this
Agreement as of the date first above written.
CORPORl\TI ON CLOIt I UT.
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IIOMI:It IIUYT 1NS'PI'fU'1'1:
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Attest:
-18-
~.~ 349 P~~~ 2y96
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