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City of New Brighton – 2 acres Letter of Intent November 21, 2016 Page 2 <br /> <br />7. Feasibility Period: 120 days after the later of the effective date of the contract and Buyer’s receipt of the “Property Documents.” During the Feasibility Period, Buyer shall perform due diligence. Buyer may terminate the contract at any time and for any reason prior to the expiration of the Feasibility Period, in which case the <br />Deposit will be returned to Buyer. 8. Closing: Later of April 1, 2017 or 15 days after preliminary plat approval, provided the Conditions to Closing have been satisfied. <br />9. Right of Entry : During the Feasibility Period and all times prior to Closing, Buyer will have the right to enter the Property for any purpose in connection with its purchase of the Property. Buyer will indemnify and hold Seller harmless from the activities of Buyer and/or Buyer’s agents related to their entry and <br />investigation of the Property. Any investigations and/or inspections initiated by Buyer shall be undertaken at Buyer’s expense. After completing its investigation of the Property, if Buyer elects to terminate the contract, Buyer <br />shall leave the Property in substantially the same condition existing prior to the investigations and/or inspections. <br /> 10. Property Information: Within 15 days after the execution of the contract, Seller, their agents and/or their consultants will provide Buyer with all information available to Seller regarding the ownership and potential development of the Property including, but not limited to, correspondence from the city or county, flood zones, deed restrictions, utility commitments, engineering plans, studies, soils reports, engineering reports, construction plans, subdivision plans, and/or environmental reports (“Property Documents”). <br /> 11. Title Insurance: Buyer will pay the premium for an owner’s policy of title insurance if desired by Buyer and the cost of any endorsements or modifications to the policy. Buyer shall obtain a Title Commitment within 15 days after the execution of the contract. Buyer will have 15 days after receipt of the Title Commitment <br />and Survey to give Seller written objections to the Title Commitment and/or Survey, if any. Buyer shall pay the premium for the Title Policy, which shall <br />be available at Closing in the form of the Title Commitment, previously approved by the Buyer. Seller shall satisfy all monetary liens and assessments affecting the Property. <br /> <br />Objections to the Title Commitment and/or Survey will be satisfied as provided for in the contract. The Title Commitment will be updated 5 days prior to Closing. Buyer may object to any “new ” matters. <br />12. Survey: Within 5 days after the execution of the contract, Seller will deliver a copy of Seller’s most recent survey of the Property to Buyer. Buyer may obtain a new or updated survey of the Property at Buyer’s expense. 13. Conditions to Closing: The following conditions must be satisfied prior to closing: <br />• Seller’s representations are true and correct. <br />• No moratorium/building permits are available. <br />• Title policy is available. <br />• Buyer’s proposed preliminary plat has been finally approved by the approp riate governmental authorities.