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will accept from EDA the Deed for the Property, subject to the terms and conditions hereinafter
set forth.
Except as expressly set forth in this Contract or in any documents delivered by EDA at
Closing, Developer is accepting the use and conveyance of the Property “AS IS.” Developer shall
have through the Review Period Expiration Date to exercise its rights under Section 4.1 (and
thereafter until Closing, if this Contract has not been terminated). In the event Developer
determines the Property is unsuitable for constructing the Commercial Facilities, it shall provide
the EDA with written notice of such determination on or prior to the Review Period Expiration
Date, and Developer’s sole remedy shall be return of its Deposit and termination of this Contract,
in which event the parties will have no further rights and obligations hereunder, except for those
tights and obligations that expressly survive the termination of this Contract. Each Party shall be
responsible for its costs of Closing in accordance with Section 3.9 below. Title to the Property will
be conveyed by the EDA to the Developer at Closing in accordance with this Contract.
EDA shall not be obligated to any extent under this Contract unless and until the Board of
Directors of the EDA has properly approved this Contract and the Chair or Vice Chair has executed
this Contract.
Section 2.2. Restrictive Covenants.
(a) The restrictive covenants contained in this Section 2.2 (“Restrictive Covenants”)
are intended and designed to operate as covenants binding upon the Property and the Developer
and its successors and assigns of this Contract, conditioned upon EDA’s agreement to any
assignment, and shall be set forth in the Deed. Accordingly, the term “Developer” in this Section
2.2 shall be interpreted to mean Developer, or its successor or assignee, as applicable. The
Restrictive Covenants are intended for the benefit of the Property, provided that only the EDA
shall have the right, power and authority to enforce the Restrictive Covenants; and provided,
4924-8886-8988, v. 12
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