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1.3. Buyer's development should be innovative. It should foster a sense of community • and promote the ideals of sustainability, such as energy efficiency, design compatibility with the natural environment, water conservation design features, and preservation of natural beauty. It should also foster quality, affordable home ownership with opportunities in place to link the resulting homes to the information highway through the most modern means feasible. 1.4. During the approval process contemplated by Section 4.3.f. below, City Council shall have the right to review all architectural plans and elevations for the exteriors of any buildings, landscaping plans, site plans and other plans prepared in conjunction with the proposed development of the Property. Thereafter, any minor modification of any such plan(s) may be made by Buyer upon review and approval by the City's Planning Department, and any major modification(s) shall be subject to further review and approval by City Council. Planning Department's approval and/or City Council's approval shall not be unreasonably withheld or delayed. 1.5. Buyer shall have the right, from time to time, to enter upon the Property and to perform, at its expense, such soil borings, environmental, engineering and/or topographic studies and tests and surveys as Buyer may elect. 1.6. Buyer agrees to commence development of the Property as soon after the Closing referred to in Section 4 as is commercially feasible unless Seller gives its prior written consent to delay. • 1.7. Nothing contained herein, and no action of the City in approving or failing to approve any plans or specifications, shall be deemed or construed as making any party a partner or joint venturer with any other party or create a principal -agent relationship or any other relationship except that of seller and buyer. Section 2. Land Purchase. Seller agrees to sell and Buyer agrees to purchase the Property, together with all improvements, easements, and appurtenances thereunto belonging, upon the terms, conditions, and provisions set forth in this Agreement. Section 3. Purchase Price. 3.1. The purchase price ('Purchase Price") for the Property shall be $560,000.00. 3.2. Upon final execution of this Agreement by both Seller and Buyer, Buyer shall deliver to Seller an additional Fifteen Thousand Dollars ($15,000.00) which shall be combined with the Five Thousand Dollars ($5,000.00) previously delivered by Buyer to Seller for a total deposit in the amount of Twenty Thousand Dollars ($20,000.00) to Seller (the "Deposit"), which shall be held in escrow. Seller shall hold the Deposit in an interest-bearing account with a federally insured institution until the Closing, at which time the Deposit will be applied toward the Purchase Price, or until this Agreement is otherwise terminated and the Deposit is disbursed • 2