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(2) A signed statement certifying that Buyer is continuing to work on • solving the problem at issue and believes that there is a reasonable likelihood of success in that regard prior to the extended Closing Date. If Seller is satisfied that Buyer has diligently attempted, in accordance with its obligations under this Agreement, to meet the applicable Closing Date deadline, an extension request timely submitted to Seller in accordance with this Section 4. Lb. will extend the applicable Closing Date one calendar month. The aggregate number of one month extensions which may be obtained pursuant to this Section 4. Lb. shall be four (4). Buyer and Seller agree that in no event shall the closing be extended beyond the date that is eighteen (18) months after the date this contract is executed by both parties. At Closing, extension payments made hereunder shall be credited against the Purchase Price. Each party agrees and acknowledges that, each time an extension of the Closing Date is obtained in this manner, time shall be of the essence to Seller and to Buyer with respect to the new Closing Date. 4.2. Possession. Upon Closing, possession of the Property shall be delivered to Buyer in its present physical condition "as -is", and except as otherwise provided herein, Buyer shall accept the Property "as -is". 4.3. Conditions of Closing. The obligation to Close under this Agreement is subject to the fulfillment of the following conditions (unless such conditions, or any of them, are waived in writing by the party having the benefit of such condition(s)): Is a. Title. Seller shall convey the Property to Buyer by special warranty deed ("Deed"), subject to Buyer's prior approval. On or before that date which is fifteen (15) days before Closing, Seller shall furnish Buyer's counsel with a copy of the proposed Deed for approval. Buyer's approval of the Deed shall not be unreasonably withheld or delayed. At Closing, Seller shall deliver the Deed to Buyer conveying good and marketable fee simple title to the Property, subject to the Permitted Encumbrances. b. Title Insurance. Buyer shall have obtained a title insurance commitment ("Commitment") issued by a title insurance company satisfactory to Buyer ("Title Company"), to insure title to the Property in Buyer's name, in the amount of the Purchase Price, and conditioned only upon recordation of the Deed, receipt from Seller of a Lien Affidavit, and subject only to those easements, restrictions, covenants and/or conditions of record as of the date of this Agreement and/or identified by Seller pursuant to Section 4.3.a(1) below and which are acceptable to Buyer and will not materially and adversely affect Buyer's use of the Property for its residential development project ("Permitted Encumbrances"). (1) Buyer understands that there may well be utility lines and/or storm water drainage ways located on the Property which may be reasonably required for the use and benefit of neighboring properties, but for which there are no easements of record as of the date of this Agreement. Within sixty (60) days after the execution of this Agreement, Seller shall identify and stake on the ground all 0 4