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• II. PURCHASE PRICE The purchase price ("Purchase Price") for the Property is Three Hundred Twenty Four Thousand Dollars ($324,000.00) which will be payable to Seller as follows: (a) A deposit of One Thousand Dollars ($1,000.00) has been paid by the Purchaser to the Option Holder with the signing of this Contract, the receipt of which is hereby acknowledged. At Closing, the amount of this Deposit shall be applied toward the Purchase Price. (b) The remaining portion of the Purchase Price shall be paid to Seller in two (2) installments, one for Twenty Nine Thousand Dollars ($29,000.00) paid at Closing and by check for Two Hundred Ninety Four Thousand Dollars ($294,000.00) issued by the City of Charlottesville and paid on January 4, 1999. III. SPECIAL CONDITIONS OR CONTINGENCIES The Purchaser's obligations under this Contract are expressly contingent upon all of the following conditions being met: (a) A satisfactory assignment of the current lease of the Property from Seller to the City in • which rent from said lease will be received by the City effective January 1, 1999. (b) Purchaser's receipt of the results, satisfactory to it in its sole discretion, of a title examination to be performed by Purchaser at its own expense, and receipt of a title insurance commitment ("Commitment") issued by a company satisfactory to Purchaser, to insure title to the Property, including matters of survey, in Purchaser's name in the amount of the Purchase Price, and conditioned only upon recordation of the Deed, receipt of a satisfactory Lien Affidavit, and subject only to those easements, restrictions, covenants and/or conditions of record which will not materially and adversely affect Purchaser's use of the Property for its purposes; and and each of the foregoing conditions is, and is intended by each of the parties to be, a condition precedent to the Purchaser's obligation to proceed to Closing. Purchaser may void this Contract, without liability or penalty, if one or more of the above -referenced contingencies and/or conditions are not fulfilled to Purchaser's satisfaction, by delivering written notice to Seller. If the Contract is voided by the Purchaser due to the failure of the above -referenced conditions, and/or any of them, then Seller shall immediately return all deposits to Purchaser and each party shall be relieved of all obligation(s) hereunder. • Prepared by Charlottesville City Attorney's Office November 3, 1998 Page 2 of 5