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(a) Twelve (12) new units shall be substantially complete and ready for sale within 18 months from closing, and • (b) The balance of the additional new units shown in the approved PUD shall be substantially complete and ready for sale within 2'/Z years from closing. In the event Buyer fails to meet this construction schedule, at the election of the City, upon sixty (60) days written notice to Buyer, the City shall have the unequivocal right to repurchase any of the then vacant land at the same square foot price paid by Buyer pursuant to this Agreement, plus a proportionate share of development costs, interest and taxes, which aggregate price shall in no instance exceed $260,000; provided., however, the City shall have no right to reacquire any portion of the Property on which construction has commenced and the Buyer is diligently pursuing development. Closing on the lots which the City elects to purchase shall occur no later than 120 days from the date of the last described written notice to Buyer. The City may assign its rights hereunder to anyone. 1.6 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. City 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 Two Hundred Fifteen Thousand Eight Hundred and Three Dollars ($215,803.00). 3.2 Simultaneously with the execution of this Agreement, Buyer shall deliver a deposit in the amount of Five Thousand Dollars ($5,000.00) to the City (the "Deposit"), which shall be held in escrow. At closing, the deposit and interest thereon at 4% per armum will be applied toward the Purchase Price, if this Agreement is otherwise terminated and the deposit will be disbursed in accordance with the terms of this Agreement. 3.3 The balance of the Purchase Price shall be paid to City, by cash or certified funds at the Closing of this transaction described in Section 4. Section 4. Closing and Delivery of Possession. Buyer agrees to submit its PUD development plans on or before May 15, 2001. Closing on the Property will be held within thirty (30) days after all necessary final site plan, PUD, and subdivision approvals has been obtained from the City, and in no event later than December 31, 0 Page 3 of 8