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2001. The City shall not unreasonably withhold or delay the necessary approvals. If all necessary final approvals have not been obtained by the last mentioned date, this contract may be voided by • either parry. Closing will be held at the office of the City Attorney, 605 East Main Street, Charlottesville, Virginia. Possession of the Property will be delivered at closing. Section 5. Expenses and Prorations. Except as otherwise provided, each party shall be responsible for its expenses incurred in connection with this Agreement and the transaction contemplated hereby. Buyer will pay for all of the engineering and related expenses needed to obtain the required land use and design approvals.contemplated by this contract. City shall arrange for preparation of a recordable plat showing accurate boundaries of the Property, and the cost thereof shall be shared equally between Buyer and Seller upon closing. City shall pay for preparation of the deed, the City's recording tax applicable thereto, its proportionate share of the current year's real estate taxes allocable to the Property, and its own attorney's fees. Buyer shall pay its own attorney's fees, its proportionate share of the current year's real estate taxes when due and payable, cost of title insurance and all recording costs other than City's deed tax. Section 6. Title. City shall convey the Property to Buyer by special warranty deed (the "Deed"). City shall furnish Buyer's counsel with a copy of the proposed Deed for approval by Buyer's counsel on or before the date which is 7 days before the closing. Section 7. Conditions of Sale. The obligation of Buyer to close under this Agreement is subject to the fulfillment of all the following conditions (unless waived in writing by the Buyer): • 7.1 Title to the Property shall be as provided in Section 6 of this Agreement. Buyer will notify the City of any title defects at least 45 days prior to closing, and the City shall have until closing to cure any such defect. 7.2 Neither the Property nor any portion of the Property shall, after the date of this Agreement, have been condemned or taken pursuant to any governmental action or other exercise of the power of eminent domain or shall, after the date of this Agreement, be the subject of any condemnation or taking proceeding. If the Property or any portion thereof is subject to any proceeding for condemnation, taking or exercise of the power of eminent domain at any time prior to the closing under this Agreement which materially and adversely affects Buyer's planned development of the Property, Buyer at its sole option may: (1) proceed to the closing with no reduction in the Purchase Price for the area of the property subject to such proceeding and, in such case, City shall assign to Buyer all of the City's right, title, and interest in and to any condemnation award or damages; or (2) terminate this Agreement by giving written notice to the City of its decision to do so, in which event City shall return the earnest money deposit and • Page 4 of 8