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this Agreement shall terminate and neither party shall have any further rights or obligations hereunder. • 7.3 City's obligations described in Section 8 of this Agreement shall have been fully satisfied. 7.4 In the event any of the foregoing conditions are not fulfilled (through no fault of the party to be benefitted by such condition) and are not waived, the earnest money deposit shall be paid to the Buyer, and each party shall be relieved from any further liability under this Agreement. 7.5. Notwithstanding anything set forth elsewhere in this Agreement, for a period of 60 days beginning with the date of this Agreement, Buyer shall have the right to conduct any and all feasibility studies with respect to the property, including environmental assessments. At any time during that 60 day period, upon written notice of termination to the City, Buyer may end all of its obligations hereunder if the Buyer believes that its studies show that purchase and development of this property is not feasible under the then current circumstances. In the event of such a termination, the $5,000 earnest money deposit together with any interest earned thereon at the rate of 4% per annum shall be refunded to Buyer. The City agrees to reimburse Buyer one-half of the full cost of any environmental studies undertaken if the contract is terminated by Buyer in this manner, provided that the City receives a copy of such studies and provided further that the City's share in no event shall exceed $5,000. Buyer may extend such study period, for two additional 30 -day periods, upon payment to the City of non-refundable option payment in the amount of $2,000 for each additional 30 -day period. • Section 8. City's Obli atg ions. 8.1 (a) Upon request, City shall provide Buyer with a copy of all available environmental assessment studies, soils reports and storm water engineering reports. Buyer may, at its own expense, conduct additional environmental testing of the Property. (b) City makes no representations or warranties, whether express or implied, concerning the absence of any "hazardous substances" (as defined by the Comprehensive Environmental Response, Compensation and Liability Act of 1980,42 U.S.C. Section 9601 et seq., as amended) or "hazardous wastes" (as defined by the Resource Conservation Act, 15 U.S.C. Section 2601 et seq., as amended). Buyer hereby acknowledges that the bearing capacity of some of the soils on the site may be below standard and that portions of these soils, frequently identified as "cinders", if removed from the site may have to be bioremediated or otherwise disposed of as either a "hazardous substance" or "hazardous waste" as defined herein. Cost of removal, if necessary, and disposal, if necessary, shall be solely the responsibility of Buyer. If such soils are left in place, Buyer will be solely responsible for any solutions related to bearing capacity. 0 Page 5 of 8