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of work, either party may provide written notice to the other that it is terminating this Agreement, in which case the earnest money deposit together with interest at the rate of 4% shall be refunded to Buyer, and the City agrees to reimburse Buyer one-half • of the $5,800 cost of the Phase II Environmental Site Assessment dated February 8, 2001, prepared by Apex Environmental, Inc. 7.6.3 Buyer agrees to manage the remediation work on the Property being conveyed and to cooperate with the City in the management and administration of the remediation effort on the Retained Parcel. 7.6.4 Prior to closing, the remediation contractor shall provide a written report to City, Buyer and Buyer's lender which documents all work performed on the Property and certifies that the Property is cleaned to a level that is satisfactory to the Buyer's lender and to Fannie Mae underwriters for residential construction of"for sale" condominiums. Prior to completion of construction on the first phase of the Buyer's planned unit development, all remediation measures identified in items "a" through "d" of Section 7.6.1, above, shall have been completed on the Retained Parcel and Buyer shall have been provided with a copy of the certificate of satisfactory completion of remediation issued by the Department of Environmental Quality. Buyer agrees manage the remediation work on the Property being conveyed and to cooperate with City in the management and administration of the remediation effort on the Retained Parcel. 7.7 Buyer's obligations under this Agreement shall be contingent upon • its ability to secure a commitment from an institutional lender, on terms and conditions reasonably acceptable to Buyer, for a loan to enable Buyer to purchase and develop the Property as contemplated under this Agreement. Buyer agrees to diligently pursue obtaining such financing; if Buyer has not notified City that such financing has not been secured within 45 days of the last to occur of (a) receipt of the final approved bid described in Section 7.6.2 and (b) PUD approval, this contingency shall be deemed to have been satisfied. 7.8 If requested to do so by Buyer and upon no less than 30 days prior written notice to Seller, City agrees to convey to Buyer Parcels D-1, D-2 and E-1 on or before September 30, 2001 (the "Interim Closing"), upon payment of the sum of Twenty -Four Thousand Dollars ($24,000.00) which shall be fully credited against the $215,803.00 Purchase Price for the entire Property to be conveyed under this Purchase and Development Agreement. The parties acknowledge and agree that these parcels are intended to be developed as single family detached residences and that, if the sale of these parcels to Buyer is to occur prior to the closing on the remainder of the Property, Buyer shall have received approval from the Director of Neighborhood Development and Planning of City's site plan and exterior architectural elevations for such parcels before the Interim Closing can take place. Building permits for the construction of such residences shall be issued only for the Page 3 of 4 •