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• 9 0 VI. Schedule Seller and Purchaser agree to the following schedule for conveyance, development and resale of the Property: Execution of Sale / Purchase Contract Submission and Approval of Site Plan / Subdivision / Rezoning Property Closing Construction Period Marketing and Sales Period On or before December 6, 2002 December 6, 2002 - March 17, 2002 On or before March 31, 2003 March 31, 2003 to September 1, 2003 March 31, 2003 to December 1, 2003 The City Manager of the City of Charlottesville is hereby authorized to grant, upon the written request of the Purchaser, any reasonable extension of time necessary for the development and sale of the Property. VII. Closing and Possession (A) Delivery of the Deed and transfer of title of the Property shall take place at Closing. Possession shall take place at Closing. (B) Closing will take place in the Office of the City Attorney in City Hall (605 E. Main Street, Charlottesville, Virginia) on March 31, 2003, or as soon thereafter as all conditions of this contract have been met to the Purchaser's and Seller's satisfaction; and (C) Upon satisfaction of all of the terms and conditions of this Contract, Seller shall deliver to Purchaser at Closing a Special Warranty Deed conveying all of the City's interest to the Property to Purchaser, fully executed and signed by Seller. Seller will bear the cost of preparing the Deed. Seller is exempt from payment of the grantor's tax imposed by Virginia Code §58.1-802. (D) In the event that it appears the conditions and contingencies set forth in this Contract cannot, or will not be met prior to Closing, the parties may either: agree, in writing, to extend the Closing date; or either party may elect to void this Contract, without liability or penalty, by delivering written notice of this election to the other party on or prior to the Closing date. VIII. Other Terms