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Three Hundred Dollars ($72,300.00) in the form of a check payable to Title Company within three business days from the Date of Agreement. The Initial Deposit shall be deposited in an interest bearing account, with interest accruing for the account of Buyer. The Initial Deposit and all interest earned thereon shall be applied against the Purchase Price. The Initial Deposit, but not the interest earned thereon, shall become non- refundable and be released to Seller upon Buyer's written waiver of all Conditions, unless Buyer terminates this Agreement pursuant to Paragraoh 9 below, in which case the Initial Deposit together with interest shall be returned to Buyer. (b) Balance of Purchase Price. The balance of the Purchase Price, Two Million Three Hundred Thirty Seven Thousand Seven Hundred Dollars ($2,337,700.00) shall be paid in cash at the Close of Escrow. 5. ESCROW. The sale of the Property shall be consummated through an escrow at the office of Title Company and shall follow the escrow instructions set forth herein, provided that the parties shall execute additional escrow instructions as may be reasonably requested by Title Company, provided further that such additional instructions shall be consistent with the terms and conditions contained in this Agreement. The parties shall provide Title Company with such other information, documents and instruments as Title Company may reasonably require in order to close escrow as provided in this Agreement. Upon Seller's acceptance of this Agreement, Buyer shall: (i) establish an escrow at the office of Title Company; (ii) deliver the Initial Deposit to Title Company in accordance with Paragraoh 4(a); and (iii) instruct Title Company to deliver to Buyer the Preliminary Title Report, together with copies of all documents listed as exceptions therein. 6. REVIEW OF TITLE: DELIVERY OF TITLE AT CLOSING. Within three business days after the Date of Agreement, Buyer shall notify Seller in writing of Buyer's approval or disapproval of title matters as shown on the Preliminary Title Report ("Buyerls Title Objections"); provided, however, that Buyer shall be deemed, without written notice, to have objected to all monetary liens and encumbrances, and taxes due and payable. Buyer shall not have the right to object to any of the following: (i) easements of record and/or apparent upon visual inspection; (ii) assessments and current taxes of record, or (iii) zoning regulations (IlApproved Exceptions"). If Buyer does not so notify Seller, then Buyer shall be deemed to have waived all objections to title and nonmonetary title exceptions as shown on the Preliminary Title Report. Seller shall have two business day following receipt of Buyer's Title Objections to notify Buyer in writing whether Seller will (a) remove such exception to title (in which case Seller shall have until the Close of Escrow to do so), or (b) not remove such exception. Seller's failure to respond shall be deemed Seller's election not to remove such nonapproved exceptions. If Seller elects not to remove such nonapproved exceptions, Buyer shall have one business day following receipt of Seller's response in which to deliver to Seller written notice of Buyer's election either to (a) waive its objection to title Page 3 of 16 C:\Documents and Settings\Dell Optiplex GX520\My Documents\PurchaseAgnt7.6.09redine\PurchaseAgrrt.doc: