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ADDENDUM TO CONTRACT --r~ ; For Sale and Purchase between Marshall & IlsleY,rompany of Florida, Trustee, singularly known as "fee simple owner" and Macabee Realty, Inc., singularly known as "Lessee" and collectively referred to as the "Seller" and by the City of Sunny Isles Beach ( the "Buyer") 1. Incoq>oration by Reference. This Addendum is attached and made a part of the contract. All terms of this addendum shall control over any conflicting terms of the contract. 2. Contingencies. This Contract is contingent upon the occurrence of the following conditions: a. Approval of the Contract by the City Commission of the City of Sunny Isles Beach no later than June 11,1998. b. Receipt by the Buyer of two (2) state approved MAl certified appraisals as required by Section 166. 045, Florida Statutes (1995). The appraisal of the property shall be equal to or greater than the contract price. Buyer shall be responsible for cost of securing said appraisals. c. The purchase price shall be allocated as follows: a) $2,200,000.00 to Lessee; b) $650,000.00 to Fee Simple Owner. d. Conditioned upon City Commission approval of the contract as required by subparagraph a. above, the closing shall take place on June 15, 1998, 3. Inspection. e. Buyer shall have the right at its sole cost and expense until June 11, 1998 (the "inspection period") to inspect the property and make inquiries with the pertinent government authorities. Buyer shall have access to the property for purposes of conducting any tests upon the property, including but not limited to environmental assessments or audits, soil and groundwater samplings, soil borings, percolation tests, engineering and topographical studies, as buyer in its discretion deems necessary or convenient. Buyer shall at its expense obtain an environmental audit report of the property prepared by a duly licensed environmental engineer or geologist. In the event the environmental audit reflects any hazardous materials (as defined below) on or effecting the property or hazardous materials disposal activities have been conducted on the property, the Lessee agrees to pay for correction of the matter for a sum not to exceed $10,000. In the event remedial action will require an expenditure in excess of $10,000, Buyer shall have the right to either pay any sum over $1 O,OOO,or, at its option and with proper notice in writing to the seller, declare this contract null and void by giving notice to seller. Hazardous materials means and includes without limitations any flammable or explosive materials, petroleum or petroleum products, explosives, radioactive materials, natural or synthetic gas, hazardous waste or toxic substances or