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<br />("Escrow Agent") to be held in escrow, pending Closing in accordance with Section 4 hereof (the <br /> <br />"Deposit"). Escrow Agent agrees to hold the Deposit in an interest bearing account, with interest <br /> <br />earned thereon refunded to Buyer, in accordance with the terms of this Agreement. <br /> <br />2.1.2 Cash Balance. <br /> <br /> <br />Two Million Dollars and 00/1 00 ($2,000,000.00) less adjustments, shall be <br /> <br /> <br />payable at or prior to the Closing (as defined in Section 4 hereof) by Buyer in the form of <br /> <br /> <br />Buyer's cashier's check or wire transfer in U.S. funds to Escrow Agent (the "Cash Balance"). <br /> <br /> <br />3. Time for Acceptance. <br /> <br />,... <br /> <br />If this Agreement is not executed by the Seller in one or more counterparts on or before <br /> <br />thirty (30) days from the date Buyer executes this Agreement, the Deposit shall be, at the option <br /> <br />of the Buyer, returned to Buyer and this Agreement shall not take effect and shall be null and <br /> <br />void. The Buyer understands and agrees that, while this Agreement bears the execution of the <br /> <br />Seller, final approval of the transaction contemplated herein rests with Seller's appropriate <br /> <br />governmental agency (ies) and the ultimate design plans as to the layout and exterior appearance <br /> <br />of the structure(s) (including city entrance sign, which design and specifications will be provided <br /> <br />to buyer, by seller, not more than 35 days from the effective day of this contract) are approved by <br /> <br /> <br />the Office of the City Manager of The City of Sunny Isles Beach. This Agreement is not final <br /> <br />until ,said approval has been obtained. The ;Effective Date of this Agreement shall be the date <br /> <br /> <br />when the Seller delivers proof-of final approval from the appropriate governmental agency(ies) <br /> <br /> <br />in writing to the Buyer which date shall be indicated in the opening paragraph of this Agreement <br /> <br /> <br />(the "Effective Date"). Notwithstanding the foregoing, proof of the final approval must be <br /> <br /> <br />delivered in writing to Buyer within sixty (60) days of the date of Seller's signature on the <br /> <br /> <br />signature page hereof, or this Agreement shall be deemed immediately cancelled and of no <br /> <br /> <br />further force and effect and Seller will immediately refund Buyer's Deposit. <br /> <br />2 <br />