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<br />appropriate "gap" affidavit in order to delete the "gap" exception and such affidavits required for <br /> <br />deletion of the matters of survey, unrecorded easements, parties in possession and construction lien <br /> <br />exceptions otherwise appearing on the Title Policy. <br /> <br />(b) Seller and Buyers shall each execute counterpart closing statements in a <br /> <br />customary form together with such other documents as are reasonably necessary to consummate the <br /> <br />Closing. <br /> <br />(c) Seller's costs will be adjusted for and deducted on the Closing Statement. <br /> <br />Buyers' cash to close will be delivered by wire transfer drawn on a bank reasonably acceptable to Seller. <br /> <br />5. Development Review and Construction Schedule. Buyers shall submit an application for Site <br /> <br />Plan Approval within one hundred and twenty (120) but no later than one hundred and eighty (180) days <br /> <br />of the approval of this Agreement by the City Commission, for the construction of an office retail <br /> <br />building containing 146,250 square feet of sellable Class A office space plus garage. Upon Final Site <br /> <br />Plan approval, Buyers shall within six (6) months of such approval, apply for a Building Permit with the <br /> <br />Seller in support of construction and development of the Property and improvements therein. Upon <br /> <br />receipt of a Building Permit from the Seller, Buyers shall achieve substantial completion of the Project <br /> <br />within twenty four (24) months from the issuance of a Building Permit. This provision shall survive <br /> <br />Closing. <br /> <br />6. Pledge of Performance. If Buyers fail to commence construction within twenty four (24) months <br /> <br />of Site Plan approval, Buyers shall be obligated to pay upon demand by Seller a failure of performance <br /> <br />penalty in the amount of one million dollars ($1,000,000.00) per annum for each one (1) year period <br /> <br />from the expiration of such initial twenty four (24) month period that Buyers have not commenced <br /> <br />construction. Such amount (if due and owing) shall be paid by Buyers to Seller within five (5) business <br /> <br />days of receipt by Buyers from Seller of written demand for such payment provided that no appeal or <br /> <br />4 of 17 <br /> <br />(' ~") <br />t..} 1') <br /> <br /> <br />objection to the Project is filed. This provision shall survive Closing. <br />