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') <br /> <br />:l <br /> <br />unappealable approval by the City Commission of the City of Sunny Isles Beach of all terms and <br /> <br />conditions as set forth in this Agreement of Purchase and Sale and except as otherwise set forth herein. <br /> <br />The remainder of the Deposit, i.e. Eight Hundred Thousand Dollars ($800,000.00), shall beCome a non- <br /> <br />refundable payment to Seller if Buyers fail to close after Final Site Plan Approval, as deftned herein <br /> <br />except as otherwise required herein. Escrow Agent agrees to hold the Deposit in an interest bearing <br /> <br />account, with interest earned thereon refunded to Buyers, in accordance with the tenus of this <br /> <br />Agreement. The Deposit shall be credited against the Purchase Price at Closing, and shall be otherwise <br /> <br />subject to the terms and conditions contained herein. <br /> <br />2.2 Purchase Price: Manner ofPavrnent. <br /> <br />The purchase price ("Purchase Price") to be paid by Buyers to Seller for the Property shall be the sum of <br /> <br />Seven Million Dollars ($7,000,000.00), subject to credits, prorations and adjustments as provided in this <br /> <br />Agreement. The Purchase Price shall be payable by Buyers to Seller at Closing. <br /> <br />3. Time for Acceptance. <br /> <br />The Buyers understand and agree that, while this Agreement bears the execution of the Seller, <br /> <br />final approval of the transaction contemplated herein rests with goyernmental approval of a site plan for <br /> <br />the Project ("Final Site Plan Approval"). For the purpose of this Agreement, Final Site Plan Approval <br /> <br />means the approval of the site plan for the Project by the City Commission of the City of Sunny Isles <br /> <br />Beach and the expiration of the thirty (30) days appeal period for said site plan. The full Deposit shall be <br /> <br />refunded to Buyer if Final Site Plan Approval has not been obtained within one (I) year from the date of <br /> <br />execution of this Agreement by the Parties and at no fault of Buyer. <br /> <br />4. Closing. <br /> <br />It is mutually understood that the execution of this Agreement by Buyers constitutes conditional <br /> <br />acceptance and is subject to fmal acceptance and approval by the City Commission of the City of Sunny <br /> <br />2 of 17 <br /> <br />,..--. , <br />~; ;l E~ <br /> <br /> <br />Isles Beach pursuant to the necessary vote at a duly called Commission meeting scheduled for <br />