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8. Conditions. The following conditions shall apply to Purchaser's and Seller's rights and <br /> interests under this Contract: <br /> a. Allocation of Housing Tax Credits. This purchase of the Property is conditioned upon <br /> Purchaser receiving an allocation of housing tax credits from the Illinois Housing Development <br /> Authority ("IHDA") sufficient to complete the project as submitted to IHDA. The only allowed <br /> residential use on the Property shall be for low-income housing as further defined in Purchaser's <br /> application for Low Income Housing Tax Credits to IHDA (the "Residential Restriction"). The <br /> Residential Restriction shall be evidenced by a deed restriction recorded as an encumbrance to the <br /> title to the Property. <br /> b. Environmental Inspection/Reporting. Purchaser shall,at its sole cost and expense,inspect <br /> and examine the Property along with a qualified Environmental Engineer and/or Environmental <br /> Abatement Contractor to determine environmental conditions present on or otherwise affecting the <br /> Property. Additionally,Purchaser may,at its sole cost and expense,cause a Phase I Environmental <br /> Assessment to be performed relative to the Property; Should the Property fail this inspection,then <br /> Purchaser shall have no obligation to close under this Agreement and Seller shall refund all sums <br /> advanced by Purchaser to Purchaser and neither party shall have any further rights under this <br /> Contract. <br /> c. Zoning and Utilities. The parties acknowledge that the Property has been rezoned to a <br /> Planned Development District. This Contract is expressly conditioned upon the Property having <br /> water, sewer, and electric utility services with capacity sufficient to support Purchaser's Project, <br /> including approximately sixty-three(63)residential units. <br /> d. Financing. The purchase of the Property is conditioned upon Purchaser securing <br /> construction financing and a commitment for end-loan financing within sixty (60) days after the <br /> Effective Date. <br /> In the event that the conditions listed in items a.through d.above are not met to Purchaser's <br /> sole satisfaction,then Purchaser shall have no further obligation to close under this Contract <br /> and neither party shall have any further rights under this Contract for Sale of Real Estate. <br /> 9. Time of the Essence. Time is and shall be of the essence of this Contract. <br /> 10. Binding on Successors/Assignment. This Contract shall be binding on and shall inure to <br /> the benefit of the heirs,executors,administrators,personal representatives,trustees and assigns of the parties <br /> hereto. This Contract may be assigned by Purchaser with the prior consent of Seller. <br /> 2 <br /> WA 13521814.3 <br />