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the Premises is reduced or restricted by condemnation or appropriation by public <br /> authority or any party exercising the right of eminent domain, or is threatened <br /> thereby, or (c) if the improvements on the Premises are destroyed or materially <br /> damaged by fire, windstorm, explosion or other casualty, Developer may <br /> terminate this Agreement and in such event of termination, Municipality shall <br /> return the Earnest Money Deposit to Developer and the parties shall be released <br /> from further liability under this Agreement. <br /> J. INSPECTION. It is further agreed between Municipality and Developer as <br /> follows: <br /> l. Developer, at its expense, may have the Premises inspected within thirty <br /> (30) days after the execution of this Agreement to verify that no <br /> Hazardous Substance is present, that the Premises is in strict compliance <br /> with all Environmental Laws and that no underground foundations, <br /> footings or other materials exist that, in the sole opinion of Developer's <br /> engineer, will increase the Developer's anticipated construction costs or <br /> hinder or delay the Developer's anticipated construction schedule. The <br /> Developer may select the inspection firm or individual. <br /> 2. In the event said inspection reveals the presence of any condition(s) <br /> described in Section 1J1 herein, then the Developer may give written <br /> notice to Municipality within seven (7) days, excluding Saturdays, <br /> Sundays, and federal holidays, after the date of its receipt of an inspection <br /> report, stating the nature of such inspection, the defect and the estimated <br /> cost to remove and correct said condition(s). <br /> 3. Within seven (7) days excluding Saturdays, Sundays and federal holidays <br /> after receipt of such notice from the Developer, Municipality shall notify <br /> Developer in writing of its election of one of the following options: <br /> a. To remove and correct said conditions(s) prior to Closing in <br /> accordance with Developer's written inspection report and written <br /> cost estimate. <br /> b. To obtain the Developer's agreement to apportion the cost <br /> necessary to remove and correct said conditions(s). Developer <br /> shall have seven (7) days, excluding Saturdays, Sundays and <br /> federal holidays, to accept or reject Municipality's offer to <br /> apportion the cost of correcting said condition(s). If Developer <br /> rejects Municipality's offer or does not respond in writing within <br /> the allotted time, this Agreement shall become null and void and <br /> earnest money shall be refunded to Developer; or <br /> c. To declare this Agreement void, in which event the earnest money <br /> shall be refunded to the Developer. <br /> - 10 - <br />