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, <br /> , <br /> third appraiser refuses to complete or cannot complete his duties as appraiser, his <br /> successor shall be chosen by the two appraisers first chosen. <br /> 4) If the three appraisers agree upon a fair market value of the Vacant Property, <br /> said agreed fair market value shall constitute the purchase price. If they cannot <br /> agree, each of them shall sign a separate report setting forth his/her conclusions, <br /> and the fair cash purchase price of the Vacant Property shall be one-third (1/3) of <br /> the total of the three purchase prices set forth. <br /> 5) All expenses associated with the appraisal process shall be divided equally <br /> between the Developer and the Municipality. <br /> 6) The appraised fair market value of the Vacant Property as determined in <br /> accordance with the above appraisal process shall be binding upon both parties to <br /> this Agreement. <br /> Once the purchase price is determined in accordance with the above, the <br /> Municipality shall execute a real estate purchase contract (with terms to be <br /> mutually agreed upon) and all other necessary documents in order to transfer title, <br /> by Warranty Deed, conveying the Vacant Property to Developer (or such other <br /> individual or entity as designated by Developer at the time of closing). The <br /> purchase price shall be paid at closing. Closing costs shall be divided equally <br /> between Municipality and Developer. All real estate taxes and installments of <br /> special assessments which are a lien on the premises but for which tax bills have <br /> not issued at the time of closing shall be prorated at closing based upon the latest <br /> available information. The real estate purchase contract shall contain a condition <br /> on the Developer's use of the premises, which shall survive closing, that the above <br /> ground floors of the Vacant Property building shall not be used as a warehouse or <br /> storage facility by the Developer, its successors and assigns. <br /> 6. LIMITED OBLIGATION <br /> The Municipality's obligations under this Agreement to pay debt service on any <br /> Note and/or to pay or reimburse the Developer for Eligible Redevelopment <br /> Project Costs is a special and limited obligation, to be paid solely from funds on <br /> deposit in the Special Account of the Fund, and not otherwise. Any such <br /> obligation does not now and shall never constitute an indebtedness of the <br /> Municipality within the meaning of any constitutional or statutory provision and <br /> shall not constitute or give rise to a pecuniary liability of the Municipality or a <br /> charge or lien against the Municipality's general credit, funds, taxing power or <br /> otherwise, a condition precedent to the Municipality's execution hereof and to <br /> which the Developer hereby irrevocably assents. <br /> 7. EVENTS OF DEFAULT AND REMEDIES <br /> Material failure or delay by either the Municipality or Developer to timely <br /> - 17 - <br />