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Property back from Buyer for the same purchase price listed herein. Should Seller exercise this right of fust refusal, the $1,000.00 paid for the timber shall remain Sellers and not need to be refunded; and WHERAS, Seller hereby desires to make the sale contingent on Buyer's agreement to reserve a 20' wide sewer/utility easement along the eastern border of the Hearn Tract (98 2/3 acres) extending to the southeastern corner of the Hearn Tract and Buyer has agreed to same. NOW THEREFORE, in consideration of the Good Faith Deposit (as defined below) and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 1. SALE OF THE PROPERTY. Seller agrees to bargain, sell, grant, convey and deliver the Property to Buyer, and Buyer agrees to purchase and accept the Property from Seller, for the price and on the terms and conditions set forth herein. 2. PURCHASE PRICE: PAYMENT OF PURCHASE PRICE. (a) Purchase Price. The total purchase price for the Property is TWENTY EIGHT THOUSAND and 00/100 DOLLARS ($28.000.00 Xthe "Purchase Price"), the total Purchase Price collectively payable by Buyer to Seller at the Closing (as hereinafter defined), subject to prorations and other credits provided for in this Agreement. (b) Payment of Purchase Price. The Purchase Price shall be paid in the following manner: (i) Within two (2) days of the execution of this Agreement, Buyer shall deliver to M. Andrew Lucas (the "Escrow Agent") the amount of FIVE THOUSAND and 00/100 DOLLARS ($5,000.00) (the "Good Faith Deposit" ) which shall be payable by wire transfer of immediately available funds, such Good Faith Deposit to be non-refundable to Buyer (except in the event of Seller default, as provided for herein), but applicable to the Purchase Price (as defined and set forth herein); (ii) Cash paid at Closing in the amount of the remaining balance owed based upon the acreage within the 60' strip of land as denoted by a completed survey approved by the Buyer. (iii) 3. INSPECTION PERIOD. (a) Inspection Period. Buyer shall have the right to inspect the Property (the "Inspection Period"), beginning on the Effective Date and continuing until 5:00pm on the date prior to the Closing Date (as defined herein), during which the Buyer is to perform its due diligence (the "Due Diligence"). During the Inspection Period, Buyer shall have the right to enter upon and inspect the Property or any documents associated with the Property, including but not limited to the right to perform inspections, to conduct environmental testing (provided no Phase H or other intrusive testing shall be conducted without the prior consent of Seller), to conduct a survey, and perform engineering or other site viability studies. Seller agrees to provide reasonable cooperation with Buyer (at no cost or expense to Seller) regarding the foregoing right of inspection and communication.. Buyer agrees that it shall not perform any intrusive testing of the Property without the prior written consent of Seller. . Furthermore, in the event that this Agreement fails to close for any reason whatsoever, K