Item 16 - Purchase and Sale Agreement for 1601 and 1607 N Bristol Street

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in no event :may any consideration be paid to Buyer be in a form other than cash. As used herein, the term "Permitted Delays shall refer to any delay resulting from acts of God; fire; earthquake; flood; explosion; action of the elements; war; invasion; insurrection; riot; mob violence; sabotage; malicious mischief; inability (notwithstanding good faith and diligent efforts) to procure (or general shortage of) labor, equipment, facilities, materials, or supplies in the open market; failure of transportation; strikes (other than any strike resulting from acts of Buyer); lockouts action of labor unions., condemnation laws; requisition or order of government or civil or military or naval authorities; or any other similar cause to those stated above, not within a Buyer's reasonable control. Notwithstanding anything to the contrary contained herein, in no event shall financial inability constitute Permitted belay. 6.2.5 Approvals. Buyer shall obtain all final approvals, including, without limitation, the buildings permit and all related municipal approvals (the "Approvals') necessary for developing the ,property in substantial conformance with the site plan that was included with the Buyer's proposal for the Property submitted in response to City's Request for Proposal No. 20-159 (a copy of which is attached as Exhibit "C", the "Intended ltnprovemen& ) appropriate for the operation of a restaurant (the ".Intended Use), such that immediately following the acquisition of the Approvals, Buyer shall be entitled to commence construction of the Intended Improvements. Nothing in this agreement shall constitute Approvals by Seller, and Buyer acknowledges that it must comply with all of Seller's development standards, guidelines and procedures that are applicable to the Intended Improvements and the Intended Use. 6.3 Natural Hazard Zone,,. Disclosure. No later than seven (7) business days prior to the Property Approval Date, the Seller will, at its sole cost and expense, provide Buyer with a Natural Hazard Zone Disclosure required by applicable law. 6.4 lamer and Seller Coo oration, Buyer shall submit plans for the Project to Seller, and Seller, in its capacity as tine City within which the Project is located, will make the determination as to the required entitlements based upon Buyer's proposed plans. Buyer may then process and obtain the Project Entitlements through Selller in its capacity as the City within which the Project Entitlements is located. Nothing; in this Agreement shall be deemed to be a prejudgment or commitment with respect to exercise of governmental discretion with regard to such items, nor a guarantee that such approvals or permits will be granted at all or within any particular time or with or without any particular conditions. 7. Destniction/Condemnation of Property; Other Notices, In the event that all or any portion of the Property is damaged or destroyed by any casualty under the provisions of applicable law after the Effective Date but prior to the date of Closing, Seller shall give Buyer immediate written notice of the same. -13-