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close Escrow as to such Phase following disclosure of such information, Developer's representations and warranties contained herein shall be deemed to have been made as of the Closing, subject to such exception(s). If, following the disclosure of such information, Agency elects to not close Escrow, then this Agreement and the Escrow shall automatically terminate as to the applicable Phase, and neither party shall have any further rights, obligations or liabilities hereunder as to such Phase. The representations and warranties set forth in this Section 206.2 shall survive the Closing. 207. Studies and Reports. Prior to the Closing of each Phase, representatives of Developer shall have the right of access to all portions of the Sites in such Phase for the purpose of obtaining data and malting surveys and tests necessary to carry out this Agreement, including the investigation of the environmental condition of the Sites pursuant to Section 208 hereof. Any preliminary wont undertalten on the Sites by Developer prior to the Closing of such Phase shall be done at the sole expense of the Developer, and the Developer's execution of a right of entry agreement to be provided by the Agency. Any preliminary work shall be undertalten only after securing any necessary permits from the appropriate governmental agencies. 208. Physical and Environmental Condition of the Sites. 208.1 As-Is Condition; Exceptions. Except as set forth in Section 206.1(e) and (f) this Section 208.1, the Sites shall be conveyed to Developer in an "as is" physical and environmental condition, with no warranty, express or implied, by the Agency as to the condition of any existing improvements on the Sites, the soil, its geology, the presence of ltnown or unltnown faults or Hazardous Materials or toxic substances, and it shall be the sole responsibility of Developer at its expense to investigate and determine the physical and environmental conditions for the Improvements to be constructed and the proposed use of same. If the physical or environmental condition is not in all respects entirely suitable for the use or uses to which the Sites will be put, Developer may terminate this Agreement as provided in Section 208.2 hereof. If Developer approves the physical and environmental condition of the Sites and accepts the Conveyance of the Sites, then it shall be the sole responsibility and obligation of Developer to tape such action as may be necessary to place the physical and environmental conditions of the Sites in a condition entirely suitable for its development, unless the Agency has breached its representations, warranties, or covenants set forth in Section 206.1(e). 208.2 Physical and Environmental Investigation and Testing of the Sites. Developer shall have the right, at its sole cost and expense, to engage its own environmental consultant (the "Environmental Consultant") to malte such investigations of the Sites as Developer deems necessary, including any additional Phase Iand/or Phase II investigations of the Sites, and the Agency shall promptly be provided a copy of any reports and test results provided to Developer by the Environmental Consultant (collectively, the "Environmental Report"). Developer shall reasonably approve or disapprove of the physical and environmental condition of the Sites in each Phase within the time set forth in the Schedule of Performance. In the event that Developer reasonably disapproves of the physical or environmental condition of the Sites in a Phase, then Developer shall have the right, by written notice to Agency, to elect either (a) to terminate this Agreement with respect to the applicable Phase or (b) to continue this Agreement in effect as to such Phase, in which event the following terms and conditions of this Section 208.2 shall apply: Developer agrees to pay, in the event that the amount of monies 18 EXHIBIT 4