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<br /> -2- <br /> shall be excepted from the property conveyed a "lighting <br /> demonstration tower" at the rear of the existing building, which <br /> shall be relocated off the Property by Seller prior to closing. <br /> 3. COIftRAC'.r SALE PRICE. <br /> A. Earnest money. . . . . . . . . . . $ 1,000.00 <br /> B. Cash payable at closing . . . . . . $1,299,000.00 <br /> C. Sales Price (Sum of A and B) . . . $1,300,000.00 <br /> 4. FINANCING CONDITIONS. This contract is subject to the <br /> sale and receipt of proceeds by the City of General Obligation <br /> Bonds in an amount of at least $3,000,000.00 not later than June <br /> 15, 1991 for the purchase of, and construction of improvements to, <br /> the Property. Buyer agrees to use good faith efforts to carry out <br /> such sale upon execution of this contract. <br /> 5. EARNEST MONEY. $1,000.00 is herewith tendered and is to <br /> be deposited as Earnest Money with Hays County Abstract and Title <br /> Co., as Escrow Agent, upon execution of the contract by both <br /> parties. Earnest Money is deposited with the Escrow Agent with <br /> the understanding that Escrow Agent (i) does not assume or have <br /> liability for performance or nonperformance of any party (ii) has <br /> the right to require the receipt, release and authorization in <br /> writing of all parties before paying the Earnest Money to any <br /> party and (iii) is not liable for interest or other charge on the <br /> funds held. If any party unreasonably fails to agree in writing <br /> to an appropriate release of Earnest Money, then such party shall <br /> be liable to the other parties to the extent provided in paragraph <br /> 13. At closing, the Earnest Money shall be applied towards the <br /> Sales Price. <br />