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D. Restrictive No Schools / Day Care.
<br />The Property is conveyed by Seller subject to the following covenant, condition and
<br />restriction which Buyer by the acceptance of this Deed covenants for itself, its
<br />successors and assigns, faithfully to keep, observe and perform:
<br />Restriction on Use. Buyer, its successors and assigns, may use the Property for
<br />industrial, office, and retaii-oriented commercial business (for example,
<br />shopping center, filling station, restaurant) purposes, only, and for no other
<br />purposes whatsoever. Without limitation of the foregoing, the Property must
<br />not be used for any of the following purposes: (i) residential, (ii) lodgings or
<br />accommodations (including, without limitation, hotels, motels, boarding houses,
<br />dormitories, hospitals, nursing homes, or retirement centers), or (iii) cultural,
<br />educational, recreational or child-care facilities (including, without limitation,
<br />schools, kindergartens, day-care centers, gymnasiums, athletic fields, picnic
<br />grounds or parks).
<br />The foregoing covenant, condition and restriction shall run with the Property, and a
<br />breach of the foregoing covenant, condition and restriction, or the continuance thereof,
<br />rnay, at the option of Seller, its successors or assigns, be enjoined, abated or remedied
<br />by appropriate proceedings.
<br />Article 7. Existing Ap_reements:
<br />A. If any lease or "Use Rights" (license or other rights to use the Properly) affects onlv the
<br />Property (whether identified by Seller before or after execution of this Agreement),
<br />Seller's rights and obligations under any such identified lease or Use Right will be
<br />assigned to and assumed by Buyer at or after Closing.
<br />B. Buyer acknowledges that the Property may be subject to unidentified Use Rights. It is
<br />the responsibility of Buyer to determine if any of these unidentified Use Rights exist.
<br />Article 8. Closing - Default:
<br />A. Closing will occur on or before October 22, 2010 ("Closing Date"). The Closing will be
<br />deemed to occur upon payment of the Sale Price by a cashier's or certified check, and
<br />delivery of the deed. All Closing costs, including transfer taxes and excise taaes, will be
<br />paid by Buyer.
<br />B. If Closing fails to occur due to default by Seller, Buyer may terminate this Agreement as
<br />Buyer's sole remedy against Seller. In the event of such termination, neither Seller nor
<br />Buyer will have any further liability hereunder.
<br />C. If Closing fails to occur due to default by Buyer, Seller may terminate this Agreement
<br />and neither Seller nor Buyer shall have any further obligations or liability hereunder
<br />except for any of Buyer's surviving obligations pursuant to Article 3(B) hereof. In no
<br />event shall Seller have any obligation whatsoever to extend the Closing Date for any
<br />reason if Buyer fails to perform.
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