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. ~ • 7. CONDITIONS PRECEDENT T© FINAL PERFORMANCE OF THIS AGREEMENT 7.1 The following are conditions precedent to the final performance of this Agreement, and are not conditions precedent to its formation: A. Buyer's approval of the PTR, including legal description of the Property, and the documents referred to in Paragraph 66 hereof, which approval shall be given as provided in Paragraph 7.2 hereof. B. Buyer's approval of the soils condition, engineering and/or feasibility studies, and any requirements or regulations of the Department of Building and Safety, Health Department or any other city, county, state or federal authority which are pertinent to Buyer's intended use of the Property, which approval shall be given as provided in Paragraph 7.2. 7.2 Buyer shall deliver to Seller and Escrow. Holder Buyer's written approval or disapproval of the matters referred to in Paragraph 7.1(A) within ten (10) days after receipt thereof, and the matters referred to in Paragraph 7.1(B) on or before September 20, 1988. In the event such written approval or disapproval is not received by Seller and Escrow Holder on or before the due date, it shall be conclusively presumed that Buyer has unconditionally approved each of said matters. Upon approval of such matters, by either express written approval or by failure to deliver timely disapproval, Escrow Holder shall disburse to Seller the total amount of the Deposit, less $500.00, as provided in Paragraph 4. 7.3 In the event that Buyer delivers timely disapproval or conditional .approval of the PTR, or any part thereof, or any of the items referred to in Paragraphs 7.1(A) or (B), then for a period of ten days after receipt of such written notice by Seller, Seller, by written notice to Buyer, may elect to cure said disapproved or conditionally approved items prior to the close of Escrow. If Seller does not elect to cure all of said items, then, for a period of ten days after said written notice to Buyer, Buyer shall have the right either to accept title to the Property subject to said items, thereby waiving any and all claims against Seller by reason thereof, or to terminate this Agreement. Buyer shall give written notice to Seller of Buyer's election within ten days after either (i) receipt of Notice of Seller's election not to cure, or (ii) the expiration of the time in which Seller shall have been required to respond to Buyer's notice of disapproval or conditional approval. If Buyer shall fail to give Seller such written notice of Buyer's election within the time specified, it shall be conclusively presumed that Buyer has elected to terminate this Agreement. If Buyer elects to terminate this Agreement, neither Buyer nor Seller shall have any further liability hereunder, except that Buyer shall be entitled to the prompt return of all funds deposited by Buyer with Escrow Holder, less only escrow cancellation fees and costs and title company charges, all of which Buyer hereby agrees to pay. Document 044 Page 3 of 8